Finance Fun: Money Matters Quiz!

Which of the following is the best definition of "budget"?

• A magical spell that makes money appear in your wallet

• A plan for managing your income and expenses

• A type of sandwich you eat when you’re broke

• The name of a famous rapper

What does the term "income" refer to in personal finance?

• The amount of money you spend on pizza

• The money you receive, usually from work or investments

• The number of followers you have on social media

• The amount of time you spend sleeping

Which of the following is considered a fixed expense?

• Monthly rent payment

• Buying a new video game

• Eating out at a restaurant

• Impulse shopping for socks with cats on them

What is the main purpose of a savings account?

• To store your collection of rare coins

• To keep your money safe and earn interest

• To hide your money from your siblings

• To pay for your daily coffee habit

Which of the following is NOT a form of income?

• Allowance from parents

• Birthday gifts in cash

• Paying your friend back for lunch

• Wages from a part-time job

If you want to save $200 in 4 months, how much should you save each month?

• $25

• $50

• $100

• $200

Which of the following best describes a "variable expense"?

• An expense that never changes, like your rent

• An expense that can change from month to month, like groceries

• An expense that only happens on leap years

• An expense that is paid by your pet hamster

If you earn $300 a month and your monthly expenses are $250, what is your net savings for the month?

• $50

• $250

• $300

• $0

Which of the following is a good strategy for sticking to a budget?

• Spend all your money on the first day of the month

• Track your expenses and adjust as needed

• Ignore your bank statements and hope for the best

• Only use Monopoly money

If you want to buy a $600 laptop in 6 months, what is the minimum amount you should save each month?

• $50

• $100

• $600

• $10