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Understanding Money Matters for Kids

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

What is a budget?

a)

A list of your favorite foods

b)

A plan for how to spend and save your money

c)

A type of bank account

d)

A way to earn more money

2.

Which of the following is an example of a financial goal?

a)

Watching TV every day

b)

Saving $100 to buy a new bike

c)

Eating lunch at school

d)

Playing video games

3.

What does it mean to "invest" money?

a)

To spend it on snacks

b)

To put it in a place where it can grow over time

c)

To hide it under your bed

d)

To give it away for free

4.

Which of the following is a wise spending habit?

a)

Buying things you don’t need

b)

Comparing prices before buying

c)

Spending all your money at once

d)

Ignoring sales and discounts

5.

What is credit?

a)

Money you earn from a job

b)

Money you borrow and promise to pay back later

c)

Money you find on the street

d)

Money you give to charity

6.

Which of the following is NOT a type of economic system?

a)

Market economy

b)

Command economy

c)

Mixed economy

d)

Shopping economy

7.

If you save $5 every week, how much will you have after 4 weeks?

a)

$10

b)

$15

c)

$20

d)

$25

8.

Why is it important to set financial goals?

a)

To spend more money

b)

To help you plan and save for things you want

c)

To make shopping easier

d)

To avoid using money

9.

Which of the following is an example of a fixed expense?

a)

Movie tickets

b)

Rent or mortgage payment

c)

Buying candy

d)

Eating out at a restaurant

10.

What is the main purpose of a savings account?

a)

To keep your money safe and help it grow

b)

To spend money quickly

c)

To borrow money from the bank

d)

To pay bills

11.

Which of the following is a benefit of saving money?

a)

You can buy things you want in the future

b)

You have less money to spend now

c)

You get more homework

d)

You lose track of your money

12.

If you borrow 50andhavetopayback50 and have to pay back 55, what is the extra $5 called?

a)

Tax

b)

Interest

c)

Bonus

d)

Discount

13.

Which economic system allows people to make their own choices about what to buy and sell?

a)

Command economy

b)

Market economy

c)

Mixed economy

d)

Barter economy

14.

What is the first step in creating a budget?

a)

Spending all your money

b)

Listing your income and expenses

c)

Borrowing money

d)

Buying a new phone

15.

Which of the following is a good reason to use credit?

a)

To buy something you can’t afford right now but will pay for later

b)

To get free money

c)

To avoid paying bills

d)

To spend more than you earn

16.

What does it mean to "live within your means"?

a)

Spend more than you earn

b)

Spend exactly what you earn

c)

Spend less than you earn

d)

Spend all your savings

17.

Which of the following is an example of investing?

a)

Buying a toy

b)

Putting money in a savings account

c)

Spending money on candy

d)

Giving money to a friend

18.

What is a "need"?

a)

Something you must have to live, like food or shelter

b)

Something you want, like a video game

c)

Something you can borrow

d)

Something you can sell

19.

Which of the following is a variable expense?

a)

Monthly rent

b)

Grocery bills

c)

Car payment

d)

Insurance premium

20.

If you want to save $60 in 6 months, how much should you save each month?

a)

$5

b)

$10

c)

$15

d)

$20

21.

What is the main difference between saving and investing?

a)

Saving is for spending, investing is for giving away

b)

Saving is for short-term goals, investing is for long-term growth

c)

Saving loses money, investing always makes money

d)

Saving is only for adults

22.

Which of the following is a way to spend money wisely?

a)

Buying things on impulse

b)

Making a shopping list before going to the store

c)

Ignoring your budget

d)

Spending all your allowance at once

23.

What is a mixed economy?

a)

An economy with only private businesses

b)

An economy with only government control

c)

An economy with both private businesses and government involvement

d)

An economy with no rules

24.

Why should you check your credit report?

a)

To see how much money you have in your wallet

b)

To make sure your information is correct and there are no mistakes

c)

To find new games to play

d)

To get free money

25.

If you earn $8 per hour and work for 5 hours, how much do you earn?

a)

$13

b)

$20

c)

$40

d)

$80

26.

What is the purpose of setting a spending limit?

a)

To spend as much as possible

b)

To help you avoid overspending

c)

To make shopping more fun

d)

To get more credit

27.

Which of the following is a sign of good credit?

a)

Paying bills on time

b)

Borrowing more than you can pay back

c)

Ignoring your debts

d)

Spending all your savings

28.

What is an allowance?

a)

Money given to you regularly, often by parents, for doing chores or as spending money

b)

Money you find on the street

c)

Money you borrow from a friend

d)

Money you win in a contest

29.

Which of the following is a way to increase your savings?

a)

Spend more money

b)

Save a portion of your income regularly

c)

Ignore your budget

d)

Buy everything you want

30.

If you have 50andspend50 and spend 18, how much money do you have left?

a)

$28

b)

$32

c)

$38

d)

$42

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