Needs vs Wants
Is food a need or a want?
What is a need?
What is the first step in creating a budget?
What is tracking income and expenses?
True or false: Higher risk usually means the chance for higher reward.
What is true?
What does APR stand for?
What is Annual Percentage Rate?
If prices go up but your income stays the same, does your money buy more or less?
What is less?
Is a smartphone a need or a want?
What is a want?
Saving $20 from each paycheck is an example of what?
What is setting aside money for future goals?
Putting money in a savings account is low-risk. What is the tradeoff?
What is lower reward/interest?
What is the difference between using a credit card and a debit card?
What is credit borrows money (to be paid later), debit uses your own money (immediately)?
What is the term for a general rise in prices over time?
What is inflation?
A warm winter coat in Buffalo — need or want?
What is a need?
What is the term for money you plan to spend later, not right away?
What is savings?
Which is riskier: investing in a single company’s stock or a mutual fund?
What is a single company’s stock?
Why is it important to pay more than the minimum payment on a credit card?
What is to reduce interest charges and debt faster?
If a candy bar cost $1 last year and $1.10 this year, what percent did it increase?
What is 10%?
Streaming subscriptions (Netflix, Disney+) — need or want?
What is a want?
Name one reason why setting financial goals is important.
What is to guide spending, prepare for the future, or avoid debt?
Why might a young person take on more investment risk than someone close to retirement?
What is because they have more time to recover from losses?
What does a credit score represent?
What is a person’s reliability or risk level in borrowing money?
Why might workers ask for higher wages during periods of high inflation?
What is because their money has less buying power?
Why might the same item (like internet service) be considered a need for one person but a want for another?
What is "because needs and wants depend on resources, preferences, and circumstances"?
How can cost-benefit analysis help someone decide whether to buy a new car or keep their old one?
What is by comparing the benefits (like reliability, safety) to the costs (like price, debt, insurance)?
How does insurance help people manage risk?
What is by spreading out the financial risk so one person doesn’t bear all the cost of loss?
How do predatory lenders take advantage of people?
What is by offering loans with unfair terms, high interest rates, or targeting those with little financial knowledge?
How does inflation affect someone saving money under their mattress (in cash)?
What is the value of the cash decreases over time because prices rise?