Quiz about Personal Financial Literacy

Question 1

Jan babysits for money. She is paid $7 each time. She saves all of the money she makes. If Jan wants to save $35, how many times does she need to babysit?

Accepted Answer

5 times

Answer

7 times

Answer

28 times

Question 2

Billy received $6 each week for him allowance. He saves $4 each week and only spends $2. How much money will Billy have saved in 5 weeks?

Accepted Answer

$20

Answer

$12

Answer

$10

Question 3

Pam wants to buy a sticker book for $32. She saves $5 each week. Which statement is true?

Accepted Answer

She will have enough money if she saves for 7 weeks

Answer

She will have enough money if she saves for 5 weeks

Answer

She will have enough money if she saves for 10 weeks

Question 4

Julia's dad received $1,140 on his paycheck. He wants to save his money. Which statement describes the best choice for saving money?

Accepted Answer

Place the money in a bank account

Answer

Use the money for a family vacation

Answer

Go buy something he might be able to sell later

Question 5

Shelly wants to buy some new shoes, but she doesn't have enough money saved. Which statement describes that best way for Shelly to save enough money to buy the shoes?

Accepted Answer

Save the money her mom gives her for doing her chores each week

Answer

Spend all of her allowance each week on toys and games

Answer

Give her allowance to her brother so he can buy candy

Question 6

Which statement describes what happens when you spend money?

Accepted Answer

The amount of money you have decreases

Answer

The amount of money you have increases

Answer

The amount of money you have stays the same

Question 7

Which statement does NOT describe a withdrawal from a bank account?

Accepted Answer

Putting money from your paycheck into your checking account

Answer

Using $30 from your savings account to pay for a sweater

Answer

Getting money from your account using an ATM

Question 8

Uncle Jeff is going to travel to visit his mom. He goes to the bank because he needs to take some cash with him. Which statement describes Uncle Jeff taking money out of his account at the bank?

Accepted Answer

He is making a withdrawal

Answer

He is making a deposit

Answer

He is saving

Question 9

Ben saved his money each week to buy his favorite game. He opened a savings account at the bank and each week he added the money he earned from doing his chores. Which statement describes Ben adding money into his account?

Accepted Answer

He is making a deposit

Answer

He is making a withdrawal

Answer

He is spending

Question 10

Which situation is an example of borrowing?

Accepted Answer

Lisa asks her sister for money to buy a magazine and says she will pay her back later

Answer

Aunt Sally gives Tony an envelope with money for his birthday

Answer

David and Jack puts their money together to buy a bike they will share

Question 11

Which situation is NOT an example of borrowing?

Accepted Answer

Robert gets money from his piggy bank to buy a book he wants

Answer

Bella's parents go to the bank and ask for a loan to buy a house

Answer

In a tore, Brenda purchases a TV with a sign that says "Buy it now, pay later"

Question 12

Gabriel saved $45. He wants to buy a pair of shoes that cost $50. He asked his father to lend him the rest of the money so he could buy the shoes today. He promised to pay his father back when he gets his $10 allowance at the end of the week. Which statement best describes this situation?

Accepted Answer

This is responsible borrowing because Gabriel will be able to pay his father back and still have some of his allowance left over

Answer

This is responsible borrowing because Gabriel really wants the shoes.

Answer

This is irresponsible borrowing because Gabriel lied to his father about the price of the sport shoes.

Question 13

Ava has no money saved. She has started chores at home earning $10 each week. Ava wants to buy a new game that costs $50. She asked her mom to lend her the money for the game. Ava promised to pay her mom back in two weeks. Which statement best describes this situation?

Accepted Answer

This is irresponsible borrowing because Ava will not be able to pay her mom back in two weeks.

Answer

This is responsible borrowing because Ava really wants a new game

Answer

This is responsible borrowing because it will take Ava five weeks to earn the money to repay her mom instead of two weeks.

Question 14

Which situation is an example of lending?

Accepted Answer

Jill will use her money to help Mary pay for a necklace if Mary pays her back later.

Answer

Dan takes a $10 bill from her savings box and puts it in a birthday card for his brother

Answer

Victor is selling shirts for his team, His customers will pay him when he gives them the shirts

Question 15

Randy needs $25 to have enough money to buy a bike. He asks his brother Jim to lend him the $25 from his savings. Randy promises to pay Jim back at the end of the month. Which statement might be a benefit for Jim if he lends the money to Randy?

Accepted Answer

Randy might let Jim ride his bike to show his thanks for lettin ghim borrow the money

Answer

Randy might not have the money to pay Jim back at the end of the month

Answer

Jim will mot have the money to spend until Randy pays him back.

Question 16

Tammy likes her friend Jana's new doll. Tammy asks Jana if she can have the doll to play with for the weekend. Which statement could be a reason why Jana might not lend the doll to Tammy?

Accepted Answer

Jana lent a toy to Tammy before and she broke it

Answer

Tammy does not really like Jana's doll

Answer

Jana lent a toy to Tammy before and she took good care of it

Question 17

Which statement describes a producer?

Accepted Answer

A restaurant cook makes food for a customer

Answer

A restaurant manager buys onions at the market

Answer

A restaurant owner pays his water bill

Question 18

Which statement describes a consumer?

Accepted Answer

A farmer buys cotton seeds to paint in his field

Answer

A farmer grows corn to sell at the market

Answer

A farmer sells wheat to the company that will make the wheat into flour.

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