Phase 2 Student Competition Quiz

Phase 2 Student Competition Quiz

7th - 12th Grade

7 Qs

quiz-placeholder

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Phase 2 Student Competition Quiz

Phase 2 Student Competition Quiz

Assessment

Quiz

Financial Education

7th - 12th Grade

Medium

Created by

James Adcock

Used 40+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the recommended 'Money Bucket Allocations' in a budget?

  • Food (10%)
    Rent (20%)
    Entertainment (20%)

  • Savings (50%)

Luxury (20%)

Needs (40%)

Invest (30%)

Other (10%)

Needs (50%)

Wants (15%)

Save (25%)

Invest (10%)

Savings (30%)
Expenses (30%)
Debts (15%)
Investments (25%)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can 'Lifestyle Inflation' impact your financial stability?

It has no impact on financial stability

It decreases your spending

It helps you save more money

Your expenses increase as your income grows, delaying your financial goals

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Living Below Your Means' involve?

Spending less than you earn

Spending more than you earn

Borrowing money to cover expenses

Avoiding luxury expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should you review your budget?

It should stay fixed and not change

Every 2 - 3 years

At least once a year

Every 10 years

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Scenario Question (Double Points!)

You’re planning a holiday that costs $1,200. How can you best use the 'Money Bucket System' to save for this goal over the next 12 months?

Use the 'Invest' bucket to fund the holiday

Withdraw the entirety of your savings account for the holiday

Allocate a portion of your 'Wants' and 'Save' budget into a high-interest savings account each month

 Borrow money to cover the cost

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Scenario Question (Double Points)

Lucy is a university student and receives $1,000 / month. What would be her monthly budget if Lucy follows the Future Finances recommended 'Money Bucket Allocations'?

Wants (20%): $200

Needs (70%): $700

Save (10%): $100

Invest (10%): $100

Wants (25%): $250

Needs (30%): $300

Save (25%): $250

Invest (20%): $200

Wants (15%): $150

Needs (50%): $500

Save (25%): $250

Invest (10%): $100

Wants (15%): $150

Needs (20%): $200

Save (60%): $600

Invest (5%): $50

7.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Scenario Question (Double Points!)

  1. You have an unexpected medical bill of $150 this month and have not yet saved an emergency fund to cover this cost. How should you adjust your money buckets to cover this expense without falling behind on your savings goals?

  • Take money from your 'Invest' bucket to cover the expense

  • Reduce spending in your 'Wants' bucket to cover this expense OR pay for it with your 'Save' bucket and then repay yourself at a later date from your 'Wants'

  • Delay the payment until a later date (incurring a late fee) and continue with your original budget so you can save more

  • Reduce spending on your 'Needs' bucket