Needs Vs Wants
Something you must have to live, like food or shelter.
NEED
What card lets you spend money directly from your bank account?
Debit Card
Borrowing money that must be paid back later is called what?
Credit
What is a plan for how to spend and save your money called?
Budget
What account do you use to save money?
Which is a need: designer sneakers or groceries?
Want
What happens when you spend more money than you have in your bank account?
Overdraft
Name one major credit bureau in the United States.
Experian
A store lowering prices to attract buyers is called what?
Sale
What is money saved for emergencies called?
Emergency Funds
A student has $100 to spend this week. They need to buy lunch for school ($35) and pay for a bus pass to get to school ($25). They also want to buy a new video game for $60. If they want to stay within their budget, which purchase should they prioritize and why?
The student should prioritize lunch ($35) and the bus pass ($25) because they are needs required for school and daily living. The video game ($60) is a want and should be postponed if there is not enough money left in the budget.
You have $120 in your bank account. You use your debit card to buy shoes for $135. Your bank allows the purchase to go through but charges an overdraft fee of $35. What will your bank account balance be after the purchase and fee?
Amount spent: $135
Money in account: $120
Overspent amount:
$135 − $120 = $15
Add overdraft fee: $35
Total negative balance:
$15 + $35 = $50
Correct Answer: Your account balance will be –$50.
What number shows how trustworthy you are with borrowing money?
Credit Score
What is it called when you compare prices before buying something?
COMPARISON SHOPPING
If you save $13 each week for 10 weeks, how much will you have?
130
A student earns $200 from a part-time job. They spend $80 on groceries, $60 on new shoes that are not needed for school or work, and $40 on a phone bill. Which of these expenses are needs, and which is a want?
Needs: Groceries ($80) and Phone Bill ($40) – essential for basic living and communication
Want: New Shoes ($60) – not necessary if the student already has usable shoes
Question:
What type of bank account lets you deposit money and earn interest, but requires you to keep the money in the account for a set period of time such as 6 months, 1 year, or 5 years?
Certificate of Deposit
What is the name of the number between 300 and 850 that lenders use to decide if they will give you a loan or credit card?
Credit Score
What is it called when an item scans at a higher price at the register, but you show the cashier that it was advertised or labeled cheaper?
Price Matching
Maria earns $150 per week from a part-time job. She decides to follow the rule of saving 20% of her income each week. After 10 weeks, how much money will Maria have saved?
Calculate 20% of $150
20% × 150 = $30
Maria saves $30 per week
Multiply by 10 weeks
$30 × 10 = $300
Correct Answer: Maria will save $300 after 10 weeks.
Name two major credit bureaus
Transuion & Equifax
If you wait 24 hours before buying something to make sure you really need it and to avoid impulse buying, what smart spending strategy are you using?
The 24-Hour Rule
What type of bank account lets you deposit money and earn interest, but requires you to keep the money in the account for a set period of time such as 6 months, 1 year, or 5 years?
Certificate of Deposit