Personal Financial Literacy

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What is Personal Financial Literacy?

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Personal Financial Literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

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What is a 'need' in budgeting?

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A 'need' is an essential expense that must be paid for survival, such as housing, food, and healthcare.

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CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.1

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What is a 'want' in budgeting?

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A 'want' is a non-essential expense that enhances quality of life, such as entertainment, luxury items, and dining out.

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CCSS.RI.4.2

CCSS.RI.5.2

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.2

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What is gross income?

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Gross income is the total amount of money earned before any taxes or deductions are taken out.

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CCSS.7.RP.A.3

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What is net income?

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Net income is the amount of money left after all taxes and deductions have been taken from gross income.

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What is property tax?

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Property tax is a tax paid by property owners based on the value of their property.

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How do you calculate savings over time?

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To calculate savings over time, multiply the amount saved each week by the number of weeks.

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CCSS.7.EE.B.3

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If Pam saves $5 each week, how much will she have after 7 weeks?

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Pam will have $35 after saving $5 each week for 7 weeks.

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CCSS.3.OA.A.3

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What is the purpose of a budget?

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A budget helps individuals plan their spending and saving to ensure they can meet their financial goals.

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What is the difference between fixed and variable expenses?

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Fixed expenses are costs that do not change month to month, like rent, while variable expenses can fluctuate, like groceries.