Budgeting
Saving
About Money
Consumer Skills
Other
100

Can budgeting be used for a short term goal?

Yes.

100

What’s the difference between a “want” and a “need”?

A need is something necessary to live and function. A want is something that can improve your quality of life.

100
Name 3 kinds of taxes.

Income tax; sales tax; property tax...

100

What do you use to save money when shopping in a store?

Discount code or coupon

100

What is bartering?

Trade for goods and services with other goods and services.

200

When calculating income for a budget, what needs to be taken into account?

Taxes and deductions.

200

Give 2 examples of a long term saving goal.

Retirement, house payment, college tuition, ...

200

What is exchange rate?

An exchange rate is a relative price of one currency expressed in terms of another currency.

200

When you go to a store to buy a game, is the display price the final price you pay?  What's the extra?

No.  Taxes.

200

Name 3 things that your parents pay monthly at your house.

Mortgage, electricity bill, water bill, gas, grocery, restaurants, etc.

300

List 1 thing you need to know before you start a budget.

Income, needs and wants, savings goal

300

When should you start saving money?

Now, or as early as you can

300

Name 2 types of currencies, beside US Dollars.

Canadian dollars, Pesos, Pounds, Euros, Japanese Yen, Chinese RMB, etc.

300

What's the difference between Buy 1 get 1 Free and 50% off on 1?

Buy 1 get 1 Free, you will get 2 products. A 50% off coupon is used on 1 item.

300

If you have an extra $500 coming in, what's a good way to spend it?

Save a portion of it, give some to charity, then spend some.

400

Why is budgeting important?

Keep us from overspending money, help us save for, and plan for events in our lives or emergency situations.

400

Can your money grow in the bank?  How?

Yes.  By earning interest.

400

What is personal finance?

Personal Finance is the process of managing your earnings & expenses, saving money, and investing for the future.

400

Do ads influence our buying decisions?  Where do these ads come from?

YES!  Ads can come from social media, influencers, TV, billboards, and many other places to try to influence our buying decision!

400

What are the ways that you can make your money grow?

Savings account, stocks, bonds, etc.

500

What's the recommended rule when it comes to Needs, Wants, and Savings?

50/30/20

500

Why is one reason why saving money important?

To be financially independent, in case of emergency, or to buy items in the future.
500

Can you and your friend have fun without spending a lot of money? Name 2 things you can do.

Playing ball in the park, going to a friend's house to play a board game, having a baking party (maybe selling the products you made), etc.

500

What's it called when you shop around different stores for the same item?

Comparison shopping

500

Why is it important to learn about money at a young age?

The younger you start to learn, the easier it is to master it when you grow older.