Wants vs Needs
Terms
Budget Category
Expenses
Budgeting
100

GOING TO TACO BELL

WHAT IS A WANT?

100

A FORMAL WRITTEN STATEMENT OF MANAGEMENTS PLAN FOR A SPECIFIED FUTURE TIME PERIOD, EXPRESSES IN FINANCIAL TERMS

WHAT IS A BUDGET?

100

TRUE OR FALSE IT IS IMPORTANT TO SAVE, EVEN IF YOU CAN ONLY SAVE A SMALL AMOUNT EACH MONTH.

TRUE

100

____ _____ IS WHEN SOMEONE TAKES YOUR PERSONAL OR FINANCIAL INFORMATION AND DOES THINGS WITH IT. THEY MAY COMMIT CRIMES, OBTAIN CREDIT CARDS, OPEN BANK ACCOUNTS, OR OBTAIN EMPLOYMENT

WHAT IS IDENTITY THEFT

100

A SUCCESSFUL BUDGET IS WHEN YOUR EXPENSES ARE [LESS] OR [MORE] THAN THE INCOME

LESS

200

BUYING GROCERIES FROM THE STORE

WHAT IS A NEED?

200

A SUM OF MONEY LENT AT A SPECIFIC INTEREST RATE

WHAT IS A LOAN?

200

THIS WOULD BE A GOOD PLACE TO PUT EXTRA MONEY TO SAVE WHEN ON A BUDGET: 

A. A SAVINGS ACCOUNT 

B. PIGGY BANK 

C. A CREDIT CARD

A. A SAVINGS ACCOUNT

200

YOU MAY BECOME A VICTIM OF IDENTITY THEFT IF: 

A. YOU GIVE YOUR SOCIAL SECURITY NUMBER TO SOMEONE

B. YOU ACCIDENTALLY LEAVE YOUR GROCERY LIST IN THE GROCERY CART

A. YOU GIVE YOUR SOCIAL SECURITY NUMBER TO SOMEONE

200

WHICH OF THE CATEGORIES BELONG IN A MONTHLY BUDGET? (MULTIPLE ANSWER)

A. YOUR INCOME 

B. YOUR EXPENSES 

C. A LIST OF STORES THAT OFTEN HAVE GOOD SALES 

A & B

300

BUYING A PS5

WHAT IS A WANT?

300

HOW MUCH YOUR PAY CHECK IS AFTER TAXES HAVE BEEN DEDUCTED

WHAT IS NET INCOME?

300

__________ ARE COMMUNITY OWNED AND USUALLY HAVE THE LOWEST INTEREST RATES ON BORROWED MONEY. 

A. BANKS 

B. CREDIT UNIONS

B. CREDIT UNIONS

300

WHAT SHOULD YOU DO IF YOU THINK YOU HAVE BEEN A VICTIM OF IDENTITY THEFT?

REPORT IT TO THE POLICE, YOUR BANK, CREDIT CARD COMPANIES. CHANGE YOUR PASSWORDS AND PIN #'s

300

WHAT DO YOU NEED TO CREATE AND MAINTAIN A BUDGET? 

A. AN ACCOUNTANT 

B. BASIC MATH SKILLS & A CALCULATOR 

C. A COLLEGE DEGREE

B. BASIC MATH SKILLS & A CALCULATOR

400

BUYING A MUG FOR DRINKING WATER

WHAT IS A WANT?

400

THE PURCHASE OF GOODS OR SERVICES IN THE PRESENT WITH A PROMISE TO PAY IN THE FUTURE

WHAT IS CREDIT?

400

IF I HAVE TROUBLE TELLING A FRIEND I CANNOT LEND THEM MONEY, I PROBABLY NEED TO BE 

A. PASSIVE 

B. MORE ASSERTIVE

B. MORE ASSERTIVE

400

NAME ONE WAY SOMEONE CAN STEAL YOUR IDENTITY

THEY GET IT FROM TRASH. THEY LOOK OVER PEOPLE’S SHOULDERS WHEN THEY ARE AT ATMS. THEY SCAM PEOPLE BY ASKING THEM FOR PERSONAL INFORMATION IN ORDER TO CLAIM PRIZES.

400

NAME A BENEFIT OF HAVING A BUDGET

TO IDENTIFY WHAT YOUR MONEY IS BEING SPENT ON, BETTER PLAN AND SPEND YOUR MONEY

500

BUYING A NOTEBOOK FOR SCHOOL

WHAT IS A NEED?

500

THINGS YOU OWN, EVEN IF YOU STILL OWE MONEY AGAINST THEM

WHAT IS ASSETS?

500

NAME A SOLUTION TO THIS $ MANAGEMENT PROBLEM: I OFTEN SPEND MY MONEY IMPULSIVELY, WITHOUT STOPPING TO CONSIDER THE CONSEQUENCES.

IF YOU SEE SOMETHING THAT YOU FEEL YOU MUST HAVE, GO HOME AND THINK ABOUT IT BEFORE PURCHASING IT. CREATE A BUDGET AND STICK TO IT. DON'T CARRY CASH ON YOU

500

NAME ONE WAY TO PREVENT IDENTITY THEFT.

BE VERY CAREFUL ABOUT WHO ACCESSES YOUR PERSONAL INFORMATION. DON’T GIVE YOUR INFORMATION TO PEOPLE OVER THE PHONE. RIP UP YOUR MAIL! BE CARE WITH WHAT YOU POST/SHARE ON SOCIAL MEDIA.

500

IF YOU MAKE A BUDGET AND IT DOES NOT WORK, WHAT CAN YOU DO?

REWORK THE BUDGET TO MAKE SURE IT IS DESIGNED IN A WAY THAT WILL WORK BEST FOR YOU

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