Your teen money-smart?

Every family member should be financially savvy. Test your teen's basic understanding of financial concepts, including developing a budget and building a strong credit history.

1. Which is helpful in achieving financial security?
   1. Sticking to a financial plan only if in debt
   2. Creating a financial plan, then carrying it out
   3. Assessing only your "needs"
   4. Considering only your short-term goals
2. What does a budget help you do?
   1. Stay in control of your money
   2. Buy stuff, not consider what else you bought
   3. Prepare you financially for planned events only
   4. Make impulse purchases
3. Which is a benefit of short-term saving?
   1. Lets you stray from your budget
   2. You can handle unexpected expenses
   3. You can stop saving if your bank account's big
   4. You can overspend on items you want
4. Which is a tip for saving?
   1. Cash your check, stuff the money in your pocket
   2. Save a set amount from each paycheck
   3. Never save unexpected money
   4. Save only when you build up lots of money
5. What should you know about interest and borrowing money?
   1. Borrow enough to buy everything I want
   2. Not worry about interest I must pay
   3. The interest and total amount I'll pay back
   4. Credit cards are for buying what I want
6. Which may lead to a financial problem?
   1. Overspending
   2. Categorizing expenses into different funds
   3. Understanding your good and bad spending habits
   4. Considering your values when setting goals
7. Which payment options allow you to pre-set the dollar value available to spend?
   1. Smart card
   2. Chip card
   3. Stored value card
   4. Debit card
8. Which of these may appear on your credit report?
   1. A late payment on a magazine subscription
   2. The last store where you shopped
   3. Your family history
   4. Your financial goals