Mastering Money Management: A Comprehensive Guide for 8th Graders

Question 1

Which of these is a good way to manage your money?

Accepted Answer

Saving money for future needs

Answer

Spending more than you earn

Answer

Borrowing money without planning to pay it back

Answer

Using credit without understanding the terms

Question 2

You have $10 and spend half of it. What percentage of your money have you spent?

Accepted Answer

50%

Answer

25%

Answer

75%

Answer

100%

Question 3

Which of these is a disadvantage of using credit cards?

Accepted Answer

They can have high-interest charges

Answer

They're convenient

Answer

They offer rewards

Answer

They help you build credit

Question 4

Which of the following is NOT a good money habit?

Accepted Answer

Spending impulsively

Answer

Saving regularly

Answer

Tracking expenses

Answer

Borrowing responsibly

Question 5

What is a good habit for managing money wisely?

Accepted Answer

Putting some of your money aside each month in a savings account

Answer

Spending all of your money on non-essential items

Answer

Borrowing money from your friends or family

Answer

Investing in risky stocks

Question 6

Which of the following is NOT a way to pay for something?

Accepted Answer

Handshake

Answer

Cash

Answer

Credit card

Answer

Debit card

Question 7

Which of the following is a smart financial goal?

Accepted Answer

Saving for a down payment on a house

Answer

Buying a new car that you can't afford

Answer

Going on a lavish vacation

Answer

Maxing out your credit cards

Question 8

Which of the following is NOT a benefit of using a budgeting app?

Accepted Answer

Making purchases

Answer

Tracking expenses

Answer

Setting financial goals

Answer

Saving time

Question 9

Which coin is worth the most?

Accepted Answer

Quarter

Answer

Penny

Answer

Nickel

Answer

Dime

Question 10

Which of the following is a smart way to save money?

Accepted Answer

Putting it in a savings account

Answer

Spending it on unnecessary things

Answer

Borrowing more money

Answer

Hiding it under your bed

Question 11

What is the worth of a half dollar?

Accepted Answer

50 cents

Answer

25 cents

Answer

75 cents

Answer

100 cents

Question 12

What is the term for the money you have in the bank?

Accepted Answer

Balance

Answer

Savings

Answer

Deposit

Answer

Withdrawal

Question 13

Which of the following is a good financial habit?

Accepted Answer

Creating a budget

Answer

Spending more than you earn

Answer

Taking out loans without planning to pay them back

Answer

Gambling your savings

Question 14

Which of these is NOT a type of financial institution?

Accepted Answer

School

Answer

Bank

Answer

Credit union

Answer

Insurance company

Question 15

What's the best way to compare prices when shopping?

Accepted Answer

Comparing the price per unit of different items

Answer

Comparing the total cost of different brands

Answer

Choosing the item with the most expensive packaging

Answer

Guessing which item is the cheapest

Question 16

What is the purpose of a budget?

Accepted Answer

To track income and expenses

Answer

To win free money

Answer

To make you feel rich

Answer

To pay off all your debts

Question 17

Which of the following is a type of financial institution?

Accepted Answer

Bank

Answer

School

Answer

Grocery store

Answer

Gas station

Question 18

What is the difference between a credit card and a debit card?

Accepted Answer

Credit cards borrow money, debit cards use your own money

Answer

Credit cards are free, debit cards cost money

Answer

Credit cards have higher interest rates, debit cards have lower interest rates

Answer

Credit cards are only for adults, debit cards can be used by anyone

Question 19

What is the best way to avoid overspending?

Accepted Answer

Making a budget and sticking to it

Answer

Using a credit card for everything

Answer

Borrowing money from friends and family

Answer

Winning the lottery

Question 20

What is the most important thing to remember when using money?

Accepted Answer

Spend it wisely

Answer

Borrow as much as you can

Answer

Invest in risky stocks

Answer

Keep it hidden from everyone

Question 21

Which of the following is NOT a coin used in the US currency system?

Accepted Answer

Yen

Answer

Penny

Answer

Nickel

Answer

Dime

Question 22

Which of the following is the largest paper bill in US currency?

Accepted Answer

$100

Answer

$1

Answer

$5

Answer

$10

Question 23

What is the term for money that you put aside for future use?

Accepted Answer

Savings

Answer

Investment

Answer

Budget

Answer

Expense

Question 24

In budgeting, why is it important to understand how your income and expenses are connected?

Accepted Answer

Understanding the connection between income and expenses helps you plan how to spend and save.

Answer

Income and expenses have no impact on each other in budgeting.

Answer

Income is the money you spend, and expenses are the money you earn.

Answer

For a successful budget, expenses should always be higher than income.

Question 25

Which of the following practices is a good financial habit?

Accepted Answer

Saving a portion of your earnings

Answer

Spending all your money immediately

Answer

Borrowing money frequently

Answer

Investing in risky ventures

Question 26

Which of the following is NOT a method for tracking your expenses?

