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Financial Literacy Study Guide - Fall 2025

Total questions: 40

Worksheet time: 20mins

Name
Class
Date
1.

What is the purpose of a budget?

a)

To avoid spending

b)

To plan how money is used

c)

To increase taxes

d)

To track only big purchases

2.

Which is a fixed expense?

a)

Gas

b)

Rent

c)

Groceries

d)

Shopping

3.

Which is a variable expense?

a)

Car payment

b)

Rent

c)

Groceries

d)

Insurance

4.

Net pay means:

a)

Before taxes

b)

After taxes

c)

With bonuses

d)

Your annual salary

5.

The 50/30/20 rule divides money into:

a)

needs, wants, and savings

b)

income, expenses, and investments

c)

necessities, luxuries, and debts

d)

spending, saving, and donating

6.

Emergency funds help with:

a)

Vacations

b)

Unexpected expenses

c)

Buying wants

d)

Saving every penny

7.

A “want” is:

a)

Essential

b)

Optional

c)

Required for survival

d)

A fixed bill

8.

Which is usually your largest monthly cost?

a)

Food

b)

Housing

c)

Entertainment

d)

Clothing

9.

Which strategy assigns every dollar a job?

a)

Envelope system

b)

Zero-based budgeting

c)

Pay yourself first

d)

50/30/20

10.

What is a sinking fund used for?

a)

Emergencies

b)

Short-term planned expenses

c)

Credit cards

d)

Medical bills only

11.

Public transportation is usually:

a)

More expensive

b)

Less expensive

c)

Always free

d)

Only for large cities

12.

Meal prepping helps to:

a)

Increase spending

b)

Reduce food waste

c)

Increase eating out

d)

Add fees

13.

A lease is:

a)

A loan

b)

A rental contract

c)

An insurance plan

d)

A type of credit

14.

Which cost is often forgotten in car budgets?

a)

Gas

b)

Insurance

c)

Maintenance

d)

All of the above

15.

Discretionary income is used for:

a)

Needs

b)

Wants

c)

Taxes

d)

Insurance

16.

What does “pay yourself first” mean?

a)

Spend first

b)

Borrow money

c)

Save before spending

d)

Buy wants first

17.

Opportunity cost refers to:

a)

A. A tax deduction

b)

B. What you give up when you choose something else

c)

C. A type of expense

d)

D. A loan payment

18.

Which is a variable transportation cost?

a)

Car payment

b)

Gas

c)

Insurance

d)

Phone Bill

19.

A good emergency fund starting goal is:

a)

$5

b)

$50

c)

$500-$1,000

d)

$10,000

20.

Which expense can change based on behavior?

a)

Rent

b)

Mortgage

c)

Groceries

d)

Car payment

21.

Anchoring bias means:

a)

Following trends

b)

Relying too heavily on first information

c)

Only saving money

d)

Ignoring prices

22.

Availability heuristic means:

a)

Using full data

b)

Using vivid memories to make decisions

c)

Buying discounted items

d)

Saving automatically

23.

The Bandwagon Effect means:

a)

Following the crowd

b)

Ignoring trends

c)

Only saving

d)

Avoiding risk

24.

The Framing Effect shows that:

a)

Discounts are fake

b)

The way information is presented affects decisions

c)

Everyone makes good choices

d)

Facts don’t matter

25.

Mental accounting means:

a)

Treating all money equally

b)

Treating money differently based on source

c)

Tracking money with spreadsheets

d)

Paying bills late

26.

Hyperbolic discounting means preferring:

a)

Larger future rewards

b)

Smaller immediate rewards

c)

Better budgeting tools

d)

Long-term savings

27.

Which of the following is an example of optimism bias?

a)

Expecting the worst

b)

Thinking outcomes will always be positive

c)

Never budgeting

d)

Only saving money

28.

Loss aversion means:

a)

Hating losses more than liking gains

b)

Only wanting gains

c)

Loving risk

d)

Ignoring mistakes

29.

Someone avoids checking their bank account because they fear it’s low. Which bias is this?

a)

Anchoring

b)

Optimism bias

c)

Loss aversion

d)

Availability heuristic

30.

Buying a product because a celebrity promotes it is:

a)

Halo Effect

b)

Availability

c)

Anchoring

d)

Discounting

31.

Forgetting to budget for taxes is misunderstanding:

a)

Wants vs. needs

b)

Gross vs. net pay

c)

Fixed vs. variable

d)

Savings vs. Spending

32.

A person buys a jacket they don’t need because it’s “70% OFF!” This is:

a)

Anchoring

b)

Framing

c)

Availability

d)

Optimism

33.

A teen buys new shoes because “everyone has them.” This is:

a)

Loss aversion

b)

Bandwagon Effect

c)

Availability

d)

Halo Effect

34.

Someone holds onto a stock that is losing value because they don’t want to lose money. This is:

a)

Mental accounting

b)

Anchoring

c)

Loss aversion

d)

Discounting

35.

Choosing $20 today instead of $40 next week is:

a)

Loss aversion

b)

Availability heuristic

c)

Anchoring

d)

Hyperbolic discounting

36.

A person buys name-brand items believing they’re always better. This is:

a)

Framing

b)

Halo Effect

c)

Anchoring

d)

Availability

37.

Not switching insurance companies because “I’ve always used this one” is:

a)

Bandwagon

b)

Status Quo Bias

c)

Anchoring

d)

Loss aversion

38.

Someone expects everything to turn out perfect financially even when it’s unrealistic. This is:

a)

Anchoring

b)

Optimism bias

c)

Loss aversion

d)

Halo Effect

39.

Misjudging costs because you remember one extreme example is:

a)

Anchoring

b)

Loss aversion

c)

Availability heuristic

d)

Framing

40.

Being overconfident in your financial decision-making can lead to:

a)

Safer choices

b)

More risk-taking

c)

Less Budgeting

d)

Fewer Expenses

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