A Financial Literacy Quiz for your 5th Grader
AI's response in regular print | Beverly Hills, CFP®, Joe O'Boyle's in italics
“A Financial Literacy Quiz for your 5th Grader.”
What is a budget?
A) A type of food
B) A tool for managing your money
C) A new video game
D) A kind of carWhat is a savings account commonly used for?
A) Playing games
B) Buying toys
C) Saving money
D) Watching TVWhy is it smart to save money?
A) To make your friends jealous
B) To buy candy
C) For future needs and emergencies
D) So you can take it to schoolWhat is the role of a bank?
A) To sell groceries
B) To make toys
C) To keep your money safe
D) To fix carsWhat is interest earned at the bank?
A) Something that excites you
B) A percentage of money added to your savings
C) A type of ice cream flavor
D) The brand name of a shoeWhat does it mean to invest money?
A) Put it under your bed
B) Spend it on video games
C) Put it into something expecting it to grow over time
D) Give it to your friendWhat is a need?
A) Something you want
B) Something you must have to survive
C) A new video game
D) A fancy carWhat is a want?
A) Something you need to survive
B) Something you would like to have but don’t need
C) A type of animal
D) A school subjectIf you borrow money, what are you expected to do?
A) Keep it forever
B) Give it to a friend
C) Spend it on toys
D) Pay it backWhat is the purpose of a piggy bank?
A) To feed it like a pet
B) To decorate your room
C) To save your money
D) To talk to itWhat is an allowance?
A) A grade in school
B) A type of dance
C) Money given to you regularly, often by parents for completing your chores
D) A new type of gameWhy should you compare prices when shopping?
A) To tell your friends
B) To make the store owner happy
C) To find the best deal and spend less of your money
D) Because your teacher said soWhat does it mean if something is "on sale"?
A) It is broken
B) It is lost
C) It costs more money
D) It costs less than usualWhat's the best reason to avoid spending all your money as soon as you get it? A) So you don't have any fun
B) To save for future needs and wants
C) So you can show it to your friends
D) Because money should never be spentWhat is an entrepreneur?
A) A type of musician
B) A type of animal
C) Someone who starts a business
D) A new television showWhat is a debit card used for?
A) Talking to friends
B) Making music
C) Watching TV
D) Paying for things electronicallyWhat is a good reason to talk to your family about money?
A) To brag about how much you have
B) To ask for more allowance
C) To understand family financial decisions and learn about managing money
D) To tell them about your favorite toysWhat is a financial goal?
A) A point scored in a soccer game
B) A dream about money
C) A target to reach with your money, like saving for something specific
D) A famous movieWhat can happen if you spend more money than you have?
A) You become a superhero
B) You get into financial trouble or debt
C) You win a prize
D) Your favorite TV show gets canceledWhat is income?
A) Money you spend on toys
B) Money earned from working or investments
C) A type of dance move
D) A new game on the computer
Answers: 1-B, 2-C, 3-C, 4-C, 5-B, 6-C, 7-B, 8-B, 9-D, 10-C, 11-C, 12-C, 13-D, 14-B, 15-C, 16-D, 17-C, 18-C, 19-B, 20-B.
What did you think? How did AI do?
About OpenAI’s ChatGPT tool:
GPT (short for "Generative Pre-training Transformer") is a type of language model developed by OpenAI that is trained to generate human-like text. ChatGPT is specifically designed for generating text in a conversational style. It is a machine learning model and has been trained on large datasets of real-world conversations in order to learn the patterns and styles of human communication.
Joe O'Boyle is the founder and principal of O'Boyle Wealth Management, a full service financial planning and investment management firm, located in Beverly Hills, California. Joe O’Boyle was named to InvestmentNews 40 under 40 class of 2016, and has a catalog of financial planning and investing articles on Money.com & U.S. News. Disclosure information.