Money Sense Quiz 3: Money Concepts

Reviewed by Editorial Team

The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.

Learn about Our Editorial Process

| By Moneysenseforkid

Moneysenseforkid

Community Contributor

Quizzes Created: 2 | Total Attempts: 552

| Attempts: 264

Questions

Feedback

During the Quiz End of Quiz

Difficulty

Sequential Easy First Hard First

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

1/8 Questions

Which is the best value for money?
- Plain noodles costing 50¢
- Japanese rice set with chicken and vegetables costing $1.20
- A small packet of chips costing $1

Money Sense Quiz 3: Money Concepts - Quiz

About This Quiz

Money Sense Quiz 3: Money Concepts explores essential financial literacy topics, helping learners understand value for money, differentiate between needs and wants, assess investment options, and consider the emotional impact of wealth. This quiz is key for anyone looking to enhance their practical money management skills.

Questions and Answers

2.

Which is a "need"?
- Milk
- Ice-cream
- Coke
Correct Answer

A. Milk

Explanation

Milk is considered a "need" because it is a basic necessity for human survival. It is a rich source of essential nutrients like calcium, protein, and vitamins, which are crucial for maintaining good health. Milk is also commonly consumed by people of all ages and is often recommended by healthcare professionals. Additionally, milk is used in various recipes and as a base for many other food products, making it an essential ingredient in cooking and baking.

Rate this question:
3.

Assuming you have $100, which of the following is an investment?
- Spending 2 whole days in the games arcade
- Take swimming lessons for 6 weeks
- Visit Universal Studios
Correct Answer

A. Take swimming lessons for 6 weeks

Explanation

Taking swimming lessons for 6 weeks is considered an investment because it involves spending money and time to acquire a skill that can provide long-term benefits. By investing in swimming lessons, the individual can improve their swimming abilities, which can lead to increased safety, fitness, and potentially even career opportunities in fields such as lifeguarding or competitive swimming.

Rate this question:
4.

The more money I have, the happier I am. True or false?
- True
- False
Correct Answer

A. False

Explanation

The statement "The more money I have, the happier I am" is false. While money can provide a certain level of comfort and security, it does not guarantee happiness. Happiness is subjective and can be influenced by various factors such as relationships, personal fulfillment, and overall well-being. Money alone cannot fulfill these aspects of life and therefore does not directly correlate with happiness.

Rate this question:
5.

If I am rich, I should keep all the money I have to myself in case there is a financial crisis in the future. True or false?
- True
- False
Correct Answer

A. False

Explanation

It is false to believe that if someone is rich, they should keep all the money to themselves in case of a future financial crisis. While it is important to have financial security, it is also important to consider the well-being of others and contribute to the overall welfare of society. Sharing wealth through philanthropy or investing in initiatives that benefit others can help create a more equitable and stable future for everyone.

Rate this question:
6.

I should only spend on money on "needs", not "wants".
- True
- False
Correct Answer

A. False

Explanation

This statement contradicts the common belief that one should only spend money on necessities and not on desires. It implies that it is acceptable to spend money on wants as well.

Rate this question:
7.

Which of the following is true?
- An iPhone is a "need" because many of friends have it
- A handphone may be a "need" for some children, but a "want" for some children
- If I want something badly, it is a "need"
Correct Answer

A. A handphone may be a "need" for some children, but a "want" for some children

Explanation

This answer is correct because the statement acknowledges that the classification of a handphone as a "need" or a "want" can vary depending on the individual. Some children may consider a handphone a necessity for communication or safety reasons, making it a "need" for them. On the other hand, some children may view a handphone as a desire or luxury item, classifying it as a "want." Therefore, the statement recognizes the subjective nature of categorizing a handphone as either a "need" or a "want" based on personal circumstances and perspectives.

Rate this question:
8.

Which of the following is true?
- Primary school children are too young to learn how to manage money
- I should try to eat as little as possible during recess to accumulate more savings in my bank account
- After spending to meet my needs, I can use part of leftover money to spend selectively on my "wants"
Correct Answer

A. After spending to meet my needs, I can use part of leftover money to spend selectively on my "wants"

Explanation

It is important to prioritize spending on needs such as food, shelter, and clothing before spending on wants or desires. Once the necessary expenses are taken care of, it is reasonable to use a portion of the leftover money to indulge in selective wants or non-essential items. This approach promotes responsible money management and ensures that basic needs are met while allowing for some discretionary spending.

Rate this question: