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Money Basics: Budgets, Saving and Interest

SheelonPersonal FinanceSocial StudiesEnglishGrades 9-12Published Aug 5, 2026

What a budget really is, why interest works both for you and against you, and the difference between needing something and wanting it. Ten questions on money that nobody teaches early enough.

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Questions in this quiz

All 10 shown. Answers not revealed.

  1. What does a budget actually do?

    Multiple Choice · 20s

    AShows the total money you have
    BDecides where money goes before the month does
    CBorrows money on your behalf
    DAdds tax to everything you buy

  2. Which of these is a 'need' rather than a 'want'?

    Multiple Choice · 20s

    AA newer phone than the one you have
    BA ticket to a concert next month
    CRent for the place you live in
    DA subscription to a streaming service

  3. Compound interest means you earn interest on interest already earned.

    True / False · 20s

    TRUE
    FALSE
  4. What is the difference between a debit card and a credit card?Multiple Choice · 20s
  5. What do we call money set aside for unexpected costs? (two words)Type Answer · 30s
  6. What is the difference between gross pay and net pay?Multiple Choice · 20s
  7. Paying only the minimum on a credit card is a cheap way to borrow.True / False · 20s
  8. Why do shops use prices like 9.99 instead of 10?Multiple Choice · 20s
  9. What is inflation's effect on money kept under a mattress?Multiple Choice · 20s
  10. What is the word for money you owe to someone else? (one word)Type Answer · 30s

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