Future Smart: Growing a Business (Module 5)
Authored by Melissa Houghton
Social Studies, Life Skills
6th - 8th Grade
Used 1K+ times
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About
This quiz covers financial literacy and basic economic concepts appropriate for middle school students in grades 6-8. The questions assess students' understanding of personal banking, business fundamentals, and economic principles including savings accounts, checking accounts, certificates of deposit, interest rates and compounding, business revenue and losses, inflation and deflation. Students need to demonstrate knowledge of different types of bank accounts and their purposes, understand how interest rates and compounding frequency affect savings growth, differentiate between business revenue and profit/loss concepts, and recognize basic economic indicators like inflation and deflation. The content requires analytical thinking skills to compare account options, evaluate financial decisions, and apply economic vocabulary in practical contexts that connect to real-world financial scenarios students will encounter. Created by Melissa Houghton, a Social Studies teacher in the US who teaches grades 6-8. This assessment serves as an excellent tool for formative assessment during a personal finance or economics unit, allowing teachers to gauge student comprehension before moving to more advanced concepts. The quiz works effectively as a review activity after instruction on banking and business basics, or as homework to reinforce classroom learning about financial decision-making. Teachers can use this for warm-up discussions about economic concepts, with individual questions serving as conversation starters about real-world financial choices students and their families make. The content aligns with social studies standards that emphasize financial literacy and economic understanding, specifically supporting standards like NCSS.D2.Eco.1.6-8 (economic decision-making) and NCSS.D2.Eco.2.6-8 (economic institutions and incentives) that require students to analyze economic choices and understand how financial institutions serve individual and societal needs.
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a benefit of putting money in a savings account?
You can make frequent withdrawals
You can earn interest
It is harder to spend the money
The money is safe and secure
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Aaron wants to open a savings account. Which account will grow his money the most?
Account 1 - Interest rate 2%, Interest compounded daily
Account 2 - Interest rate 1%, Interest compounded daily
Account 3 - Interest rate 2%, Interest compounded semi-annually
Account 4 - Interest rate 1%, Interest compounded annually
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Revenue is:
The amount of money a company pays its employees
The amount of money a company has left after paying bills
The amount of money a company makes from sales
The amount of taxes a company has to pay
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The average price of a gallon of milk increased from $3.00 last year to $3.50 this year. This is most likely due to ______________________.
inflation
the stock market
deflation
the market basket
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which interest-bearing account is best for people who won’t need access to their money for more than a year?
Savings Account
Checking Account
Certificate of Deposit
Credit Card
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why would you put money into a savings account?
To make frequent withdrawals at ATM’s
To earn interest on your money
To access the money from this account with personal checks
To easily access money from this account with a debit card
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step you should take when you want to open a savings account?
Go to the bank and fill out an application
Review the different account options that your bank offers
Present your photo ID to the bank representative
Make your initial deposit
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