Financial Literacy

​Financial Literacy
Secondary Two
2023

Let's review your understanding!

Needs & Wants

Multiple Choice

In which scenario will heavy, warm clothing be a true need?

• As a parting gift for someone moving to Malaysia.

• In a town with constantly cold and snowy climate.

• Following a fashion trend to wear thick clothing in a sunny climate.

• Purchases made during a closing down sale.

Multiple Select

Tanya's invited to go to a 3-night camp with her cousins at Pulau Ubin. She can only bring 1 backpack for the trip.

Select the items that she will need for the camp.

• Coffee maker

• Medications

• Sleeping bag

• Toothbrush & toothpaste

• Pocket knife

Multiple Choice

Melvin is going to buy the latest pair sneakers to add on to his growing collection.

Does he need or want a new pair of sneakers?

• Need

• Want

Multiple Choice

Shelby is eating a bowl of oats for breakfast before school.

Does she need or want to eat breakfast?

• Need

• Want

Multiple Choice

Tiffany have outgrown her school uniform.

Does Tiffany need or want a new set of school uniform?

• Need

• Want

Different method of payment

Multiple Select

Identify the various buy now, pay later options in Singapore.

• Atome

• Paynow

• Pace

• Fave

Payments for something, spread over an agreed period of time.

​What is an installment?

Lets you make a purchase and receive it immediately but pay for it at a later time. Usually over a series of installments.

What is it?

1) Buy now, Pay Later

Multiple Select

Choose the statements that best describe the term payment.

• • Payment is the transfer of money or goods and services in exchange for a product or service.

• • Payments are typically made after the terms have been agreed upon by all parties involved.

• • Modern methods of payment types leverage the Internet and digital platforms.

• Payment are not required after goods or services have been provided.

Multiple Choice

Mona has $10 a day to spend on groceries for breakfast, lunch and dinner.

What groceries can Mona purchase so as to not be hungry?

• Bagels, $4 for 3 pieces

  Frozen waffles, $4 for 6 pieces

  Fresh melon, $4

• Mixed fruit salad, $1

  Pre-made wrap, $2 for 3 pieces

  Frozen nuggets, $4 for 15 pieces

  Tofu, $2 for 6 pieces

• 1/4 Roasted chicken, $6

  Pepperoni pizza, $9 for 2 slices

• Ice-cream cake, $8 per pack

  Tortilla & Cheese, $4

Multiple Choice

Credit payments create the potential to overextend credit and incur unpayable debt.

• True

• False

 Credit cards work by offering its user a line of where where an individual can draw credit up to a certain limit.

​

​Credit Payment

Multiple Select

Identify the advantages of using credit cards as a method of payment.

• It is easier to carry a single plastic card as opposed to cash.

• • Produce opportunities through rewards.

• • Charge high interest on unpaid balances

• Charge processing fees.

​To support a cashless lifestyle and payees receive funds faster than other methods

Online Funds Transfer

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Pay Anyone

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​​Paylah

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​​Paynow

​Online funds transfer services that allow you to make payments, complete purchases and send money online. 

Easy to carry, widely accepted by many merchants, and has varying levels of fraud protection. 

​The Cons

When a debit card is used, funds are immediately withdrawn from an individual's account.

What is a Debit Card?

Multiple Choice

Debit card transactions can be declined if you do not have enough money in your account.

• True

• False

Multiple Choice

Which of the following method of payment eliminates the need for access to the Internet or technology?

• Cash

• Credit

• Debit

• Mobile phones

Budgeting

Multiple Select

Which of the following expenses should go into a budget first?

• Dining out

• Movies

• Transport allowances

• School fees

• Utility Bills

Multiple Select

Identify the various source of income.

• Bus fare

• Monetary gifts

• Salary from jobs

• Financial assistance

Multiple Choice

Maylin lives in a boarding house and settles her own meals.

What can Maylin buy to eat for $7 a day?

• Fast Food Fish and Chips, $5.00

  Turkey Burger, $4.00

• Toast, $1.00

  Frozen pasta. $2.00

  Grilled tofu, $2.00

  Vegetable wrap, $2.00

• Turkey bacon omelet, $3.00

  Salmon quiche, $3.00

  Cinnamon roll, $2.00

• Chicken chop, $3.00

  Laksa w prawns, $5.00

Poll

Rate the usefulness of this advise given on the video.

1 - Useful

2 - Quite useful

3- Very useful

4 - Extremely useful

• 1 - Useful

• 2 - Quite useful

• 3- Very useful

• 4 - Extremely useful