Intro to Personal Finance
1 example of a need is...
AND
1 example of a want is...
Need: food, water, shelter, clothing
Want: Video game, electronic, Legos, Makeup
The idea stems from...
a problem that needs to be solved OR
seeing what customers want
Being a problem solver means...
Define budgeting
organizing money to track it coming in, separating the money into different categories for expenses
Advertising is...
a message, picture, or video designed to get your attention and persuade you to buy a product, use a service, or believe something
We set goals because...
they track progress, time management, motivation, and discipline
An entrepreneur is...
someone who creates a business that is not already existing
The difference between a good and a service is...
Good - A tangible item; something physical
Service - Intangible; an action performed by someone, an experience, or skill
What is profit?
the extra money a business or person keeps after paying all the costs to make or sell something
Advertising your business is important because...
We start learning about money young because
we learn habits, prepare for life, smart decision making
An entrepreneur is different from a business owner since...
Name 1 of the three factors needed in order to take a risk
Hope
Trial and Error
Improvement
Name 1 of the four things important to a logo
- Catch people's attention
- leave an impression
- something they won’t forget
- Relevant to the business
Name 1 of the 4 ways you can get your business known
- Word of Mouth
- Social Media
- Billboards
- Flyers
Money responsibility means
understanding when to spend/save, creating independence, knowing value of money
Name a kid entrepreneur
YOU!!
If you pay to get your haircut, is that a good or a service?
Service
True/False: When the business starts making more money and grows, you don't need to budget anymore.
FALSE
ALWAYS categorize your money, so you do not overspend or begin losing it.
Where can work be handled for a business?
- A desk
- Another room
- A building
The difference between a savings account and a checking account is...
Savings - long term savings, offers interest
Checking - daily spending, writing checks, debit cards, little to no interest
The entrepreneur named in the slides was...
Elon Musk
In business terms, "Doing your homework" means
to compare prices, unit price, and quality at different stores when purchasing products or materials for the business
Out of the 2 businesses on the slideshow, name 1 of them.
Chick - Fil - A
Dunkin' Donuts
You should have a workspace to...
Keep business and personal life separate