Saving & Budgeting
What is a savings goal?
A specific item, experience, or amount of money that you plan to save for.
What is a smart shopper?
Someone who plans purchases, compares prices, considers value, and avoids unnecessary impulse purchases.
Name one age-appropriate way a child could earn money.
Examples include completing paid chores, pet sitting, yard work, selling crafts, washing cars, or helping a neighbour with adult permission.
What is a donation?
Money, items, time, or other resources given to help a person, organization, or cause.
What is 10% of $10?
$1
Name two things someone might save up for.
Any two reasonable examples, such as a bike, trip, video game, gift, school supplies, or emergency.
True or false: If something is on sale, it is always a good deal.
False. It is only a good deal if you need or genuinely want it, can afford it, and the price is actually competitive.
What does the word “income” mean?
Money that a person earns or receives.
Why do people give money to charity?
To support people, causes, and communities that need help or that they care about.
Add $2.50 + $1.75 + $3.00.
$7.25
What does a budget help you do?
It helps you plan how to use your income for spending, saving, and giving without spending more than you have.
What is an impulse buy?
An unplanned purchase made quickly because of an urge, pressure, advertising, or excitement.
You earn $5 for washing a car and $10 for helping a neighbour. How much did you earn altogether?
$15.
How can giving help both the giver and the receiver?
The receiver gets needed support, while the giver may develop empathy, connection, purpose, gratitude, and stronger community relationships.
What is the total cost of two shirts that cost $8.50 each?
$17
What is the difference between a want and a need?
A need is something essential, while a want is something optional that you would like to have.
Why should you compare prices at two stores?
To find the best price or value and make a more informed spending decision.
Name a small business a child could start with adult support.
Examples include a lemonade stand, craft business, tutoring service, pet-care service, lawn-care service, or baked-goods stand.
What does volunteering mean?
Giving your time and effort to help others without being paid.
If sales tax is 5%, how much tax would be charged on a $20 item?
$1
You are saving for a bike, but your weekly allowance is suddenly reduced. What are three changes you could make to your budget without abandoning your goal?
An advertisement says: “Buy now! Today only! Everyone has one!” What techniques is the advertisement using, and what should a smart shopper do before buying?
The advertisement uses:
A smart shopper should:
A business earns money from selling products, but not all of that money is theirs to keep. What must be subtracted from the money earned to calculate profit?
The business must subtract its expenses or costs from its total income.
Income - expense = Profit
A class raises $120. They donate 25% to an animal shelter and spend $18 on supplies for a community project. How much money remains?
You wash three cars and charge $12 per car. Your supplies cost $8.50. What is your profit? If you save 40% of your profit, how much do you save?