S2 Finance Quiz

What is the difference between 'needs' and 'wants'?

• Needs are items you would like to buy if you have money, while wants are necessities.

• Needs are necessities, while wants are items you would like to buy if you have money.

• Needs and wants are both necessities.

• Needs and wants are both items you would like to buy if you have money.

Which of the following is an influence on spending?

• The weather

• Family/Friends' opinions

• The time of day

• The color of the product

What happens when you pay with a credit card?

• Money comes straight out of your bank account.

• You borrow money from the bank and must pay it back with interest.

• You use your phone instead of cash or cards.

• You pay for goods in a specific shop without needing to pay back.

What is a benefit of saving money?

• You can buy anything you want immediately.

• You have money for unplanned events.

• You never have to pay interest.

• You can avoid all financial responsibilities.

What is a drawback of saving money?

• You can buy everything you want.

• You are unable to buy something you may want during the saving period.

• You will never have money for the future.

• You will always have to pay interest.

What is one benefit of using a savings account?

• Your money will be kept safe

• You can spend more money

• You can avoid budgeting

• You will have less money

What is one of the benefits of budgeting?

• You can spend all your money immediately

• You have enough money to cover your needs

• You will never have extra money

• You can avoid planning for the future

Which software can help with budgeting?

• Word

• Excel

• PowerPoint

• Paint

What is the closing balance formula?

• Opening balance + Receipts - Payments

• Opening balance - Receipts + Payments

• Receipts + Payments - Opening balance

• Payments - Receipts + Opening balance

Which of the following is a reason to create a financial plan?

• To increase your debt without a plan.

• To ensure you spend all your money quickly.

• To avoid saving money for the future.

• To have a clear understanding of your financial goals and how to achieve them.