Wants vs Needs
What is a need?
This is something you must have to survive, such as food, water, or shelter.
What is a bill?
This document shows how much money you owe for a product or service.
What is an advertisement?
This is a message designed to persuade people to buy a product or service.
What is a donation?
This is money, goods, or services given to help a person, group, or cause without expecting anything in return.
What is a budget?
This is a plan for how you will spend and save your money.
What are wants?
A new video game, designer shoes, and concert tickets, etc.
What is a late fee?
Paying a bill on or before its due date helps you avoid this extra charge.
Businesses often pay for TV commercials, social media ads, and billboards to increase this.
product awareness (or brand awareness)?
What is volunteering?
Giving your time to help a charity or community organization without being paid is called this.
What is 50%?
n the 50/30/20 rule, this percentage of your income is recommended for needs such as housing, groceries, and transportation.
Jordan needs a winter coat for cold weather but desires a designer brand that costs twice as much as a standard coat. What is this an example of?
What is a want.
What is automatic payment (autopay)?
This payment method automatically deducts money from your bank account to pay recurring bills.
What is an endorsement?
When a famous athlete or celebrity appears in a commercial to encourage people to buy a product.
What is an in-kind donation?
Donating used clothes, canned food, or school supplies is an example of this type of donation.
What are wants?
In the 50/30/20 rule, this category includes entertainment, dining out, and hobbies.
Which of the following expenses is considered a need? Electricity, PS5 subscription, Streaming Services?
Electricity
What is the due date?
The date by which a bill must be paid to avoid penalties is known as this.
What is an emotional appeal?
An advertisement that makes you feel happy, excited, or nostalgic is using this type of appeal
What is an informed donor?
A person researches a charity before donating to make sure their money is used responsibly.
According to the 50/30/20 rule, this percentage of your income should be used for savings, investing, or paying off debt.
What is 20%?
Maria has $50 left after paying for rent, groceries, and utilities. She uses the money to buy a new pair of trendy headphones. The headphones are classified as what?
A want.
Kyle receives an electric bill for $120. He only pays $60 by the due date. The unpaid portion may result in what?
late fees or penalties
What is the bandwagon technique? Varying ways to answer this
A sneaker company claims, "Everyone is buying these shoes!" to convince consumers to purchase them.
Mia has $100 to spend. She chooses to donate $25 to a local charity instead of buying a new pair of headphones. This demonstrates what?
charitable giving (or prioritizing a donation over a want)
Yari earns $2,000 per month. Using the 50/30/20 rule, she should allocate this amount to savings and debt repayment
What is $400? (20% of $2,000)