US Grade 7 Financial Literacy Test 1

K-12 » Category

Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

Prepared with up-to-date content

K-12 Grade 7 Financial Literacy Middle School (Grade 7, USA Common Core) USA USA Common Core & NGSS

What is this test? for Grade 7 Financial Literacy practice (Middle School 6-8, USA Common Core) — Middle School (Grade 7, USA Common Core) level, USA.
Is this for you? For Middle School students (Grade 7, 6-8) — if you are in Middle School, this is for you.
Section: K-12 Grade 7 Financial Literacy · Education: Middle School · Part: K-12 Grade 7 Financial Literacy · Country: USA

A regular habit of taking practice tests makes learned information stick and is one of the most important factors directly affecting exam success.

This test will help you gauge your knowledge in your field and manage your exam prep more efficiently.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is saving?

A) losing money

B) spending everything

C) keeping money for later instead of spending

D) giving all away

Question 2

What is a budget?

A) a plan for spending and saving money

B) a bank robbery

C) a shopping list

D) a toy

Question 3

What is a bank?

A) a safe place that keeps money

B) a park

C) a toy store

D) a zoo

Question 4

What is the difference between a need and a want?

A) needs cost more

B) no difference

C) wants are needs

D) needs are required to live, wants are extras

Question 5

What is interest?

A) lost money

B) a fee for toys

C) free candy

D) extra money a bank pays savers

Question 6

Why compare prices?

A) no reason

B) to buy more

C) to get the best value for money

D) to waste time

Question 7

What is earning?

A) taking money

B) finding money always

C) printing money

D) getting money by working

Question 8

What should you do with birthday money?

A) save part and spend part wisely

B) spend it all fast

C) hide forever

D) throw it away

Question 9

What is a coin?

A) a rock

B) paper money

C) metal money of small value

D) a toy

Question 10

What is a dollar bill?

A) paper money worth 100 cents

B) a note

C) a ticket

D) a coupon

Question 11

How many cents in a dollar?

A) 10

B) 100

C) 25

D) 50

Question 12

How many cents is a quarter?

A) 10

B) 25

C) 50

D) 5

Question 13

How many cents is a dime?

A) 10

B) 25

C) 1

D) 5

Question 14

What is donating?

A) taking things

B) hiding money

C) wasting food

D) giving money or goods to help others

Question 15

What is a receipt?

A) a toy

B) a gift

C) proof of what you bought

D) money

Question 16

Why save for goals?

A) no reason

B) to brag

C) to waste

D) big wants need time and planning

Question 17

What is a price tag?

A) a toy

B) shows what something costs

C) a joke

D) a gift

Question 18

What is change?

A) a gift

B) extra toys

C) money back after paying

D) lost money

Question 19

What is a sale?

A) closed store

B) lower prices for a time

C) free everything

D) higher prices

Question 20

If a toy costs 3 dollars and you pay 5, what is the change?

A) 3 dollars

B) 0 dollars

C) 8 dollars

D) 2 dollars

US Grade 7 Financial Literacy Test 1

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