Financial Wants
What is a want?
Something that you would like to have, but you don't need.
What is a need?
What is a essential expense required to meet basic living standards.
What is a debit card?
A debit card is connected to your checking account. After you use your debit card, the money is immediately taken from your account.
What is a budget?
A plan for spending, saving, investing, and donating your money.
What is interest?
The price you pay to borrow money or the cost you charge to lend money.
What is an example of a want?
What is an example of a need?
Food, clothes, water, shelter
What is a credit card?
A card that you use to buy something, but you have to pay back because you're borrowing the money.
What is investing?
What is, using money to generate income or make a profit.
If you are lending someone money, would you prefer a high or low interest rate? Explain.
High, because then you will make more money in interest when they pay you back.
You earned $100 mowing the lawn. If you save 75% of your earnings, how much will you have left?
What is $25?
Your shoes are too small. You buy new Nike Jordan 4s. Is this a need or a want?
Want
What is the best way to remember to save?
What is a credit score?
What is, a number that represents someone's financial history, what they've borrowed and if they have repaid.
If you are borrowing money, would you prefer a high or low interest rate? Explain.
Low, as you will end up paying less money in interest as you repay the borrowed money.
Fortnite is having a sale tomorrow but you really want a new skin today. Do you buy it today or wait for the sale?
What is, wait for the sale.
How much of your income should you spend on your wants?
What is 20%
Credit Unions offer services to manage your money. Name two services.
Savings account, checking account, loans, debit and credit cards, Certificates of Deposit
What is it called when you receive money with an agreement to repay it in future, usually with interest charged.
What is borrowing?
What is an "interest rate?"
The proportion of an amount loaned that a lender charges the borrower as interest, usually an annual percentage of the outstanding balance.
Your family's vehicle broke, and you need a new one, but you really want to go on vacation. Should you get a new vehicle or go on vacation?
What is, buy a new vehicle.
Now that you have a savings account, how will you be responsible with your account?
What is, don't overdraw the account, don't tell people your account number. Don't let other people use your account.
What is a type of financial product that allows people to save money for an emergency or goal?
What is a savings account
Giving a gift for charity, humanitarian aid, or to help a cause. Typically money, services, and goods such as clothing, toys, and food.
What is donating?
The formula for calculating simple interest.
What is interest= principal x rate x term