6th Grade Financial Literacy Practice Test

These questions are part of the practice quiz. Start practicing

• Which statement about interest is true?
• Which statement best describes a debit card?
• What is diversification in saving?
• What is a goal in personal finance?
• Why should you avoid using borrowed money for everyday purchases?
• What is a loan?
• Which term is commonly awarded for achievements and does not require repayment?
• What is saving?
• What is a financial goal?
• What is a piggy bank or savings jar used for?
• Which term describes a plastic card that allows you to withdraw funds from an account to make a purchase with available money?
• Which term describes a payment made over the internet that allows money to be taken directly from a consumer's bank account?
• What is a check and how is it used?
• What is best practice for online safety when shopping with money?
• What is the selling price?
• What type of bank account is used to keep money for a long period of time and typically earns interest?
• What word refers to the total amount of money currently in an account?
• What is a windfall?
• How can unit pricing help you save money at the store?
• Why should you avoid impulse purchases?
• If you are charged a penalty when your balance goes negative, what is the fee called?
• What is unit price?
• What is a simple loan interest rate?
• Why is it important to set a budget?
• What is a practical habit to help you manage money and track spending?
• How are checking and savings accounts different?
• Money remaining after taxes and deductions
• What is unit pricing?
• Which type of account allows the holder to make purchases using checks, ATMs, debit cards, or electronic payments?
• Which term is used to describe a form of aid that does not need to be repaid and is often associated with merit?
• An institution that receives, keeps, and lends money is a
• If you save $5 each week for 6 weeks, how much will you have saved?
• What should you consider before borrowing money?
• What term means to obtain or use money from a bank or other person in order to purchase goods or services?
• How can entrepreneurship help a student learn money skills?
• Which card is used to make purchases now and pay for them later?
• What term means money owed?
• Money earned from work or investments that is not a salary is called
• Which term describes putting money into a bank account?
• Payroll deduction used to fund Social Security and Medicare
• What steps should you take if you are in debt or owe money?
• Which factor most increases the growth of your savings through interest?
• Which activity best demonstrates learning money skills through an entrepreneurship project?
• Which term describes a payment that removes money from a bank account?
• What is the term for the amount of money you must pay for goods or services?
• What does a 'needs-first' approach mean in budgeting?
• What is a bank interest rate and why does it matter?
• What term describes the maximum dollar amount that can be borrowed on a credit account?
• An amount of money greater than the amount needed is called what?
• Which item is a budget need?
• What is a budget category?
• Which term means to obtain money from a bank or other person to buy something?
• Which of the following is an example of a need?
• Which of the following is a typical fixed expense?
• What is charitable giving?
• What is the total amount of income from wages before any payroll deductions?
• Which of the following is a typical paycheck deduction?
• The total price of goods or services before sales tax is added
• Which item is a true example of a 'need' rather than a 'want'?
• Money that is greater than the amount needed
• Which term means to put money into an account?
• Which term is a rating used by credit reporting companies to help lenders decide whether to extend credit?
• Money the government is authorized to remove from a worker's salary to help support government programs such as Social Security and Medicare
• Which statement best describes budgeting?
• How can you calculate the unit price of a product?
• Which term describes a reduction in price?
• What term means any education or training following high school?
• What happens when price increases?
• What is a deduction on a paycheck?
• What is the fee charged by a bank for maintaining a checking account called?
• Which term describes online activities such as moving money between accounts and paying bills?
• Money given or lent to students at college to pay for their education is called ...
• Which term describes a charge for not making a payment on time?
• When comparing loans, which factor is essential beyond the monthly payment?
• A degree usually earned after about two years of study at a community or junior college is called a ...
• Required payments to support government services are known as
• What is a budget shortfall?
• The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future is called what?
• Which is a variable expense?
• What does 'pay yourself first' mean?
• What is a bank statement?
• Which action best protects you from money scams online?
• Which statement about checks is accurate?
• What is a bank account and what can you do with it?
• Which practice best protects your money online?
• What does SMART stand for in goal setting?
• What is a loan and what does it mean to borrow?
• What is a debit card?
• Why is it important to read a receipt?
• How should you decide between needs and wants when making a budget?
• How can you compare prices when shopping for the same item at different stores?
• Which term describes a plastic card that allows a purchase to be charged and paid later?
• The cost of goods or services is called what?
• Which program provides part-time work to help pay education expenses while you study?
• What is a credit score and why might it matter?
• Which of the following describes diversification in saving?
• How does charity relate to money?
• How does price affect demand?
• What is a withdrawal from a bank account?
• Why is having an emergency fund helpful?
• How does bartering fit into money concepts?
• A time period during which no finance charges will be added to your account is called a ...
• What is interest on a loan?
• How would you best describe budgeting in simple terms?
• What does income mean?
• Which of the following is a typical fixed expense?
• Which scenario describes a windfall?
• What is a checking account used for?
• In a choice between buying a video game now or saving for a bike next month, what expresses the idea of opportunity cost?
• What happens when you use a debit card for a purchase?
• If a six-pack of beverages costs $3, what is the unit price per bottle?
• What is a gift card?
• In needs-based budgeting, which statement is true?
• When shopping on a budget, which combination of factors should you compare to get the best value?
• What is interest in simple terms?
• What is a slip of paper filled out to allow a bank to take money from a checking account to pay for a purchase?
• Which form of financial aid is usually awarded for achievements and does not have to be repaid?
• To subtract taxes from a worker's gross income is to what?
• What is opportunity cost?
• If you have $20 and spend $12 on a game, what is your opportunity cost?
• Which example is a variable expense?
• Which term is defined as the highest degree awarded by a university?
• Why is it important to read labels and prices accurately?
