Personal Finance
What is the purpose of a personal budget?
to help people plan their spending and saving decisions
What was the MAIN cause of the French and Indian War?
Control of the land west of the Appalachian Mountains
The general, or leader, of the Continental Army was ________.
George Washington
How did geography help the Continental Army defeat the British many times?
Colonists were more familiar with the land than the British soldiers.
Susan and Jane are boycotting British tea to protest the high taxes.
What are Susan and Jane’s opportunity cost by boycotting British tea?
They will not have British tea to drink.
What does it mean to save money?
put money aside for later
“I couldn’t believe British soldiers just started firing their guns at us. We had no guns with us to fight back.”
-A resident of Boston, March 5, 1770
Which event is being described?
Boston Massacre
Who was the primary author of the Declaration of Independence?
Thomas Jefferson
What was one outcome of the Continental Army’s winter at Valley Forge?
Soldiers became more trained and skilled.
_________ is when producers focus on making specific goods or performing certain services well.
Specialization
Jim and Pam’s monthly budget includes money they donate to their church.
What does it mean to donate money?
give money away to help others
Who were the Daughters of Liberty?
They were women who boycotted British goods.
How did Black Regiments contribute during the American Revolution?
They fought in the Continental Army.
How did the physical environment affect the strategy of the Continental Army at the Battle of Saratoga?
Soldiers in the Continental Army hid in the heavily forested areas around Saratoga to more easily surprise the British.
Jim had extra drinking cups, but needed vegetables. Susan had lots of vegetables but needed drinking cups. They voluntarily exchanged cups and vegetables with each other.
Who benefited from this voluntary exchange?
both Jim and Susan benefited
In a personal budget, income should always be greater than ___________.
Expenses
The Declaration of Independence explained that the colonists had many __________ about the way King George III treated them.
grievances
What is ONE reason Benedict Arnold became a traitor and fought for the British during the American Revolution?
He felt disrespected by the Continental Army.
At what battle did the Continental Army surround the British forcing them to surrender to end the war?
Yorktown
_____________ is when two countries or two states exchange goods for money or other goods. Both countries/states are able to get something that their citizens need.
Trade
What does it mean to have a balanced budget?
income is the same or more than expenditures
Which of the following BEST explains the phrase “No taxation without representation?”
Colonists did not like being taxed without having a representative in the British government.
Which colonist is famous for saying, “Give me liberty, or give me death?”
Patrick Henry
How did the colonists use geography to their advantage in the Battle of Lexington and Concord?
They hid behind small hills and under bridges.
Give an example of a price incentive
After the war, silversmith Paul Revere’s metal picture frames’ prices dropped from $5.00 to $1.00 to gain more customers.