Week 24
(Earning Money)
(Earning Money)
What is another word for work we do?
Fill in the blank:
_________ money is purchasing something to satisfy a want or need.
Spending
What is a budget?
A plan on how we use our money
What is a Free Enterprise System?
the government does not control the market
What is a profit?
The money left over after a business pays all of its expenses
What are some ways people choose how to earn money?
By their: interests, skills, location, demand
Baking cookies for a school bake sale fundraiser is an example of....?
(Choose: spend, save, or donate)
Donate
Which of the following would you include in a budget?
Choose 4 (earnings, spending, sleeping, donations, savings)
Earnings, spending, donations, savings
What is supply?
how much of a good there is
If a man buys a pair of shoes for $15 and sells them for $20 he will make a ______.
A) profit
B) service
C) loss
profit
What are some industries of the Texas economy?
Agriculture, manufacturing, healthcare, and tourism
What might you need to do if you want to buy something like a house or a car, but do not have enough money for it yet?
(choose: spend, save, or donate)
Save
If you budget to SAVE $20 every month, how much money will you have SAVED after 3 months?
$60
If the supply is low but the demand for that item is high, what happens to the price?
The price goes up
If a store manager has to LOWER the price of his product, what will happen to his profits?
they will decrease
What are some jobs in the service industry?
Teachers, veterinarians, doctors, lawyers.
If a kid is putting money into a piggy bank, this is an example of what?
(Choose: spending, saving, or donating)
Saving
Pretend your budget looks like below:
Income: $100
Bills: $50
Donations: $25
Savings: ?
How much money are you saving every month?
$25
If there is a surplus of goods, what happens to the price?
It goes down.
If sugar costs $0.30, lemons cost $0.20, and ice costs $0.10 and all these ingredients are needed for the lemonade stand, how much does it cost to produce one glass of lemonade?
$0.60
What are the 2 different types of jobs people can have to earn money? (think some people produce ____, others provide a ____)
Produce goods, provide a service
Understanding how to spend, save, and donate money is important because it _________.
A) helps people get bigger loans
B)teaches people how to find a job
C)explains things people can do with their income
C) Explains things people can do with their income
Pretend you budget looks like below for a month:
Income: $80
Lunch: $40
Snacks: $8
Donations: $12
Savings: $20
If you follow this budget for 4 months, how much will you have spent on lunch in 4 months?
$160
If a popular book arrived in the stores in the morning, and it sold so fast that many people did not get an opportunity to buy the book, what could happen to the price of the books when more arrive?
It would increase
Match the names to the business they started:
Names: Henry Ford, Sam Walton, Mikaila Ulmer
Business: Walmart, Me & the Bees Lemonade, and Ford Motor Company
Sam Walton with Walmart
Henry Ford with Ford Motor Company
Mikaila Ulmer with Me & The Bees Lemonade