• What term describes having a negative balance in your account?
• What does it mean if a business is for-profit?
• What is interest on money saved?
• Which term describes money you plan to spend or save for future needs?
• What is an expense?
• What does ATM stand for in banking?
• What is the amount of money paid to an employee at a specified rate per hour worked?
• What should you do with a bank statement?
• A prepaid card that holds money to spend at a store is called what?
• Which statement is true about bank accounts?
• How can store loyalty programs affect spending?
• Which statement about saving is true?
• Which statement about budget categories is true?
• A fixed amount paid to an employee for each pay period is a
• A payment made that removes money from a bank account is called what?
• A sum of money borrowed that must be repaid by a certain date is a
• Which option represents an advanced degree earned after completing additional study beyond a bachelor’s degree?
• What is the record that tracks every deposit and withdrawal in a checking account?
• Which term describes the maximum amount you can borrow on a credit account?
• What is a savings goal and why is it helpful?
• Which term describes a form of financial aid that does not need to be repaid and is usually awarded for achievements?
• The cost of borrowing money, paid to the lender, is called
• Using the Internet to manage bank accounts, move funds, and pay bills is called?
• How can you teach others about money skills?
• What is a discount?
• What is barter?
• A person or business that loans money is a what?
• Which term refers to the ability to obtain goods or services before payment, based on trust that payment will be made in the future?
• What is a savings goal and why is it helpful?
• Which academic credential is earned after completing more than a bachelor’s degree?
• What does needs-based budgeting mean?
• What term refers to the place where you can deposit funds, withdraw cash, and borrow money?
• What are some safe ways a student can earn money?
• To subtract or take away from a total amount is to what?
• What is a deposit?
• Which term describes a bank account that allows checking and electronic payments?
• What distinguishes a need from a want in budgeting?
• What form of financial aid does not need to be repaid and is usually awarded on the basis of academic, athletic, or other achievements?
• Items purchased to sell are called what?
• What best describes a fixed expense?
• When comparing different brands to save money, what should you consider to get the best value?
• Tax on homes, land, and property
• If you earn $50 this week and spend $15 on supplies, how much do you have left for saving or spending later?
• What is inventory in a small business context?
• What is the penalty fee charged when your account balance drops below zero?
• What term means to move money from one account to another?
• What is a savings account?
• A yearly tax on homes, land, and other property that helps pay for local needs such as schools, firefighters, etc.
• If you borrow money from a lender and agree to pay it back later, you have a
• What term means the amount of money currently available in a bank account?
• Which of the following statements best describes a loan?
• Which term means to take money out of an account?
• Which of the following is an example of barter?
• Which term means a debt that is overdue in payment?
• Which statement about paying with debit versus cash is true?
• Which type of financial aid does not have to be repaid (unless you withdraw from school and owe a refund)?
• Which statement about savings goals is true?
• What does earning interest on savings mean for a sixth grader?
• Which word describes a plan for using your income to pay bills and save for other wants and needs?
• Which statement about borrowing for everyday purchases is true?
• Which statement best defines opportunity cost?
• How can you spot and avoid common money scams?
• A yearly federal tax on a person's earnings is known as what?
• Training that is focused on hands-on work that prepares you for skilled trades is called ...
• What is a variable expense?
• Which term is the fee charged for ongoing account maintenance by a bank?
• How does a sale affect needs and wants decisions?
• Money earned after taxes; take home pay is called what?
• Which statement best describes simple interest?
• What is the highest post-graduate degree awarded by a university?
• Which term refers to a report containing detailed information about a person's credit history, including credit accounts and loans?
• Which of the following is a red flag when evaluating financial information?
• Which statement best describes what a needs list is used for in budgeting?
• What is a savings account?
• What is a paycheck?
• Sum of the prices before tax is added
• What is an emergency fund used for?
• Which statement is true about revenue and profit?
• Which degree is earned after completing at least one year of prescribed study beyond the bachelor's degree?
• Which term means money added to an account?
• Why should you keep money in a safe place?
• How can you build good spending habits?
• Which degree is defined as an academic degree from a college or university for those who complete at least one year beyond the bachelor's degree?
• What is a coupon?
• Why is it important to read labels and prices accurately when shopping?
• Which statement about simple interest is correct?
• What is the main purpose of a savings account?
• How does saving money over time help you reach bigger goals?
• Which term describes education or training after high school that leads to college degrees or certificates?
• What is a fixed expense?
• Which degree usually takes two years and is awarded by a community or junior college?
• What is earning money by doing chores called?
• Which option offers the lowest unit price?
• A four-year degree awarded by a college or university is called a ...
• Which of the following describes a need?
• What happens to money's buying power when inflation rises?
• How do you calculate the unit price of an item?
• How does a sales tax affect the total cost of a purchase?
• Which activity helps you practice counting money and making change?
• What is a profit?
• What is the purpose of charging interest on a loan?
• In budgeting, which items are considered needs?
• What is the difference between a nonprofit and a for-profit organization?
• Which statement is true about selling price?
• Why should you compare store policies before buying, such as refunds and warranties?
• Which term describes hands-on training that prepares you for skilled trades, often including practical work?
• Money earned from work or investments is called
• What is a budget?
• Which of the following helps indicate a trustworthy financial information source?
• A debt that is overdue in payment is called a ...
• How can a family practice making a simple monthly budget?
• Which program provides part-time work while you are enrolled in school to help pay education expenses?
• When planning a budget, what is the recommended order for evaluating needs and wants?
• What is opportunity cost in everyday choices?
• What is a check register and why should you keep one?
• Why is it important to save for emergencies?
• If you pay $5 for an item that costs $2.75, what is your correct change?