Saving Money: A Guide for 1st Graders

Question 1

What is the difference between spending and saving?

Accepted Answer

Spending is using money now, while saving is setting money aside for the future

Answer

Spending is always more enjoyable than saving

Answer

Saving is only for grown-ups

Answer

Spending and saving mean the same thing

Question 2

How can you save money?

Accepted Answer

Put some of your money in a piggy bank or savings account

Answer

Spend all your money right away

Question 3

Which of these is NOT a good way to save money?

Accepted Answer

Borrow money from a bank

Answer

Spend less than you earn

Answer

Keep your money in a savings account

Answer

Use coupons and discounts

Question 4

What is a bank?

Accepted Answer

A safe place where you can keep your money

Answer

A place where you can borrow money

Answer

A place where you can exchange money for different currencies

Answer

A place where you can buy stocks

Question 5

What is a penny?

Accepted Answer

A coin worth one cent

Answer

A coin worth five cents

Answer

A coin worth ten cents

Answer

A coin worth twenty-five cents

Question 6

Which of the following is NOT a way to save money?

Accepted Answer

Spend more money than you earn

Answer

Use coupons when you shop

Answer

Buy generic brands instead of name brands

Answer

Shop around for the best prices before you buy something

Question 7

Which of these is not a good way to save money?

Accepted Answer

Giving it to a friend to hold for you

Answer

Putting it in a savings account

Answer

Hiding it under your bed

Answer

Investing it in a low-risk investment

Question 8

What is the difference between a need and a want?

Accepted Answer

A need is something you must have to survive, while a want is something you would like to have.

Answer

A need is something you can live without, while a want is something you need to survive.

Answer

A need is something you buy with money, while a want is something you get for free.

Answer

A need is something you have to do, while a want is something you don't have to do.

Question 9

Which of these is a good way to create a budget?

Accepted Answer

Make a list of all your income and expenses.

Answer

Guess how much money you will earn and spend.

Answer

Ask your parents to create a budget for you.

Answer

Don't worry about creating a budget.

Question 10

What is a budget?

Accepted Answer

A plan for how you spend money

Answer

A toy you play with

Answer

A list of things you want

Answer

A piggy bank to keep your money in

Question 11

Which of these is a good way to save money?

Accepted Answer

Putting it in a piggy bank

Answer

Spending it all right away

Answer

Giving it to your friends

Answer

Throwing it away

Question 12

What can you do if you don't have enough money to buy something?

Accepted Answer

Save up for it

Answer

Cry

Answer

Ask your parents for more money

Answer

Steal it

Question 13

What should you keep in mind when making a budget?

Accepted Answer

Only the money you have

Answer

Only the things you want to buy

Answer

Only the money you will have in the future

Answer

Only the things your friends are buying

Question 14

Which of these is a benefit of saving money?

Accepted Answer

You can feel prepared and secure

Answer

You can buy anything you want

Answer

You can always have a fun time

Answer

You can avoid your responsibilities

Question 15

Which of these is a responsible way to use money?

Accepted Answer

Spending it wisely

Answer

Buying everything you want

Answer

Giving it all away

Answer

Keeping it hidden

Question 16

What should you do if you want to save money for something you really want?

Accepted Answer

Make a plan and save regularly

Answer

Spend all your money now

Answer

Wait until you have enough money

Answer

Borrow money from your friends

Question 17

What is a good way to save money?

Accepted Answer

Put money in a piggy bank

Answer

Spend all your money on things you want

Answer

Borrow money from your friends

Answer

Take out a loan from the bank

Question 18

What is a budget?

Accepted Answer

A plan for how to spend your money

Answer

A list of all the money you have

Answer

A way to track your expenses

Answer

None of these

Question 19

Which of these is NOT a type of expense?

Accepted Answer

Allowance

Answer

Food

Answer

Rent

Answer

Clothes

Question 20

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

Accepted Answer

A debit card takes money out of your account immediately, while a credit card lets you borrow money

Answer

A credit card takes money out of your account immediately, while a debit card lets you borrow money

Answer

Both debit cards and credit cards let you borrow money

Answer

None of these

Question 21

What does a budget help you do?

Accepted Answer

Plan how you will spend your money

Answer

Make a list of things you want to buy

Answer

Get more money

Answer

Play a game

Question 22

Which of these is NOT a way to save money?

Accepted Answer

Asking parents or others for more money

Answer

Putting money in a piggy bank

Answer

Spending less than you get

Answer

Looking for sales and discounts

Question 23

If you have $10 and you spend $5, how much money do you have left?

Accepted Answer

$5

Answer

$10

Answer

$15

Answer

$20

Question 24

What is the difference between a need and a want?

Accepted Answer

Needs are things you must have, while wants are things you would like to have

Answer

Wants are things you must have, while needs are things you would like to have

Answer

Needs and wants are the same thing

Answer

I don't know

Question 25

What is inflation?

