WorksheetsFinancial Literacy for Students
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 measure your height
Which of the following is a good reason to save money?
To buy things you don’t need
To prepare for emergencies
To spend it all at once
To avoid making a budget
If you earn 50andspend 30, how much do you save?
$20
$80
$30
$50
What does “interest rate” mean?
The price of a product
The percentage charged or earned on money
The number of coins you have
The amount of money in your wallet
Which is an example of a fixed expense?
Movie tickets
Rent or mortgage payment
Buying snacks
Going to the amusement park
What is the best way to avoid debt?
Spend more than you earn
Borrow money for everything
Only buy what you can afford
Ignore your bills
If you save $10 every week, how much will you have after 4 weeks?
$20
$40
$10
$50
What is a financial goal?
A wish for a new video game
A plan for what you want to achieve with your money
A list of chores
A type of bank account
Which of the following is a good saving strategy?
Spend all your money right away
Save a part of your allowance every time you get it
Never save any money
Only save when you feel like it
If you borrow 100ataninterestrateof 5\%$ per year, how much interest will you pay after one year?
$5
$10
$50
$500
What is investing?
Spending money on candy
Putting money into something to try to make more money
Giving money away for free
Hiding money under your bed
Which is NOT a good way to manage debt?
Pay more than the minimum payment when possible
Ignore your bills
Make payments on time
Keep track of what you owe
If you want to buy a bike that costs 120andyousave 20 each month, how many months will it take to save enough?
4 months
6 months
8 months
12 months
What is the formula for simple interest?
I=P+R+T
I=P×R×T
I=P÷R÷T
I=P−R−T
Which of the following is a variable expense?
Rent
Electricity bill
Car payment
School tuition
Why is it important to set financial goals?
To spend money faster
To help you plan and save for things you want
To avoid saving money
To make shopping easier
What does “pay yourself first” mean?
Spend all your money on yourself
Save a portion of your money before spending on other things
Give money to your friends
Buy gifts for your family
If you invest 200andearn 20 in profit, what is your return?
$10
$20
$200
$220
Which is a good way to track your spending?
Keep a spending journal
Never check your bank account
Spend without thinking
Only use cash
What is a loan?
Money you give to someone as a gift
Money you borrow and must pay back
Money you find on the street
Money you earn from a job
Which of the following is an example of investing?
Buying a new phone
Putting money in a savings account
Spending money on snacks
Buying a video game
If you have 100andspend 25, what percentage of your money did you spend?
25%
50%
75%
10%
What is the main purpose of a budget?
To help you spend more money
To help you manage your money
To keep your money hidden
To make shopping fun
Which is a benefit of saving money in a bank?
You lose your money
Your money is safe and can earn interest
You can’t access your money
You spend it faster
If you owe 50andpayback 10 each week, how many weeks until you pay it all back?
2 weeks
5 weeks
10 weeks
1 week
What is a “need” in budgeting?
Something you want but can live without
Something necessary for living, like food or shelter
Something fun to buy
A new video game
Which is a good way to avoid impulse buying?
Make a shopping list and stick to it
Buy things you see first
Shop without a plan
Spend all your money at once
What does “compound interest” mean?
Interest only on the original amount
Interest earned on both the original amount and the interest already earned
No interest at all
Interest paid to your friends
If you set a goal to save $100 in 5 months, how much should you save each month?
$10
$20
$25
$50
Why is it important to understand interest rates when borrowing money?
So you can borrow more than you need
To know how much you will have to pay back
To avoid paying back the loan
To spend money faster
