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WorksheetsFinancial Health and Budgeting Test
Total questions: 50
Worksheet time: 25mins
Imagine you're planning a party with your friends Kai, Jackson, and Aiden. What is a budget in this scenario?
A list of things you want to buy for the party
A plan for how you will spend and save your money for the party
A type of bank account for party funds
A credit card statement for party expenses
Ava is planning her monthly budget. Which of the following expenses should she categorize as a fixed expense?
Groceries
Monthly rent payment
Entertainment costs
Clothing purchases
Abigail and Henry are discussing their finances. Abigail asks, "What do you call the money you earn from working or investments?" Can you help them out?
Expenses
Debt
Income
Savings
Imagine you're on a financial adventure with Ethan, Aria, and Jackson! How often should you check your treasure map (a.k.a. your budget) to ensure you're on the right path?
Once a year
Monthly
Never
Only when you get a raise
Imagine you're on a deserted island with Emma, Grace, and Jackson. What would be the difference between a want and a need in this scenario?
Wants are things required for survival, needs are optional
They are the same thing
Needs are essential for survival, wants are optional
Needs are more expensive than wants
Hannah has $100 and decides to save 20% for a fun day out. How much money does she have left to spend on her favorite treats?
50
80
20
60
Imagine you're planning a surprise party for your friend Scarlett. What would you call the stash of money you keep aside just in case the DJ doesn't show up or the cake gets ruined?
Money set aside for entertainment
Money saved for future purchases
Money saved for unexpected expenses
Money used for daily expenses
David just received his paycheck and is thinking about his budgeting habits. Which of these is NOT a good budgeting habit?
Tracking your expenses
Setting financial goals
Spending money as soon as you get it
Saving regularly
Imagine you're giving financial advice to your friend Michael. What percentage of his income should he aim to save to ensure a secure future?
5%
10-20%
50%
0%
Ava borrowed some money to buy her favorite book. What is the term used for the fee she pays for borrowing this money?
The total amount of money you owe
The fee paid for borrowing money
Your monthly income
Your weekly allowance
Imagine you're planning a budget party with your friends Benjamin, Jackson, and Maya. Which expense do you think will take the largest slice of the budget pie?
Food
Housing
Entertainment
Transportation
Imagine you're on a treasure hunt with Olivia and Henry. What tool would you use to access the treasure (your money) you've already collected?
Building credit
Borrowing money
Accessing money you already have
Earning rewards points
Mia earns $50 per week from her lemonade stand. She decides to save 25% of her earnings to buy a new bicycle. How much will Mia save in a month?
$25
$50
$12.50
$50
Why did Samuel and Grace decide to create a budget?
To make them spend more money
To help them manage their money like financial wizards
To increase their debt
To avoid saving money
Imagine you're planning a fun weekend with your friends Nora, Aria, and Kai. Which of these would be considered a variable expense for your adventure?
Mortgage payment
Car insurance
Grocery bills
Property taxes
Sophia really wants the latest gadget, but her piggy bank is looking a little empty. What should she do?
Buy it anyway using credit
Save money until she can afford it
Borrow money from friends
Give up on ever getting it
Isla just received her paycheck and is curious about her net income. Can you help her figure it out? What is net income?
Money before taxes
Total amount of debt
Money after taxes and deductions
Money spent on necessities
Why is it important for Charlotte to keep track of her spending?
To know where her money goes
To spend more money
To avoid saving
To increase debt
Imagine you're on a treasure hunt! What would be your financial goal?
Spend all your gold coins like a pirate!
Set a specific treasure amount you want to find
Open a treasure chest bank account
Max out your pirate credit card limit
James and Evelyn are on a quest to build good financial habits. Which of these strategies should they choose?
Spending without planning
Ignoring bank statements
Regular budgeting and tracking
Borrowing frequently
Imagine you're a savvy investor like Nora, always looking to grow your savings. What is compound interest?
Interest earned only on the principal amount
Interest earned on both principal and accumulated interest
A type of loan payment
A banking fee
Imagine you're in a financial adventure game! Jackson, Anika, and Aria are exploring different ways to borrow money. Which method should they avoid if they don't want to lose too many coins?
Personal loan from a bank
Credit card
Payday loan
Student loan
Isla and William are planning their monthly budget. Can you help them figure out the 50/30/20 budget rule?
Save 50%, spend 30%, invest 20%
Needs 50%, wants 30%, savings 20%
Food 50%, rent 30%, other 20%
Bills 50%, entertainment 30%, clothes 20%
Aria and Michael are saving money for a fun trip! If they each save $15 per week, how much will they have saved together in one year?
580
780
680
880
Imagine you're a financial detective like Aria or Michael. What is a credit score?
