Saving Money Quiz

Setting financial goals is important because:

• It only benefits the wealthy

• It helps to create a roadmap for your financial future and motivates you to save and invest.

• It is a waste of time and effort

• It has no impact on your financial situation

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What are some ways for teens to save money?

• Ignoring the price and buying whatever they want

• Taking out loans for unnecessary items

• Spending all their money on expensive gadgets

• Setting a budget, avoiding impulse purchases, finding part-time jobs, and using discounts and coupons

Why is it important for teens to save money?

• To buy expensive items and show off to friends

• To invest in risky stocks and get rich quick

• To develop good financial habits and prepare for unexpected expenses.

• To spend on unnecessary things and live in the moment

What are the steps to setting a financial goal?

• Identifying your goal, determining the cost, setting a timeline, creating a plan, and monitoring your progress

• Creating a plan without identifying the goal

• Spending all your money immediately

• Ignoring the cost and timeline

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What are some practical ways for teens to save money?

• Taking out loans and credit cards to buy whatever they want

• Spending all their money on expensive gadgets and clothes

• Creating a budget, avoiding impulse purchases, finding part-time jobs, and using discounts and coupons

• Ignoring the prices and just buying whatever they like

Why should people save money for the future?

• To donate to charity and help others

• To have more money to spend on daily expenses

• To spend on luxury items and vacations

• To be prepared for unexpected expenses and have a secure retirement.

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What are the benefits of setting financial goals when you are a teenager?

• It allows teens to practice handling their own money before they are responsible for all their bills.

• Setting financial goals help you to stay focused on your future.

• All of the above

• It increases the chances of having more money as an adult.

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How can teens save money on everyday expenses?

• Spending all their money on luxury items

• Creating a budget, avoiding impulse purchases, using coupons, and looking for discounts

• Not keeping track of their expenses

• Ignoring the prices of items they purchase

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CCSS.7.RP.A.3

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What are the consequences of not saving money?

• Financial insecurity, inability to handle emergencies, missed opportunities for investments or purchases

• Feeling of security and stability

• Opportunities for investments and purchases

• Ability to handle emergencies and unexpected expenses

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What are some examples of short-term financial goals for teens?

• Saving money for a specific purchase, setting aside money for a school trip or event, creating an emergency fund

• Spending all money on entertainment and shopping

• Taking out a large loan for a car

• Investing in stocks and bonds

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CCSS.7.RP.A.3

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