Needs vs. Wants
This is something you must have to live, like food, water, or shelter.
What is a need?
This is a plan that tells you where your money will go before you spend it.
What is a budget?
This is a person who starts and runs their own business.
Who is an entrepreneur?
This is what you should do before buying something to make sure you're getting the best price.
What is compare prices?
You earn $50 for doing chores. Before buying a new toy, this is something smart you should do first.
What is make a budget?
A new video game, candy, or a toy are all examples of this.
What is a want?
When something unexpected happens, like a flat tire or a pet emergency, this type of savings helps you pay for it.
What is an emergency fund (or emergency savings)?
This is the money a business earns before paying any expenses.
What is gross revenue?
This type of card lets you spend money that you already have in your bank account.
What is a debit card?
You find a bike you want for $100. You only have $60. Instead of borrowing money, a smart choice would be to do this.
What is save more money?
When making money decisions, these should always come before wants.
What are needs?
During camp, you learned that if you only have $100, you can't buy everything you want. You have to make these.
What are choices (or trade-offs)?
If your lemonade stand makes $50 in sales but you spent $20 on lemons, cups, and sugar, this is the amount you made after expenses.
What is $30 profit?
This happens when someone steals your personal information and pretends to be you.
What is identity theft?
A business earns $500 selling products but spends $350 on supplies and other expenses. This is how much profit the business made.
What is $150?
A family has enough money to pay rent, buy groceries, or go to an amusement park. The first two should be paid because they are these.
What are needs?
You earn $2,000 this month, but your bills add up to $2,300. Your budget has this problem.
What is being over budget?
Name two things every business needs to be successful.
Any two of:
A commercial uses catchy music, bright colors, and happy people to convince you to buy something. This is called...
What is advertising (or marketing)?
A commercial says, "Buy it now! Today only!" Before spending your money, a smart shopper should do this.
What is stop and think? (Accept: compare prices, ask if it's a need or want, or make sure it fits the budget.)
A family has enough money to buy groceries or go to the movies. This should be purchased first.
What are groceries? (or "What is a need?")
Your monthly income is $3,000. Your expenses are $2,400. You want to save $400. After paying your bills and saving your money, this amount is left.
What is $200?
A student sells 12 bracelets for $5 each. It cost $18 to make the bracelets. What is the profit?
Sales: 12 × $5 = $60
Profit: $60 − $18 = $42
Answer: What is $42?
A backpack costs $40 at Store A and $32 at Store B. Both backpacks are the same. A smart shopper would buy it from this store and save this much money.
What is Store B and $8?
Name the four most important money lessons we learned this week.
Any four of: