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Financial Literacy Fundamentals

Finance

A challenging quiz covering basic financial concepts, currency history, and economic terminology for primary students.

economics math money

10 Questions Hard Ages 5+ Apr 2, 2026

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About this Study Set

This study set covers Finance through 10 practice questions. A challenging quiz covering basic financial concepts, currency history, and economic terminology for primary students. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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Browse all 10 questions from the Financial Literacy Fundamentals study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What is the term for the price paid for the use of borrowed money, usually expressed as a percentage?

A Dividend
B Interest
C Principal
D Tax

2 Which Australian government institution is responsible for issuing the nation's banknotes?

A The Treasury
B The Australian Taxation Office
C Reserve Bank of Australia
D The Mint

3 What is the primary purpose of a 'budget' in personal finance?

A To increase the cost of goods
B To track income and limit spending
C To borrow money from a bank
D To earn interest on savings

4 In economics, what term describes the physical items that people produce and sell, such as toys or food?

A Services
B Resources
C Goods
D Assets

5 What is the term for a person who buys goods or services for personal use?

A Producer
B Consumer
C Distributor
D Manufacturer

6 Which of these is considered a 'needs' expense rather than a 'wants' expense?

A Video games
B Basic clothing
C Candy
D Movie tickets

7 What do we call the money earned from working, usually paid on a regular schedule like weekly or monthly?

A Profit
B Debt
C Income
D Investment

8 When a business makes more money from sales than it spends on costs, what is the remaining money called?

A Loss
B Revenue
C Profit
D Budget

9 What is the name of the tax Australia levies on most goods and services, currently set at 10%?

A Income Tax
B GST
C Property Tax
D Import Duty

10 What does it mean if an item is considered 'scarce' in an economic sense?

A It is very cheap to buy
B It is not available to anyone
C It is limited in supply
D It is of very high quality

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