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SHS Social Studies · Year 2

Financial Literacy (Y2) practice questions

The role of savings in achieving financial goals, and building a personalised saving plan for short- and long-term goals.

17 questions in this topic: 2 recall, 10 applying skills and concepts, 4 strategic thinking and 1 extended thinking. Every one carries a written explanation.

Sample questions

3 of 17 questions in this topic. Sign up to answer them and see the explanations.

  1. Question 1Skills & concepts

    Which of the following best distinguishes "creating a budget" from "setting saving goals," as ways of saving described in this section?

    • aA budget tracks income and expenses to identify where to cut spending, while setting saving goals involves deciding on a specific target amount and timeline to work toward
    • bA budget is used only by businesses, while saving goals apply only to individuals
    • cSetting saving goals eliminates the need to ever track income or expenses
    • dCreating a budget and setting saving goals are identical practices with no meaningful difference
  2. Question 2Skills & concepts

    Which saving option described in this section is specifically noted for using features like "round-up savings" to make saving more automatic and engaging?

    • aSavings apps, such as Cowry Wise and Chipper Cash
    • bTreasury Bills, offering predictable returns over fixed maturities
    • cCredit unions, offering community-focused savings and loans
    • dHome safes, offering physical protection for valuables
  3. Question 3Strategic thinking

    According to this section, keeping a separate savings account rather than combining it with a checking account mainly helps by

    • amaking it less likely that savings will be spent impulsively, since the money is kept distinct and can potentially earn interest
    • ballowing unlimited free withdrawals at any time without any restrictions
    • cguaranteeing that the account will never be taxed by the government
    • drequiring the account holder to spend a minimum amount each month

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Year 1 covers this ground again in Financial Literacy, with 20 questions.

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