Accepted Answer

Estimating your spending

Answer

Using a budgeting app

Answer

Writing down your expenses

Answer

Reviewing your bank statements

Question 27

What is the name of the central bank of the United States?

Accepted Answer

The Federal Reserve

Answer

The Central Bank of America

Answer

The National Bank

Answer

The Treasury Department

Question 28

Which of the following is NOT a type of US currency?

Accepted Answer

Euro

Answer

Penny

Answer

Nickel

Answer

Dime

Question 29

Which of the following is the smallest unit of US currency?

Accepted Answer

Cent

Answer

Dollar

Answer

Dime

Answer

Quarter

Question 30

Which of the following is a wise financial decision?

Accepted Answer

Making a budget and sticking to it

Answer

Spending all your money right away

Answer

Borrowing money without a plan to repay it

Answer

Investing in lottery tickets

Question 31

A bank account statement shows that you have $400 in your account. You deposit $150 and then withdraw $100. What is your new balance?

Accepted Answer

$450

Answer

$350

Answer

$550

Answer

$650

Question 32

A budget can help you:

Accepted Answer

Plan how to spend and save your money

Answer

Predict the future value of your investments

Answer

Avoid paying taxes on your income

Answer

Get out of debt quickly

Question 33

What is the term used to describe the money left after a purchase?

Accepted Answer

Change

Answer

Balance

Answer

Profit

Answer

Debt

Question 34

What's the main difference between a debit card and a credit card?

Accepted Answer

Debit cards take money directly from your account, while credit cards let you borrow money.

Answer

Credit cards take money directly from your account, while debit cards let you borrow money.

Answer

Debit cards are used for online purchases, while credit cards are for in-store purchases.

Answer

Debit cards have no fees, but credit cards do.

Question 35

Which of these is a responsible way to use a credit card?

Accepted Answer

Paying the full balance each month

Answer

Making only the minimum payment

Answer

Using it only for major purchases

Answer

Keeping a high balance to build credit

Question 36

Which of these is NOT a type of money used in countries around the world?

Accepted Answer

Gold

Answer

Dollar

Answer

Euro

Answer

Yen

Question 37

How many pennies are equal to one dollar?

Accepted Answer

100

Answer

90

Answer

120

Answer

110

Question 38

What is the value of a quarter in US currency?

Accepted Answer

25 cents

Answer

35 cents

Answer

15 cents

Answer

45 cents

Question 39

What's the best way to avoid buying things you don't really need?

Accepted Answer

Waiting a bit before buying something to see if you still want it

Answer

Shopping with friends

Answer

Buying everything you want

Answer

Using a credit card

Question 40

What's a good way to prepare for unexpected expenses?

Accepted Answer

Saving money in an emergency fund

Answer

Using a credit card

Answer

Borrowing money from friends or family

Answer

Selling your belongings

Question 41

When making a financial decision, what's the most important thing to consider?

Accepted Answer

Your long-term goals and plans

Answer

Your current needs

Answer

Your emotions

Answer

The advice of others

Question 42

Which of these is NOT a common coin used in the United States?

Accepted Answer

10-cent coin

Answer

Nickel

Answer

Quarter

Answer

Penny

Question 43

Which of these is a smart way to save money?

Accepted Answer

Putting money into a savings account

Answer

Buying expensive clothes you don't need

Answer

Borrowing money from friends

Answer

Spending all your money on video games

Question 44

You want to buy a new video game for $40. You have two $20 bills. How many bills do you need to buy the game?

Accepted Answer

2

Answer

1

Answer

3

Answer

4

Question 45

Which of these is a way to earn money?

Accepted Answer

Doing chores around the house

Answer

Watching TV

Answer

Playing video games

Answer

Sleeping

Question 46

A bank is a place where you can...

Accepted Answer

Save money and borrow money

Answer

Watch movies

Answer

Play video games

Answer

Buy groceries

Question 47

Which of these is NOT a way to pay for something?

Accepted Answer

A rock

Answer

Credit card

Answer

Cash

Question 48

How much money do you have if you have three quarters, two dimes, and a nickel?

Accepted Answer

$0.80

Answer

$0.90

Answer

$0.75

Answer

$1.00

Question 49

If a pack of gum costs $0.50 and you give the cashier a dollar, how much change should you receive?

Accepted Answer

$0.50

Answer

$0.75

Answer

$0.25

Answer

$1.00

Question 50

Which of the following is NOT a type of financial institution?

Accepted Answer

Grocery store

Answer

Credit union

Answer

Investment firm

Answer

Bank

Question 51

What is the purpose of a budget?

Accepted Answer

To track income and expenses, and plan for the future

Answer

To borrow money from a bank

Answer

To save money for a specific goal

Question 52

Which of the following is a good financial habit?

Accepted Answer

Saving money regularly

Answer

Borrowing money from friends and family

Answer

Spending more than you earn

Question 53

What is the difference between a debit card and a credit card?

Accepted Answer

A debit card deducts money directly from your bank account; a credit card allows you to borrow money.

Answer

A debit card has a higher interest rate than a credit card.