6th Grade Money Matters

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| By Jrolson84

Jrolson84

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Quizzes Created: 1 | Total Attempts: 660

Questions: 9 | Attempts: 660 | Updated: Nov 19, 2024

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Money Matters sixth grade money questions and answers.

Questions and Answers

1.

Who earns more money from his investments. Ben who starts early or Arthur who starts later?
- A.
  
  Ben
- B.
  
  Arthur
Correct Answer
A. Ben

Explanation
Ben earns more money from his investments because he starts early. Starting early allows for a longer time period for investments to grow and compound, resulting in higher returns. By starting later, Arthur has less time for his investments to grow, which ultimately leads to lower earnings compared to Ben.

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2.

What is compound interest?
- A.
  
  What happens when you lose money on your investment.
- B.
  
  What happens when your investment earns money, making your money work for you.
- C.
  
  Interest that is added to principal amount of the investment
Correct Answer
B. What happens when your investment earns money, making your money work for you.

Explanation
Compound interest refers to the process of earning interest on both the initial investment amount and any accumulated interest. When your investment earns money, it means that the interest generated is reinvested, allowing your money to grow exponentially over time. This concept is often referred to as "making your money work for you" because the interest earned adds to the principal amount, resulting in higher returns in the long run.

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3.

What is one thing you should not do in order to save money.
- A.
  
  Set goals
- B.
  
  Have a strategy for saving money
- C.
  
  Cut back
- D.
  
  Spend more
Correct Answer
D. Spend more

Explanation
In order to save money, one should not spend more. This means that instead of reducing expenses and being mindful of spending, spending more will only hinder the goal of saving money. By avoiding unnecessary purchases and making conscious decisions about where to spend money, individuals can effectively save and reach their financial goals.

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4.

What are three things you should do with money?
- A.
  
  Spend, Spend More, Spend the Most
- B.
  
  Save, Give, Spend
- C.
  
  Buy, Spend, Borrow
- D.
  
  Buy only thing you don't need but want
Correct Answer
B. Save, Give, Spend

Explanation
The correct answer is "Save, Give, Spend." This answer suggests three responsible ways to handle money. Saving money is important for future financial security and to have funds for emergencies or big purchases. Giving money, whether through donations or helping others in need, promotes generosity and empathy. Lastly, spending money wisely on necessary expenses and enjoyable experiences ensures a balanced approach to managing finances.

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5.

Money is how we measure?
- A.
  
  Value
- B.
  
  Weight
- C.
  
  Mass
- D.
  
  Fluids
Correct Answer
A. Value

Explanation
Money is how we measure value. Money serves as a medium of exchange and a unit of account, allowing us to assign a numerical value to goods, services, and resources. It represents the worth or significance of something in terms of its usefulness or desirability. Money enables us to compare and quantify the value of different items, making trade and economic transactions more efficient.

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6.

Coins and paper money are created or minted by the US what?
- A.
  
  Bank
- B.
  
  Treasury
- C.
  
  Loan Office
- D.
  
  Department of Spending and Making Money
Correct Answer
B. Treasury

Explanation
Coins and paper money are created or minted by the US Treasury. The Treasury is responsible for the production and distribution of currency in the United States. They oversee the printing of paper money and the minting of coins. The Treasury ensures that there is an adequate supply of currency in circulation to meet the needs of the economy. They also play a role in preventing counterfeiting and maintaining the integrity of the nation's currency.

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7.

What do banks do?
- A.
  
  Keep money safe and hold money in accounts
- B.
  
  Help you spend more money foolishly by borrowing money to you.
- C.
  
  Take your money
Correct Answer
A. Keep money safe and hold money in accounts

Explanation
Banks play a crucial role in keeping money safe and secure for individuals and businesses. They provide a safe place for people to deposit their money and hold it in accounts, ensuring its protection from theft or loss. Additionally, banks offer various financial services such as savings accounts, checking accounts, and certificates of deposit, allowing customers to manage their funds effectively. By offering these services, banks contribute to the stability and functioning of the economy by facilitating transactions, providing loans, and supporting economic growth.

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8.

ATM stands for what?
- A.
  
  All Time Most
- B.
  
  Automated Teller Machine
- C.
  
  Automated Take Money
- D.
  
  Automated Time Money Access
Correct Answer
B. Automated Teller Machine

Explanation
ATM stands for Automated Teller Machine, which is a device that allows bank customers to perform various financial transactions, such as withdrawing cash, depositing money, transferring funds, and checking account balances, without the need for a human teller. The term "automated" refers to the fact that these machines are designed to perform these tasks automatically, without the need for manual intervention. The term "teller" refers to the traditional role of a bank teller, who assists customers with their banking needs. Therefore, the correct answer is Automated Teller Machine.

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9.

What are two things that can help boost your earning power?
- A.
  
  Education and Skills
- B.
  
  Computers and Investments
- C.
  
  Borrowing money and investing it wisely.
- D.
  
  Doing poorly in school and not listening to your teacher will help you become more independent therefore helping will your life skill and earning power later.
Correct Answer
A. Education and Skills

Explanation
Education and skills are two factors that can help boost earning power. By obtaining a good education and developing valuable skills, individuals can increase their knowledge and expertise in a particular field, making them more desirable to employers and potentially leading to higher-paying job opportunities. Education provides a foundation of knowledge and skills, while continuous learning and acquiring new skills can further enhance earning potential.

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Current Version
Nov 19, 2024

Quiz Edited by
ProProfs Editorial Team
Apr 23, 2010

Quiz Created by
Jrolson84

6th Grade Money Matters

Who earns more money from his investments. Ben who starts early or Arthur who starts later?

What is compound interest?

What is one thing you should not do in order to save money.

What are three things you should do with money?

Money is how we measure?

Coins and paper money are created or minted by the US what?

What do banks do?

ATM stands for what?

What are two things that can help boost your earning power?