Family financial planning quiz
They say the family that learns together earns together. Whether you’ve got a household of budding financial gurus or are looking for a good way to get your kids to start thinking about things such as cash flow and credit cards, our family financial planning quiz is a good place to start.
Print the questions below or read them out to your family. Once everyone has had a chance to answer, take some time to discuss everyone’s choices as a family, regardless of whether they got the answers right or wrong, so you can embark on the path to building wealth together.
1. What is a document keeping track of how much you spend and earn every month called?
A) A spreadsheet
B) A balance sheet
C) A budget
D) A receipt
Answer: C
2. Saving is something you should do…
A) Only when you have extra money
B) Regularly and consistently
C) Only when you’re an adult
D) Only when there’s something you plan to buy
Answer: B
3. Credit can be a good way of boosting your finances and reaching a goal, provided you stay on top of the debt. Which of these would not be a good thing to borrow money for?
A) To buy a home
B) To buy stock or materials for a business
C) To buy a vehicle for a business
D) To pay for an overseas holiday
Answer: D
4. Name someone you consider to be successful in terms of money. Why do you think they’re successful? What helped them to achieve their success?
5. What can you start doing today that will help you become a millionaire in the future?
Want to teach your kids about more money matters? Have a look at our downloadable chore template and teach them the value of chores and rewards.