Financial Literacy Quiz 1 Grades 7-9

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* 1. Money is an essential part of everyday life. What can we do with money?

Live, owe, grow

Give, live, grow

Owe, give, live, grow

Live, give owe

Watch this video and answer the questions that follow: https://youtu.be/0SZyr7OqByc

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* 2. After watching the video, why do you think the little girl chose the silver shoes?

Peer pressure

Shiny object

FOMO

All of the above

Other (please specify)

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* 3. What is FOMO?

Friends of mine only

Fear of missing out

Fear of mother onside

None of the above

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* 4. How can you minimize FOMO?

Focus on what you have

Focus on what you lack

Beg your family to give you what you want

Get a job so you can buy what you want

Watch this video and answer the questions that follow: https://finlit101.ca/en/topic/deciding-between-needs-and-wants

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* 5. After watching the video, why do you think deciding between needs and wants is beneficial?

helps you stick to a budget

enables you to save money towards things you want

allows you to say no to things you do not need

all of the above

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* 6. Sybina is starting high school in the fall. She needs a backpack to carry her books. All her friends have designer backpacks and Sybina would like one too. Sybina's parents have given her an allowance of $150 to buy everything she needs for back to school. The backpack she wants costs $135, leaving her little money to buy her other supplies. What should Sybina do?

Buy the designer backpack and not worry about other supplies

Buy a less expensive backpack so she has enough money to purchase other supplies

Purchase the supplies she needs and purchase a backpack with the money left over.

Ask her parents for more money

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* 7. Sara earns a monthly allowance for doing chores around the house. Sara uses her monthly allowance to pay for socializing with friends, eating out, personal items such as make-up, savings and giving. How will a budget help Sara ensure she has enough money for everything?

Allow Sara to track her spending and be in control

Sara has so little money now it is a waste of time to budget

Sara's parents have a budget so Sara does not need one

All of the above

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* 8. What can you do to start saving money now?

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* 9. Throughout the pandemic, imagine 15 year old Patrice has been helping neighbours with shopping, pet walking and other chores. He has managed to save $2000. Assuming Patrice invests this money in a TFSA earning 7% interest, how much will he have when he is 65?

$64,000

$32,000

$50,000

$2000

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* 10. What does the rule of 70 mean when applied to compound interest?

Determines how many years it will take your money to double given a specified interest rate

It can be used to compare investments with different rates and times

There is no such thing as the rule of 70

When you reach 70, you will have enough money to retire

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* 11. The earlier you begin investing in yourself, the better. What does this mean?

Saving for a post secondary fund

Taking programs to enrich your life experience

Enjoying regular fitness

Starting a business

All of the above

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* 12. When setting goals, it is recommended you set SMARTER goals. SMARTER is an acronym for what?

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* 13. Which of the following statements are SMARTER goals?

Ava will save $10 a week for a year to purchase a new camera

Ava will save $10 a week

Ava will ask her parents for a new camera

Sara will save $3 a week and donate it to her favourite charity in December.

Henry will ask his parents to deposit his allowance in his savings account every other month so he can contribute to his post secondary fund when the time comes.

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* 14. Now that you have a savings account with a debit card, you may be going to the ATM machine to take out money. What should you do to ensure you are safe when going to the ATM machine?

Have your ATM card in your hand as you approach the machine

Be aware of your surroundings

If you notice anything suspicious do not stop

Always take your receipt

Protect your PIN number

All of the above