Money Basics: Financial Literacy Quiz for Grades 6–9
A financial literacy quiz for middle school: needs vs. wants, budgeting, saving, simple and compound interest, debit vs. credit cards, discounts and unit prices. Real-life math students can use right away.
- Grades 6–9
- 12 questions
- About 6 min
Free. It's copied to your account, and you can edit it anytime.
Questions
Correct answers aren't marked here, so you can use this page as a test. You'll see them in your account after you use the quiz.
- 1Single choice
Which of these is a need rather than a want?
- A new video game
- Designer sneakers
- Groceries for the week
- A streaming subscription
- 2Single choice
What is a budget?
- A type of bank account
- A plan for how you will earn, save and spend your money
- A loan from a bank
- A list of things you want to buy
- 3Single choice
You get $20 a week in allowance and save 25% of it. How much will you have saved after 4 weeks?
- $5
- $25
- $80
- $20
- 4True / False
With compound interest, you earn interest on the interest you've already earned, not just on the money you deposited.
- True
- False
- 5Single choice
You deposit $100 in a savings account that pays 5% simple interest per year. How much interest will you earn in 2 years?
- $10
- $5
- $105
- $110
- 6Single choice
You deposit $1,000 at 10% interest, compounded once a year. How much will you have after 2 years?
- $1,200
- $1,100
- $1,210
- $1,020
- 7Single choice
What is the main difference between a debit card and a credit card?
- A debit card uses money in your own bank account; a credit card borrows money you must pay back
- A credit card works only for online shopping, and a debit card only in stores
- A debit card always charges interest, while a credit card never does
- There is no difference; they are just two names for the same card
- 8True / False
If you pay only the minimum amount due on a credit card each month, you usually end up paying more in total because of interest.
- True
- False
- 9Single choice
A 12-ounce box of cereal costs $3.00 and an 18-ounce box costs $4.05. Which is cheaper per ounce?
- The 12-ounce box
- The 18-ounce box
- They cost the same per ounce
- It's impossible to tell
- 10Multiple choiceMore than one correct answer
Which of these are good habits for building savings?
- Set money aside as soon as you get paid
- Spend first and save whatever is left over
- Set a savings goal with a target date
- Buy things on impulse whenever they're on sale
- Track where your money goes each month
- 11Single choice
A jacket normally costs $80 and is on sale for 25% off. What is the sale price?
- $55
- $20
- $65
- $60
- 12Type answer
You earn $12 an hour babysitting. How many whole hours must you work to afford headphones that cost $90? (Type a number.)
Written answer: