Money Basics
What do we use to buy things we need or want?
Money
What is it called when you work and get paid?
Earning money/wage/salary
What does saving money mean?
Keeping money instead of spending it
Is food a need or a want?
A need
What is a budget?
A plan for how to use your money
In Canada, what are two forms money can come in?
Bills and coins
What is one way youth can earn money.
Babysitting, yard work, or a part-time job
Why is saving important?
It helps reach future goals
Is a video game a need or a want?
A want
What does income mean?
Money coming in or money you earn
What do we call money stored in a bank app or online?
Digital money
What is money given regularly by parents called?
Allowance
What helps you stay motivated to save?
A savings goal
What do we call things we must have to live?
Needs
What are expenses?
Money going out
Why do people accept money when buying things?
Because it has agreed-upon value
What is it called when you sell things you make?
Running a small business
What happens when you save small amounts over time?
It adds up
What are extras that are nice but not required called?
Wants
What rule divides money into needs, wants, and savings?
The 50/30/20 rule
What is money mainly used for in society?
Buying goods and services
What is turning your skills into a way to make money called?
Entrepreneurship
In the example story, what was the moral of the story
Save for a rainy day
Why is it important to know the difference?
It helps you make better spending choices
If you had $100 using the 50/30/20 rule, how much might go to savings?
$20