WorksheetsFinancial Literacy for Students
Total questions: 30
Worksheet time: 15mins
Which of the following is the best definition of a budget?
A list of things you want to buy
A plan for how to spend and save your money
A record of your debts
A way to avoid paying taxes
If you earn $200 per month and want to save 20%, how much should you save each month?
$10
$20
$40
$50
Which of the following is NOT a good reason to create a budget?
To track your spending
To spend more than you earn
To save for future goals
To avoid debt
What does the term "interest" mean in saving and investing?
The amount you borrow from a bank
The extra money earned or paid for using money
The total amount of your savings
The price of an item
Which of the following is a safe place to keep your savings?
Under your mattress
In a savings account at a bank
In your wallet
In a piggy bank at home
What is a credit score?
A number that shows how much money you have
A number that shows how likely you are to repay borrowed money
The amount of money you owe
The amount of money you earn
Which of the following is an example of good debt?
Borrowing money to buy unnecessary clothes
Taking a loan for education
Using a credit card for video games
Borrowing money for a party
What is the best way to avoid credit card debt?
Pay only the minimum amount each month
Pay the full balance every month
Ignore your credit card bill
Use your credit card for everything
Which of the following is a strategy for managing debt?
Borrow more money to pay off old debts
Make a list of all your debts and pay off the smallest first
Ignore your debts
Only pay interest on your debts
If you have a loan with an interest rate of 5% per year, how much interest will you pay on a 100 loan after one year?
$1
$5
$10
$50
Which of the following is a short-term financial goal?
Saving for retirement
Buying a car in 10 years
Saving for a school trip next month
Buying a house in 20 years
What is the first step in setting a financial goal?
Spend all your money
Decide what you want to achieve
Borrow money
Ignore your expenses
Which of the following is a right of consumers?
To receive false information about products
To be treated unfairly by sellers
To receive safe and accurate products
To pay more than the listed price
What should you do before making a big purchase?
Buy it immediately
Compare prices and read reviews
Ignore your budget
Borrow money without thinking
Which of the following is NOT a responsibility of a consumer?
Reading product labels
Paying for products
Ignoring product safety
Keeping receipts
If you save 10 every week, how much will you have after 8 weeks?
$18
$80
$800
$28
Which of the following is an example of investing?
Buying snacks
Putting money in a savings account
Buying stocks
Spending money on games
What does "living within your means" mean?
Spending more than you earn
Spending less than you earn
Borrowing money for everything
Ignoring your income
Which of the following is a fixed expense?
Movie tickets
Rent
Groceries
Clothing
What is the main purpose of saving money?
To spend it immediately
To prepare for emergencies and future needs
To avoid budgeting
To borrow more money
If you borrow 50 from a friend and agree to pay back 55 in one month, what is the interest rate?
5%
10%
50%
100%
Which of the following is a variable expense?
Rent
Car payment
Electricity bill
School fees
What is the best way to increase your savings?
Spend more money
Save a portion of your income regularly
Ignore your budget
Borrow money
Which of the following is a benefit of having a good credit score?
Higher interest rates
Easier approval for loans
More debt
Less access to financial products
What is the formula for calculating simple interest?
I=P+R+T
I=P×R×T
I=P÷R÷T
I=P−R−T
Which of the following is NOT a good way to manage debt?
Make regular payments
Ignore your bills
Create a repayment plan
Ask for lower interest rates
What is the main difference between saving and investing?
Saving is for spending, investing is for borrowing
Saving is low risk, investing can be higher risk
Saving loses money, investing always gains money
Saving is for adults, investing is for kids
Which of the following is a consumer responsibility?
To ignore product instructions
To use products safely
To demand free products
To avoid paying for products
If you want to buy a bike that costs 120 and you save 15 per month, how many months will it take to save enough?
6
8
10
12
Which of the following is the best example of a long-term financial goal?
Buying lunch tomorrow
Saving for a vacation next year
Saving for college in five years
Buying a book next week
