Free practice tests · Kids & Youth
Stuff Every Money Scout Should Know: free practice in 30-second cards
Stuff Every Money Scout Should Know
Practice facts for the Personal Management merit badge. Not an official Scouting America credential.
Start Stuff Every Money Scout Should Know ⚡ Today's sprint 🎙️ Voice mode
Free to start, no sign-up. 80 cards so far. One Knowledge Score and day streak across all your courses.
Questions people ask
Is this practice test free?
Yes. The first 50 cards are free for everyone with no sign-up, each with the answer, why it is right and its sources. Aha Trivia members get all 80 cards and timed practice exams.
How many practice questions are there?
80 practice questions so far. Each one is a 3-choice card that takes about 30 seconds, and the course grows as new cards pass our source checks.
Where do the answers come from?
Every card lists the sources it was checked against, and each answer explains why it is right. If you think an answer is wrong, tap "Challenge this answer" in the game and it gets reviewed.
Can I study in the car?
Yes. Voice mode reads the questions out loud and you answer by voice.
Try 3 cards
- What is a budget mainly used for?
Show the answer
To plan expected income, expenses, and savings. A budget is a planning document for expected income, expenses, and savings, not a diary of past spending.
- How long is the tracking period for the Personal Management budget?
Show the answer
13 consecutive weeks. The budget and the actual tracking both cover the same 13 consecutive weeks.
- If your expected expenses exceed your income, what should you do?
Show the answer
Determine steps to balance the budget. When expenses exceed income, you identify steps to balance the budget, such as cutting costs or raising income.
All 80 practice questions
The first 50 are free, with the answer, why it's right and the official sources. The other 30 (🔒) open with a membership (every test). Or play them as a game and track what you've learned.
Show all 80 questions
- What is a budget mainly used for?
- How long is the tracking period for the Personal Management budget?
- If your expected expenses exceed your income, what should you do?
- If your income exceeds your expenses, what should you decide?
- What does comparison shopping involve?
- What is a smart way to check an item's quality?
- What is buyer's remorse?
- What is the purpose of charitable giving?
- What is the main difference between saving and investing?
- How are return on investment and risk related?
- How does compound interest differ from simple interest?
- What does diversification mean in investing?
- Why is it important to save and invest for retirement?
- What is a common stock?
- What is a mutual fund?
- What does a certificate of deposit (CD) typically involve?
- What is a U.S. savings bond?
- What does renter's insurance protect?
- What is the difference between term and whole life insurance?
- What is interest on a loan?
- What does APR measure on a loan?
- How does a debit card differ from a credit card?
- Why is it unwise to make only the minimum payment on a credit card?
- What can affect your credit report?
- What is one way to reduce or eliminate debt?
- Why write a to-do list in order of importance?
- When planning a week, what should you schedule first?
- Why keep a daily diary while following a schedule?
- What is the first step in a written project plan?
- Why develop a timeline in a project plan?
- Why list resources in a project plan?
- What should you research about a career you might enter?
- What costs should you consider for a career after high school?
- What is an emergency fund for?
- What does net worth compare?
- What is delayed gratification?
- What is a depreciating asset?
- What is inflation a risk to?
- Why monitor a financial plan regularly?
- What is a benefit of using credit responsibly?
- Why set financial goals?
- What does a personal balance sheet list?
- What does a personal income statement list?
- What is the first step in the personal financial planning process?
- What does the execution step of a financial plan often require?
- What does a financial advisor offer in complicated situations?
- What simple rule do Pollack and Olen say about credit card balances?
- What percentage of post-tax income do Pollack and Olen suggest for savings and investments?
- How long should an emergency fund last, according to Pollack and Olen?
- What do Pollack and Olen say about trading individual securities?
- What should you look for in mutual funds and ETFs when investing? 🔒
- What duty should a financial advisor commit to? 🔒
- What is a long-term financial goal example from the source? 🔒
- What is household cash flow? 🔒
- What does adequate protection in financial planning analyze? 🔒
- What is typically the single largest expense in a household? 🔒
- What is a significant risk to a household trying to reach an accumulation goal? 🔒
- What is asset allocation used to manage? 🔒
- What does retirement planning involve? 🔒
- What does estate planning involve? 🔒
- What is delayed gratification thought to be important for? 🔒
- Why is cash management called the soul of financial planning? 🔒
- What can buying a house do for your finances? 🔒
- What is an advantage of renting a home? 🔒
- What is an adjustable-rate mortgage (ARM)? 🔒
- What is a line of credit? 🔒
- What credit score range does the source describe? 🔒
- What is a benefit of using credit for emergencies? 🔒
- What is a downside of overusing credit? 🔒
- What can happen if a borrower builds up high amounts of debt? 🔒
- What did the Bell, Gorin, and Hogarth study find about financial education graduates? 🔒
- What did the Cole and Shastry study find about saving behaviors? 🔒
- What did a Bank of America poll find discouraged 42% of adults? 🔒
- What did a Harris Interactive survey find about teaching personal finance? 🔒
- What does the source say financially educated high school students are more likely to do? 🔒
- Why does the source say people should start planning for retirement? 🔒
- Why does the source say medical insurance coverage matters? 🔒
- What does the source say about financial planning as a process? 🔒
- What does the source say about universal personal finance principles? 🔒
- What does the source say about financial education requirements in US high schools in 2024? 🔒