WorksheetsSmart Money Skills Quiz
Total questions: 30
Worksheet time: 15mins
What is a budget?
A list of your favorite foods
A plan for how to spend and save your money
A type of bank account
A way to earn more money
Which of the following is an example of a fixed expense?
Movie tickets
Monthly rent
Buying a new video game
Eating out at a restaurant
If you earn 20perweekandwanttosave 5 each week, how much will you save in 4 weeks?
$10
$15
$20
$25
What does it mean to "invest" money?
To spend it on snacks
To put it in a piggy bank
To use it to buy something that can grow in value
To give it away
Which of the following is a good reason to borrow money?
To buy something you cannot afford now but need, like a computer for school
To buy candy every day
To go to the movies every weekend
To buy toys you don’t need
What is the main purpose of setting financial goals?
To spend all your money quickly
To have a plan for your money in the future
To avoid making a budget
To buy more video games
If you have 50andspend 30, how much do you have left?
$10
$20
$30
$40
Which of the following is a variable expense?
Monthly bus pass
School tuition
Buying lunch at the cafeteria
Rent
Why is it important to save money?
To have money for emergencies or future needs
To spend more on toys
To avoid making a budget
To buy things you don’t need
Which of the following is NOT a good way to manage debt?
Paying your bills on time
Borrowing more money to pay off old debts
Making a plan to pay off what you owe
Only borrowing what you can afford to pay back
If you want to buy a bike that costs 120andyousave 10 each week, how many weeks will it take to save enough?
10 weeks
12 weeks
15 weeks
20 weeks
What is interest?
The money you pay for groceries
The extra money you earn or pay when you save or borrow money
The cost of a movie ticket
The amount you spend on lunch
Which of the following is an example of a short-term financial goal?
Saving for college
Buying a house
Saving for a new backpack
Planning for retirement
If you borrow 100andhavetopayback 110, what is the interest you paid?
$5
$10
$15
$20
What is the formula for calculating how much you will have after saving a fixed amount each month for n months?
n+amount
n×amount
n−amount
n/amount
Which of the following is a good habit for managing your money?
Spending all your money as soon as you get it
Keeping track of what you earn and spend
Ignoring your expenses
Borrowing money for everything
What is a need?
Something you must have to live, like food or shelter
Something you want, like a new game
A type of bank account
A way to earn money
Which of the following is a want?
Water
Medicine
New video game
School supplies
If you save $2 every day for 30 days, how much will you have saved?
$30
$60
$90
$120
What is the best way to avoid getting into too much debt?
Borrow as much as you can
Only borrow what you can afford to pay back
Never pay back what you borrow
Spend more than you earn
Which of the following is an example of investing?
Buying a candy bar
Putting money in a savings account
Spending money on clothes
Buying a new phone
What should you do if you want to reach a big financial goal?
Spend all your money now
Make a plan and save a little at a time
Borrow money from friends
Ignore your goal
If you have 100andspend 25 on a book and $15 on lunch, how much do you have left?
$40
$60
$70
$80
What is the first step in making a budget?
Spend all your money
List your income and expenses
Buy what you want
Borrow money
Which of the following is a long-term financial goal?
Buying a snack
Saving for a school trip next week
Saving for college
Buying a new pencil
If you want to save $200 in 10 months, how much should you save each month?
$10
$15
$20
$25
What is the main benefit of keeping your money in a bank?
You can spend it more easily
It is safe and can earn interest
You can lose it easily
You can buy more toys
Which of the following is a good way to track your spending?
Guess how much you spend
Write down everything you buy
Ignore your expenses
Spend without thinking
If you borrow 50andpayback 55, what is the interest you paid?
$2
$3
$5
$10
Why is it important to set financial goals?
To help you plan and make smart choices with your money
To spend more money
To avoid saving
To buy things you don’t need
