Quiz

Money Makes Sense

Saving, spending, and what money really is. Eight questions to help children think about money before they have to make big decisions with it.

Ages 6–108 questions

1.Why does a £10 note have any value at all? It is only paper.
- A. Because it is made of something precious
- B. Because everyone agrees to accept it in exchange for things
- C. Because it is difficult to print
Reveal the answer
Because everyone agrees to accept it in exchange for thingsMoney works because of shared agreement and trust. The note itself is nearly worthless — its power comes from the fact that shops, people, and the government all accept it.
Money works because of shared agreement and trust. The note itself is nearly worthless — its power comes from the fact that shops, people, and the government all accept it.
2.You want a toy that costs £20 and you have £8. What is the SAVING choice?
- A. Borrow £12 from a friend
- B. Buy a smaller toy today instead
- C. Put money aside each week until you reach £20
Reveal the answer
Put money aside each week until you reach £20Saving means waiting on purpose. Setting aside a little at a time turns a goal that felt impossible into something you own outright — with nothing owed to anyone.
Saving means waiting on purpose. Setting aside a little at a time turns a goal that felt impossible into something you own outright — with nothing owed to anyone.
3.What does it mean to 'earn' money?
- A. To receive it in exchange for work or something you made
- B. To find it
- C. To be given it as a present
Reveal the answer
To receive it in exchange for work or something you madeEarning is a swap: you give your time, effort, or something you have made, and you receive money in return. That is the difference between earning and being given.
Earning is a swap: you give your time, effort, or something you have made, and you receive money in return. That is the difference between earning and being given.
4.Your friend lends you £5. What do you now have?
- A. Extra money that is yours
- B. A debt
- C. A gift
Reveal the answer
A debtBorrowed money is a debt — it still belongs to your friend, and you have promised to give it back. Borrowing is not the same as having.
Borrowed money is a debt — it still belongs to your friend, and you have promised to give it back. Borrowing is not the same as having.
5.What is the difference between something you NEED and something you WANT?
- A. Needs cost more than wants
- B. A need keeps you safe, fed or well; a want is nice to have
- C. There is no real difference
Reveal the answer
A need keeps you safe, fed or well; a want is nice to haveFood, warm clothes, and a roof are needs — life gets difficult without them. A new game is a want. Wants are not bad, but grown-ups pay for needs first.
Food, warm clothes, and a roof are needs — life gets difficult without them. A new game is a want. Wants are not bad, but grown-ups pay for needs first.
6.A shop buys a pencil for 20p and sells it for 50p. What is the 30p called?
- A. Profit
- B. Tax
- C. Change
Reveal the answer
ProfitProfit is what is left after you subtract what something cost you from what you sold it for. It is how a shop pays its staff, its rent — and keeps going.
Profit is what is left after you subtract what something cost you from what you sold it for. It is how a shop pays its staff, its rent — and keeps going.
7.Why might it be a good idea to compare prices in two shops?
- A. It is polite to visit both
- B. The same item can cost different amounts, so you keep the difference
- C. Shops expect you to
Reveal the answer
The same item can cost different amounts, so you keep the differencePrices for the exact same thing vary between shops. Checking before you buy means the money you save stays yours — that is a real skill, not a small one.
Prices for the exact same thing vary between shops. Checking before you buy means the money you save stays yours — that is a real skill, not a small one.
8.You are given £10 for your birthday. What does 'budgeting' it mean?
- A. Spending it all at once so you do not lose it
- B. Hiding it somewhere safe
- C. Deciding in advance how much goes to saving and how much to spending
Reveal the answer
Deciding in advance how much goes to saving and how much to spendingA budget is just a plan made before the money is gone. Deciding first — say £6 saved, £4 spent — means you choose where it goes, instead of wondering afterwards where it went.
A budget is just a plan made before the money is gone. Deciding first — say £6 saved, £4 spent — means you choose where it goes, instead of wondering afterwards where it went.

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