Your bank account balance
A number that shows how trustworthy you are with money
The amount of money you owe
Your yearly income
Imagine you're a detective like Emma, solving the mystery of identity theft! Which of these actions would Emma take to protect her identity?
Sharing your passwords with friends
Using the same PIN for everything
Shredding documents with personal information
Posting your address online
Nora just realized her debit card is missing! What should she do?
Wait to see if someone returns it
Immediately notify her bank
Do nothing until next month
Ask friends like Ethan and Ava to help look for it
Noah and Ava are looking for ways to earn some extra cash as teenagers. What fun and responsible method can they choose?
Taking out loans
Using credit cards
Doing household chores
Borrowing from friends
Imagine you're helping David manage his finances. What is a bank statement?
A list of things you want to buy
A record of your account activity
A credit card bill
A savings goal
Emma is shopping and finds a jacket that costs $40. It's on sale for 25% off! Can you help Emma figure out the sale price?
$35
$30
$25
$20
Priya and Zoe are discussing their salaries. Priya says, "My gross income is like the whole pizza before we eat any slices, while my net income is what's left after taxes take their slice." What is the difference between gross and net income?
There is no difference
Gross is after taxes, net is before
Gross is before taxes, net is after
They are different types of savings
Imagine you're on a treasure hunt for income sources! Which of these is NOT a typical treasure you would find?
Salary from a job
Spending money
Allowance
Birthday money
Avery and Ethan are at the bank. Avery asks, "Hey Ethan, do you know what ATM stands for?" Can you help Ethan answer?
Automatic Tax Machine
Automated Teller Machine
Automatic Transfer Money
Advanced Transaction Method
Imagine you're planning a surprise party for your friend Sophia. What would a savings goal be in this scenario?
Buying the decorations right now
Setting aside a specific amount to save for the party expenses
Borrowing money from Michael
Using your weekly allowance for snacks
Samuel and Harper are planning their monthly budget. Which expense should they categorize as a "want" rather than a "need"?
School supplies
Video games
Medicine
Basic food
Why might Elijah and Anika keep their shopping receipts?
To brag about their cool purchases
To keep track of their spending and handle returns
To use them as room decorations
To create their next shopping list
Ethan just received $100 for his birthday! What's the most exciting first step he should take?
Go on a shopping spree and spend it all immediately
Get creative and make a plan for the money
Be generous and give it away
Be secretive and hide it under his bed
Aiden just opened a new account at the bank. Can you guess what type of account it is if he plans to use it for everyday transactions like buying coffee or paying bills?
Long-term savings
Everyday transactions
Building credit
Earning high interest
Imagine you're like James, Noah, and Mason, who are on a quest to become financially savvy! What does being "financially responsible" mean?
Having lots of money
Making wise money decisions, just like our trio!
Spending everything you have
Never using money
Imagine you're on a shopping adventure with Daniel and Abigail. Which of these strategies will help you avoid the trap of impulse buying?
Shopping when hungry
Making a shopping list
Using a credit card
Shopping when bored
Why do you think Emma loves comparison shopping?
Because she wants to spend money faster
Because she wants to find the best price
Because she wants to buy more things
Because she wants to avoid saving money
Maya and Liam are on a mission to track their spending. How can they do it effectively?
Ignore receipts
Keep a spending journal
Only use cash
Ask parents to handle it
Harper and Zoe are on a mission to save money on groceries. What's their smart strategy?
Buy without checking prices
Shop when hungry
Use a shopping list
Buy only name brands
Zoe decided to start a fun savings challenge! She plans to save $5 every week to buy a new game. How much will Zoe have saved up in 10 weeks?
$25
$40
$50
$45
Imagine you're on a digital adventure with Grace and Luna. What is digital banking?
Using only cash
Managing money online
Writing checks
Visiting bank branches
Aria and Elijah are discussing ways to make money. Which of the following is an example of a financial scam?
Getting paid for chores
Earning allowance
Promises of quick wealth
Saving birthday money
Ava and Avery are planning their financial future. What's the main purpose of having a savings account in their plan?
Daily spending
Writing checks
Saving money safely
Borrowing money
Imagine you're a secret agent like Michael or Mia! How would you keep your top-secret information safe?
Share passwords with friends
Use easy-to-guess PINs
Create strong passwords
Write PINs on your card
Imagine you're planning a party with your friends Maya, Aria, and Ethan. What would you call a group of similar expenses, like decorations, food, and entertainment?
A type of bank
A group of similar expenses
A credit card
A savings account
Imagine you're a financial wizard like Sophia, Aiden, or Noah. What's the magic spell for successful financial planning?
Spending all your money
Never saving anything
Setting clear goals
Avoiding budgets
