Grade 4 and 5 FINLIT Pre-Assessment 💰

• 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"?

• 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

Question 3: Which of the following is an example of a "want" rather than a "need"?

• A) Electricity for your home

• B) Groceries for your family

• D) Buying school textbooks

• C) Going out for pizza with friends

• 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

Question 5. You are planning a family camping trip, and you want to budget for food. Each bag of marshmallows costs $2.50, and you plan to buy 3 bags. Hot dog buns come in packs of 8 for $3.75 per pack, and you want to buy 2 packs. How much will you spend on marshmallows and hot dog buns in total?

• a) $8.75

• b) $10.00

• c) $12.50

• d) $15.00

Question 6: 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

7. 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

8. 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

Question 9: 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

10: 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