WorksheetsFinancial Literacy for Young Learners
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 favorite stores
A way to borrow money from friends
If you earn $50 per week and want to save 20% of your earnings, how much should you save each week?
$5
$10
$15
$20
Which of the following is an example of a fixed expense?
Buying snacks
Monthly rent
Movie tickets
New clothes
What does the term "interest rate" mean?
The price of a product
The percentage charged for borrowing money or earned for saving money
The amount of money you spend on food
The number of items you buy
If you borrow $100 at an interest rate of 5% per year, how much interest will you pay after one year?
$2
$5
$10
$20
Which of the following is a good strategy for managing debt?
Ignore your bills
Pay more than the minimum payment when possible
Only pay when you remember
Borrow more money to pay off old debts
What is the first step in setting a financial goal?
Spend all your money
Decide what you want to achieve
Ask your friends what they want
Buy something expensive
Which of the following is a right of consumers?
To receive accurate information about products
To always get free products
To never pay taxes
To ignore product instructions
If you save $20 each month, how much will you have saved after 6 months?
$60
$100
$120
$200
Which of the following is NOT a good reason to create a budget?
To keep track of spending
To save for future goals
To spend more than you earn
To avoid running out of money
What does "investing" mean?
Spending all your money on games
Putting money into something to try to earn more money
Giving money away for free
Hiding your money under your bed
If you have a debt of 200andpay 50 each month, how many months will it take to pay off the debt?
2 months
3 months
4 months
5 months
Which of the following is an example of a financial goal?
Buying a new video game
Saving $100 for a school trip
Eating lunch at school
Watching TV
What is a variable expense?
An expense that stays the same every month
An expense that changes from month to month
An expense you never pay
An expense paid by someone else
Which of the following is a responsibility of consumers?
To read product instructions
To ignore safety warnings
To always get refunds
To never pay for products
If you invest $100 and earn 10% interest in one year, how much money will you have at the end of the year?
$100
$110
$120
$130
Which of the following is a good way to save money?
Spend all your allowance
Put some money aside each time you get paid
Buy things you don’t need
Ignore your savings
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 NOT a good debt management strategy?
Make a list of all your debts
Pay your bills on time
Ignore your debts
Create a payment plan
If you want to buy a bike that costs 120andyousave 15 each week, how many weeks will it take to save enough money?
6 weeks
8 weeks
10 weeks
12 weeks
Which of the following is a benefit of budgeting?
You always have extra money
You can plan for future expenses
You never have to save
You can spend without thinking
What is the main purpose of saving money?
To spend it immediately
To have money for future needs or emergencies
To lose track of your money
To buy things you don’t need
If you borrow $300 at an interest rate of 4% per year, how much interest will you pay after one year?
$4
$8
$12
$16
Which of the following is a good way to set a financial goal?
Make your goal specific and measurable
Keep your goal a secret
Change your goal every day
Don’t think about your goal
What should you do before making a big purchase?
Buy it immediately
Compare prices and check your budget
Ask your friends to buy it for you
Ignore your budget
Which of the following is a consumer right?
To receive safe products
To always get free products
To never pay for anything
To ignore product labels
If you save $5 every day for 30 days, how much will you have saved?
$100
$120
$150
$200
Which of the following is an example of investing?
Buying a toy
Putting money in a savings account
Spending money on snacks
Giving money to a friend
What is a good way to avoid unnecessary debt?
Only borrow what you can afford to pay back
Borrow as much as possible
Never pay back borrowed money
Ignore your spending
Which of the following is a responsibility of consumers?
To use products safely
To always get discounts
To never read instructions
To ignore product warnings
