Luna is trying to decide between buying a new video game and getting groceries for the week. Define the difference between a want and a need in her situation.

Saving Money

Quiz
•
Financial Education
•
9th Grade
•
Easy
Mengkorn Pum
Used 1+ times
FREE Resource
17 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
A want is a requirement for happiness; a need is an optional desire.
A want is a non-essential desire; a need is a necessity for survival.
A want is something you can live without; a need is something you can buy.
A want is a basic necessity; a need is a luxury.
2.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
3. Why is it important for Emma to distinguish between wants and needs when budgeting?
Wants and needs are the same and do not affect budgeting.
Budgeting is only about tracking income, not expenses.
It is important to prioritize essential expenses over non-essential ones to maintain financial stability.
Distinguishing between wants and needs is irrelevant for financial planning.
3.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
4. If Zoe saves $10 a week, how much will she have saved in 5 weeks?
$50
$40
$60
$30
4.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
5. Aria wants to create a savings plan for her future. What is the first step she should take?
Create a budget for entertainment expenses.
Start investing in stocks immediately.
Assess your current financial situation.
Open a high-interest savings account without planning.
5.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
Avery wants to buy a video game that costs $60 and she saves $15 a month. How many months will it take her to save enough?
4 months
5 months
6 months
3 months
6.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
7. Anika is trying to understand what an interest rate is. Can you explain it in your own words?
An interest rate is a fee charged by banks for opening a savings account.
An interest rate is the total cost of a loan divided by the number of payments.
An interest rate is a fixed amount of money paid regardless of the loan amount.
An interest rate is a percentage that indicates how much extra money will be paid on a loan or earned on savings over time.
7.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
8. If Samuel deposits $100 in a bank account with a 5% annual interest rate, how much interest will he earn in one year?
$5
$10
$2.50
$15
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