WorksheetsFinancial Literacy Post- Unit Test
Total questions: 17
Worksheet time: 9mins
What is the definition of a need?
Something you would like to have but will be okay without it
Something you truly can't live without
None of the above
What is the definition of a want?
Something you would like too have but will be okay without it.
Something you truly can't live without.
None of the above
Which is Starbucks?
Need
Want
Both
An iPhone 11 is....
a need
a want
both
Food is a...
Need
Want
Water to drink is an example of...
a want
a need
Sleep is...
a need
a want
neither
Shelter/place to live is a need.
True
False
Which of the following is an example of a short term financial goal?
Buying a car
Saving for retirement
Paying off a small debt
Leaving a legacy
What is the recommended strategy to reach short term financial goals?
Budget and save in a bank account or a money jar
Plan and invest in a mutual fund or a certificate of deposit
Project and invest in a stock or a bond
None of the above
What are long term financial goals?
Goals you want to achieve in less than a year
Goals you want to achieve in one to five years
Goals you want to achieve in more than five years
Goals you want to achieve in the current month
Which of the following is an example of a long term financial goal?
Buying a new phone
Saving for college
Paying off a small debt
Saving for retirement
Making a budget (and sticking to it!) can help you achieve financial goals
TRUE
FALSE
Lillian spent $53 at the grocery store last week. When she went grocery shopping this week, Lillian only spent $39.
Is the money Lillian spends grocery shopping a fixed expense or a variable expense?
Fixed Expense
Variable Expense
Ed owns a food cart that serves pulled pork sandwiches. He pays the city a monthly fee of $42 so he can set up his cart downtown each day.
Is the fee Ed pays the city a fixed expense or a variable expense?
Fixed Expense
Variable Expense
A financial decision is a decision about how to manage your money
True
False
Financial needs and financial wants both
are needed to survive
cost money
are the same
none of the above