Accepted Answer

When prices go up over time

Answer

When prices go down over time

Answer

When you have too much money

Answer

When you don't have enough money

Question 26

Why should you save for retirement?

Accepted Answer

So you have money when you're older and can't work anymore

Answer

So you can buy a fancy house

Answer

So you can travel the world

Answer

So you can show off to friends

Question 27

How can you make sure you follow your budget?

Accepted Answer

Write it down

Answer

Tell your friends

Answer

Keep it a secret

Question 28

Why is it helpful to have a specific goal when saving money?

Accepted Answer

It helps you remember why you're saving.

Answer

It makes you want to spend more money.

Answer

It makes you save less money.

Answer

I don't know.

Question 29

Why do people save money?

Accepted Answer

To have money when they need it most

Answer

To spend it on things they don't need

Answer

To give to their friends

Answer

To keep it locked away

Question 30

What is a budget?

Accepted Answer

A plan for how to spend and save your money

Answer

A list of what you want to buy

Answer

A record of how much money you have

Answer

A way to get more money

Question 31

Which of these is a good way to save money?

Accepted Answer

Spend less money than you earn

Answer

Borrow money from your parents

Answer

Ask for a raise at work

Answer

Win the lottery

Question 32

Which of the following is NOT a good reason to save money?

Accepted Answer

To buy the latest toy

Answer

To buy a house

Answer

To go on a fun trip

Answer

To help in an emergency

Question 33

Is it okay to spend all your money right away?

Accepted Answer

No

Answer

Yes

Question 34

What is a piggy bank used for?

Accepted Answer

To keep money you want to save

Answer

To play with

Answer

To decorate your room

Answer

To hide secrets

Question 35

What is a good way to save money?

Accepted Answer

Make a plan for your money and stick to it

Answer

Spend money on everything you want

Answer

Borrow money from your friends and family

Answer

Don't worry about saving

Question 36

How much money is a penny worth?

Accepted Answer

1 cent

Answer

5 cents

Answer

10 cents

Answer

25 cents

Question 37

What do we use a budget for?

Accepted Answer

Knowing where our money goes

Answer

Spending all our money

Answer

Getting lots of money

Answer

Borrowing money from others

Question 38

Why is it important to save some money just for emergencies?

Accepted Answer

To be prepared for unexpected events

Answer

To buy things we want right away

Answer

To earn money from our savings

Question 39

What is a budget?

Accepted Answer

A plan for how you will use your money

Answer

A list of all the things you want to buy

Question 40

What is the first step in creating a budget?

Accepted Answer

Tracking your income and expenses

Answer

Deciding how much you want to save

Question 41

The best place to save money for a special purchase is in a:

Accepted Answer

Savings account

Answer

Under your bed

Answer

Friend's house

Question 42

A financial goal is:

Accepted Answer

Something you want to save for

Answer

A list of expenses

Question 43

Why is it important to save money?

Accepted Answer

To have extra money for things we might need or want in the future.

Answer

To be able to buy treats every day.

Answer

To make our parents proud.

Question 44

Which of the following is NOT a good way to save money?

Accepted Answer

Spending all your money as soon as you get it.

Answer

Putting money in a savings jar.

Answer

Using coupons.

Answer

Making a list of what you need and want before shopping.

Question 45

What is a budget?

Accepted Answer

A plan for how you will spend your money.

Answer

A fun game to play.

Answer

A list of toys you want.

Answer

A way to get more money.

Question 46

How can you earn money to save?

Accepted Answer

Doing chores or helping others.

Answer

Borrowing money from friends.

Answer

Taking money from your parents without asking.

Answer

Hoping to win the lottery.

Question 47

What are good places to keep your savings?

Accepted Answer

A piggy bank or a savings account.

Answer

In your pocket.

Answer

Under your bed.

Answer

In your backpack.

Question 48

Why is it important to set goals before saving money?

Accepted Answer

It helps you stay focused and motivated to save.

Answer

It makes your friends think you're cool.

Answer

It keeps you out of trouble.

Answer

It makes your parents happy.

Question 49

What is a wise way to use your savings?

Accepted Answer

Buying something you really need or want.

Answer

Buying everything you see that looks fun.

Answer

Giving it all to your friends.

Answer

Throwing it away.

Question 50

What should you do if you need to borrow money?

Accepted Answer

Ask your parents or another trusted adult to help you.

Answer

Take it from your siblings without asking.

Answer

Steal it from a store.

Answer

Borrow it from a stranger.

Question 51

How can you keep track of your savings?

Accepted Answer

Keep a record in a notebook or use a savings tracker app.

Answer

Ask your friends to remember for you.

Answer

Guess how much you have saved.

Question 52

How can saving money help you in the future?

Accepted Answer

It can help you buy a house, go to college, or start your own business.

Answer

It can make you smarter.

Answer

It can make you popular.