Vocabulary
What is it called when you plan where your money goes?
What is... Budgeting
You have an income of $15. You spend $4 on a Spiderman action figure. You then buy a $5 bag of Takis. How much money do you have left?
What is..$6
Define want and need.
What is.. A need is something you need and a want is something that you would like to have.
What is.. Chores, selling clothes, birthday gifts, etc
What is an example of a long term saving goal AND an example of a short term saving goal
What is..answers will vary
Money your owe is?
What is... Debt
You have a budget of $100 and would like to plan a party that includes food, drinks, an activity, and parking. Explain how you would prioritize each category.
What is...I'd budget the most for the activity, then food, then drinks, then parking.
It's your lucky day...
What is...FREE PASS
What are somethings you should think about before buying vs somethings you can just buy without thinking?
What is... Answers will vary
What are three things that can be both and want and a need?
What is... Food, water, clothes, etc
What is an expenditure?
What is... What you spend your money on or an expense.
You have an income of $5 per week for mowing the lawn. How many weeks would you need to save up to buy a $80 Nintendo Switch game?
What is...16 weeks.
How should you prioritize your wants vs your needs?
What is... You should take care of your needs first, then budget for your wants
What are the three things you should think about when you receive an income?
What is.. Whether save it, spend it, or both
It's your lucky day...
What is... FREE PASS
What is interest?
What is.. The amount that gets added onto your debt.
You have an income of $20 a month. You are saving your money for a season pass to the amusement park that cost $80 and a season pass to the zoo that cost $60. How many months until you have enough to buy BOTH passes?
What is... 7 months.
How can you avoid temptation when buying something you don't truly need, but you want?
What is...By remembering your budget and saving goals you have for other, more cool things.
How can kids budget too?
What is.. by planning their budget, earning an income from an allowance, saving their income, and then buying a toy
Why should you save money?
What is... For emergencies, in case you want something on sale, or something special.
What is the difference between flexible, fixed, and unplanned expenses?
What is... Fixed stays the same every time. Flexible may vary but is expected. Unplanned are totally unexpected.
You have an income of $500 for the week. However you have a debt to your friend for $50. You also owe your neighbor $20 from last week. You then go to the store and buy $45 worth of groceries for the week. However before you went inside you forgot to pay for parking so now you have a $175 ticket. After one final stop you spent $55 on gas for your car. How much do you have left for the week?
What is... $155.
What are five needs you want for school vs five wants you want for school.
What is... Answers will vary
Give a example of a fixed expense, a flexible expense, and an unplanned expense?
What is...Answers will vary
What should you always think about when it comes to money and incomes?
What is... To always have money in your account.