Needs and Wants
Extra
Vocabulary
Math
Extra Extra
100

Something people need to have to live such as air to breathe and food to eat is called a what?

What is a need.

100
Things that are made, manufactured, or grown like clothes, computers or fruit are known as what?
What are goods.
100

What is a plan for spending and saving money?

What is a budget.

100

If my expenses total $1,450 and my income totals $1,300 do I have a good budget or a bad budget and why?

What is a bad budget because you are spending more money then you are making?

100

A __________________is a goal you can meet in the near future.

What is a term goal?

200
You have been saving all of your allowance for months to buy a pony. Is a pony a want or a need?
What is a want.
200
Work that someone does for someone else is known as what? (for example, dog walking or a dentist)
What are services.
200

Money earned is known as an____________________.

What is an income?

200

If I save $30 per month how much will I have in a 2 2 months?  

What is a $60?

200

__________________ are resources that are used to produce goods are provide services. 

What are capital goods/resources?

300
A product that is not required for survival is called a what?
What is a want.
300

Someone who organizes productive resources to provide a good or service is known as an.

What is an entrepreneur?

300

What is bankruptcy?

What is the legal process in which you cannot pay your debts?

300

Collin's income is $30 a month.  His expenses are $40 a month.  How much debt does Collin have?

What is $10?

300

_____________________ are the people employed by a business that help make goods or provide services.

What are human resources?

400
Do communities provide needs or wants?
What is needs. (Examples are hospitals or shelters)
400

What are some risks that entrepreneurs take?

  • Losing a steady paycheck

  • Losing your business , home, etc…

  • Bankruptcy 

  • Losing business to competitors

400

What is an expense that you NEED to spend money on?

What is an essential expense?

400

The Jaylin's income is $50 per month, but his expenses are $30 a month.  He wants to buy a $200 pair of Beats headphones.  How long will he have to save?

What is 10 months?

400

What are the benefits of saving to meet a short term goal?

  • You have money right when you need it

  • You don’t have to go into debt to pay for things you need right away

500

A commercial shows a new toy.  Is this an example of a need or a want?

What is wants. Commercials advertise wants, such as toys, that are not needed for survival.

500

What are some benefits of creating a budget?

  • ou know how much income you have       

  • You know how much you can spend

  • It can help you save and stay out of debt

  • It can help you have money for the things you need and want

500

What is an expense that you DO Not NEED to spend money on?

What is a nonessential expense?

500

Taylor has a weekly income of $20.  Her monthly expenses are $50.  What is her savings? What is her debt?

What is $30 and $0 debt. 

500

How  can saving contribute to a person’s financial well-being?

  • You will be able to pay your bills

  • You will not have debt

  • You will not go bankrupt

  • You can buy the things you need and want. 

  • You don’t have to worry about money

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