đź’° Money
What is the difference between a need and a want?
A need is something necessary; a want is something you'd like to have but can live without.
What is a responsibility?
Something you are expected or required to take care of.
What should you identify before making a decision?
The problem, need, or goal.
What is a scam?
A dishonest scheme designed to trick someone into giving away money, information, or something of value.
A student wants a new phone even though their current phone works perfectly. Is the new phone automatically a need? Why or why not?
No. It may be a want unless there is a necessary reason the current phone cannot meet the need.
Which should usually come first when managing your money?
A. Spend money on wants
B. Pay for needs and responsibilities
C. Buy whatever is on sale
D. Spend your entire paycheck
B. Pay for needs and responsibilities
Which is the best example of planning for a future financial goal?
A. Spending all your money today
B. Saving money regularly toward the goal
C. Buying something because your friend has it
D. Ignoring the goal until you need the money
B. Saving money regularly toward the goal
Which is part of responsible decision making?
A. Choosing the first option
B. Considering your needs, wants, values, and priorities
C. Doing what everyone else does
D. Ignoring the consequences
B. Considering your needs, wants, values, and priorities
A company makes a false claim about a product in an advertisement.
What kind of consumer issue could this be?
A deceptive or misleading business practice.
You have $100 and want to spend all of it on new shoes.
Name TWO questions you should ask yourself before buying them.
Possible answers:
You have $50. You need $20 for something important, but you want a $45 video game.
What should you consider before buying the game?
Whether the purchase fits your needs, priorities, and available money.
Jordan wants to buy a $300 item in three months.
What is one smart step Jordan could take now?
Create a savings plan and set aside money regularly.
You have two choices. One costs less, but the other better meets your needs.
What should you do before deciding?
Compare the choices and consider your priorities and available resources.
You buy a product and it doesn't work as promised.
Who should you generally contact FIRST?
A. The company/seller
B. Your friends
C. Social media
D. A random website
A. The company/seller
A student sees a product online for 70% off and buys it immediately without researching it.
Which responsible consumer skill did they skip?
Gathering information/researching and comparing choices before purchasing.
You have limited money and several things you want to buy.
What should help you decide what gets your money first?
Your needs, priorities, values, and available resources.
A person has money for either a short-term want or a long-term goal.
What should they consider before deciding?
Their priorities, values, needs, wants, and the effect of the decision on their goal.
Why is it important to think about consequences before making a decision?
The decision can affect your resources, goals, needs, and future choices.
You receive a message saying:
“YOU WON $1,000! Send your Social Security number within 10 minutes to claim your prize!”
Name TWO red flags.
Unexpected prize, pressure/urgency, request for personal information, suspicious request.
A family needs a refrigerator. They find one that looks great and has every feature they want—but it is outside their budget.
What should they do?
Reconsider their priorities and compare other options that meet their needs and fit their available finances.
Explain why having money available does NOT automatically mean you should spend it.
Money may need to be saved or used for needs, responsibilities, goals, or future expenses.
Why can a decision that seems good today create a problem later?
It may use resources needed for future needs, responsibilities, or goals.
You want something badly, but buying it would prevent you from reaching an important goal.
What should a responsible decision maker do? Explain.
Consider the priority and consequences and decide whether the want is worth delaying or sacrificing the goal.
A refrigerator costs $800. Another costs $950 but uses less energy, has better reviews, and has a longer warranty.
Why shouldn't a responsible consumer automatically choose the $800 refrigerator?
Purchase price isn't the only factor; the consumer should consider quality, energy use, warranty, long-term costs, needs, and priorities.
A student has limited money and wants to buy an expensive item.
They've found two choices:
Explain how a responsible consumer should decide between the two.
Consider the budget, needs, quality, warranty, long-term costs, priorities, and consequences—not just the sticker price.