Personal Finance Quiz for 7th Grade

What is income?

• Money you owe

• Money you save in the bank

• Money you earn from a job or other sources

• Money you borrow from a friend

Why is it important to have a budget?

• To spend all your money at once

• To help you keep track of your money and make smart choices

• To avoid paying taxes

• To give away all your money

What does it mean to save money?

• Spend it quickly

• Hide it under your bed

• Keep some money aside to use later

• Borrow it from someone else

Which of the following is an example of income?

• Buying a video game

• Receiving money for babysitting

• Paying rent

• Spending money at the store

If you earn $10 and save $3, how much did you spend?

• $7

• $10

• $3

• $13

What is a personal budget?

• A chart showing your favorite stores

• A plan for how to spend and save your money

• A list of fun things to do

• A way to avoid earning money

What is the best reason to start saving money when you're young?

• So you can show off to your friends

• So you can spend it all at once

• So you can build good habits and be prepared for the future

• So you won’t have to work

Which of these is a fixed expense?

• Buying snacks

• Going to the movies

• Monthly rent

• Buying a toy

What should you do if you want to buy something expensive in the future?

• Borrow from friends every time

• Start saving a little money regularly

• Spend all your money now

• Stop earning money

Which of the following can increase your income?

• Playing video games

• Sleeping all day

• Getting a part-time job

• Watching TV