wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Money Assessment

Total questions: 40

Worksheet time: 21mins

Name
Class
Date
1.

What is one function of money?

a)

To replace bartering entirely

b)

To be used only by banks

c)

To serve as a medium of exchange

d)

To provide unlimited wealth

2.

Which of the following is an example of a modern form of money?

a)

Salt

b)

Gold coins

c)

Cryptocurrency

d)

Livestock

3.

What is the main purpose of a budget?

a)

To earn more money

b)

To avoid paying taxes

c)

To plan how to spend and save money

d)

To spend all your income quickly

4.

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

a)

Groceries

b)

Phone bill

c)

Gasoline

d)

Eating out

5.

What should you do first when creating a budget?

a)

Spend your money on wants

b)

Calculate your income

c)

Apply for a loan

d)

Buy gifts for friends

6.

6. A _______ expense is one that stays the same each month, like rent or a car payment.

a)

fixed

b)

variable

c)

occasional

d)

unexpected

7.

7. A _______ is a financial plan that tracks income and expenses.

a)

budget

b)

receipt

c)

invoice

d)

contract

8.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Rent _______

a)

F (Fixed)

b)

V (Variable)

c)

D (Discretionary)

d)

N (Nonrecurring)

9.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Movie tickets _______

a)

D (Discretionary)

b)

F (Fixed)

c)

V (Variable)

d)

N (Necessary)

10.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Cell phone bill _______

a)

F (Fixed)

b)

V (Variable)

c)

D (Discretionary)

d)

N (None of the above)

11.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Groceries _______

a)

V (Variable)

b)

F (Fixed)

c)

D (Discretionary)

d)

N (Non-essential)

12.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: New shoes for fun _______

a)

D (Discretionary)

b)

F (Fixed)

c)

V (Variable)

d)

N (Necessary)

13.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Gas for car _______

a)

V (Variable)

b)

F (Fixed)

c)

D (Discretionary)

d)

N (None of the above)

14.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Streaming service _______

a)

F (Fixed)

b)

V (Variable)

c)

D (Discretionary)

d)

N (Non-essential)

15.

Label each item as (F) Fixed, (V) Variable, or (D) Discretionary: Car payment _______

a)

F (Fixed)

b)

V (Variable)

c)

D (Discretionary)

d)

N (Nonrecurring)

16.

What is the main purpose of a checking account?

a)

To invest in stocks

b)

To earn high interest

c)

To pay for everyday expenses

d)

To store money in your house

17.

Which of the following earns interest over time?

a)

Credit card

b)

Savings account

c)

Prepaid gift card

d)

Checking account (usually)

18.

What is a deposit?

a)

Removing money from your account

b)

Sending a check

c)

Adding money to your account

d)

Getting cash back at a store

19.

14. A _______ is a plastic card that allows you to spend money from your checking account.

a)

debit card

b)

credit card

c)

gift card

d)

loyalty card

20.

If you spend more than you have in your account, the bank may charge an _______ fee.

a)

overdraft

b)

deposit

c)

transfer

d)

maintenance

21.

A savings account is best used for daily spending.

a)

True

b)

False

22.

You can write checks from a savings account.

a)

True

b)

False

23.

A debit card pulls money directly from your checking account.

a)

True

b)

False

24.

Online banking can help you track your spending in real time.

a)

True

b)

False

25.

Most banks offer the same interest rate for checking and savings accounts.

a)

True

b)

False

26.

Imagine you have $500 in a checking account. You: - Spend $150 on groceries - Deposit $200 from your paycheck - Withdraw $100 at an ATM - Pay a $50 phone bill What is your final balance?

a)

$400

b)

$350

c)

$500

d)

$300

27.

If you tried to spend $600 at a store with your debit card, what would happen?

a)

The transaction may be declined if you do not have enough funds in your account.

b)

The store would give you a discount for using a debit card.

c)

The bank would automatically increase your account balance.

d)

You would receive cash back for the entire amount.

28.

Which of the following is an example of a digital payment method?

a)

Gold coins

b)

Bartering

c)

Apple Pay

d)

Cash

29.

What is one potential risk of a cashless society?

a)

Too much physical money

b)

Lost or stolen credit cards

c)

Increased bartering

d)

Lack of access for people without technology

30.

What is a major disadvantage of bartering?

a)

It requires paper money

b)

It's easy to use with credit cards

c)

It needs both parties to want what the other has

d)

It works best in online markets

31.

Why is money considered more efficient than bartering?

a)

It's free to make

b)

It removes the need for value

c)

It simplifies exchanges

d)

It has no limits on usage

32.

Money automatically withheld from your bank account

a)

Taxes

b)

Other Deductions

c)

Net Pay

d)

Gross Pay

33.

What is Net Pay?

a)

Your pay before taxes

b)

Your pay rate

c)

Your pay after taxes and deductions

d)

Your pay date

34.

You endorse a check by printing your name on the back.

a)

True

b)

False

35.
Why is it important to create a budget?
a)
You earn more money
b)
You get things you want before you get things you need
c)
Helps you plan how you are going to spend your money
d)
They're pointless
36.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

37.

What is an expense?

a)

Money you save

b)

Money you earn

c)

Money you spend

d)

Money you find

38.

What is a "want" in terms of budgeting?

a)

Something you need to survive

b)

Something you would like to have but don't need

c)

Money

d)

A type of expense

39.

What should you do if you spend more money than you have in your budget?

a)

Borrow money from a friend

b)

Try to save more money next time

c)

Adjust your budget to spend less in other areas

d)

Nothing

40.

What is a "need" in terms of budgeting?

a)

Something you would like to have but don't need

b)

An unnecessary expense

c)

Something essential for living

d)

A luxury item

Similar Resources on Wayground

Net Worth

36 questions

Net Worth

quiz

Worksheet

•

6th - 8th Grade

Accounts revision

36 questions

Accounts revision

quiz

Worksheet

•

6th - 8th Grade