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NextGen Calculator. Answer simple questions to better understand where you are with your financial knowledge.
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What does it mean to save money?
Spending all your money right away
Keeping money aside for future needs or emergencies
Borrowing money from a friend
Using money to buy entertainment
What is a budget?
A plan for how to spend and save money
A type of financial document
A list of your favorite activities
A place to store your valuables
What is a stock?
A type of bank account
A share of ownership in a company
A government bond
A form of digital currency
Why is it important to save and invest money?
To have funds available for unexpected expenses or future goals
To buy everything you want immediately
To lend money to others frequently
To avoid having any money on hand
What is interest?
The fee you pay to borrow money
Extra money earned on savings or investments
Money lost during transactions
Money found unexpectedly
What is a loan?
Money given to you that doesn’t need to be paid back
Money borrowed that must be repaid with interest
Money earned from a job
A gift from a friend
Why is it important to only spend what you can afford?
To avoid accumulating debt
To purchase the latest gadgets
To lend money to friends
To show off to others
What is the difference between needs and wants?
Needs are things you have to have, wants are things you would like to have
Needs are things you can live without, wants are essential for survival
Needs and wants are the same thing
Needs are things you borrow, wants are things you buy
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