Currency
What are some ways to earn money?
1.Doing chores and getting an allowance (providing a service)
2.Doing a job and earning a salary (providing a service)
3.Selling something (providing goods)
4.Getting it as a gift
Question 1: What are needs?
Question 2: Name 3 examples of needs
Question 1: Things you can't live without, ensuring basic needs are met, paying fixed monthly expenses
Question 2: food, water, shelter, clothing (depends on person but - medicine, glasses, car, phone, internet, etc.)
comparing the prices of different products or services from different sources before buying to find the best deal for yourself is called _____
comparison shopping
True or false?
Achievable goals in the near future that may require saving strategies over a shorter period of time are called SHORT TERM GOALS.
True
True or False?
Showing your wallet or money to people is a safe money handling behaviour?
False - you may attract crime and have people try to steal it by showing it off to others
____ is a bank card that you use that is not directly connected to your bank account, you borrow money that you pay back, and pay interest if payments are late. What am I?
credit card
Is going to the movie theatres a need or want?
want - can live without it, something you may like or enjoy, could watch movies at home or wait for movie to be released on Netflix, etc.
A record of one's spending activity is called a ______
spending diary
A plan for spending and saving is called ______
budgeting
True or False?
To be safe from fraud/scams, you should NOT click on email links that seem suspicious and check email addresses to make sure they are legitimate.
True - always read emails carefully, look at email addresses to make sure they’re legitimate (may have numbers and letters), and if it sounds too good to be true, it probably is!
Name three uses for money.
1. spend
2. save
3. give (ex. gifts, donations)
Needs and wants change from person to person.
True or False?
True - needs and wants may change from person to person based on preferences, culture, age, location, medical needs, etc.
Spending more than you have or budgeted for is called _____
overspending
Name a personal short-term and long-term goal.
answers may vary person-to-person (ex. short term: achievable goals in the near future, long term: achievable goals further off into the future, 5 year plan)
True or False?
One way to protect yourself from fraud/scams is to use strong passwords and change your passwords often.
True - use a password with numbers, letters, capitals and special characters. Don’t tell others and change them often if you can.
____ is a bank card that is directly connected to your bank account, when you use it, the money comes out of your bank account immediately. The amount you can spend is limited by the amount of money you have. What am I?
debit card
Question 1: What are wants?
Question 2: Name 3 examples of wants.
Question 1: things you can live without, things you enjoy and like, flexible spending
Question 2: depends on person but - expensive food, desserts, fancy car or house, designer clothes, video games, laptop, etc.
Money in or money you earn is called a _____
income
What are the steps for completing a budget?
1.Estimate income
2.Estimate expenses
3.Plan for increased or decreased spending
4.Set money aside to save
True or false?
One way to protect yourself from fraud/scams is to give your personal information to strangers.
False - NEVER give your personal information (ex. address, bank account number, etc.) to anyone!
___ is a way to give money to a specific individual or organization. It is directly connected to your bank account, and can only be deposited by the person it's written to. What am I?
cheque
Is a car a need or a want?
both - depends on person, some people may live in a city and can walk or take public transit, but some people may need a vehicle to drive to work and pay their bills.
What is comparison shopping?
comparing the prices of different products or services from different sources before buying (ex. seeing if a video game you want is cheaper at Costco or Walmart)
True or False?
The four steps for budgeting are: 1.Estimate income, 2.Estimate expenses, 3.Plan for increased or decreased spending, and 4.Set money aside to save
True
True or False?
Putting your money in your wallet or in the bank is a safe money handling behaviour?
True - you should always put your money is a safe place