What is the primary purpose of creating a budget?
Money Skills for Teens

Quiz
•
Financial Education
•
12th Grade
•
Hard
Esohe Igho-Osagie
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To track your spending habits
To ensure you spend more than you earn
To avoid paying taxes
To increase your debt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a common method for saving money?
Spending all your income
Using a high-interest savings account
Investing in high-risk stocks only
Ignoring your financial goals
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mutual fund?
A type of savings account with a fixed interest rate
A pool of money collected from many investors to invest in securities
A loan given to a friend
A type of credit card
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a good practice for managing credit cards?
Maxing out your credit limit
Paying only the minimum payment each month
Paying off the full balance each month
Ignoring the credit card statements
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in setting financial goals?
Spending all your money
Identifying your financial priorities
Ignoring your income
Taking out a loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of taxes?
To reduce the national debt
To fund public services and infrastructure
To increase personal savings
To discourage spending
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fixed expense?
Groceries
Rent
Entertainment
Dining out
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