FINLIT Pre-Assessment 💰

Education Status

• Grade 3-5

• Grade 6-8

• Grade 9-12

• College

• Graduate

Question 1: What is a "need" in financial terms?

• A) Something you desire but can live without
• B) Something you should never spend money on
• C) Something that is nice to have but not necessary
• D) Something essential for survival and well-being

Question 2: What is a "budget"?

• A) A list of all the things you want to buy
• B) A plan for how you will spend and save your money
• C) A list of things you don't need
• D) A list of all your expenses

Which of the following is an example of a "want" rather than a "need"?

• A) Electricity for your home
• B) Groceries for your family
• C) Going out for pizza with friends
• D) Buying school textbooks

Question 4: What is the main goal of financial planning?

• A) Spending all your money on wants
• B) Saving as much money as possible
• C) Making sure you have enough to cover your needs and achieve your financial goals
• D) Having a list of things you'd like to buy

Sarah receives $15 as her weekly allowance for 7 weeks. She spends $15 on a new toy and $49 on school lunch. How much money does she have left?

• A) $65
• B) $72
• C) $41
• D) $196

Which of the following best defines a "bank"?

• a) A place to buy groceries
• b) A financial institution that accepts deposits and provides loans
• c) A type of credit card
• d) A store selling electronics

Ms.Estel weekly income is $1,000, and she budgets 3/10 for rent and 2/10 for savings. How much money does she save each month?

• A) $200
• B) $300
• C) $350
• D) $500

What does it mean to "live within your means"?

• A) Spending more money than you have
• B) Spending less money than you have
• C) Spending money without any plan
• D) Spending money on anything you want

What is "debt" in financial terms?

• a) Money you receive from your job
• b) Money you owe or have to repay
• c) Savings in a bank account
• d) Money you receive as a gift