Financial Literacy

Money management isn’t something you figured out when you start working full time, it’s something you actually have to learn

• True

• False

______________________ is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. It's important because it equips us with the knowledge and skills we need to manage money effectively.

• Computer Literacy

• Information Literacy

• Financial Literacy

The cost we pay when we give up something to get something else, a tradeoff. Example: Giving up going to see a movie to study for a test in order to get a good grade.

• Opportunity Cost

• Economic Cost

• Fixed Cost

A goal that can be achieved in a short amount of time; it may take a few days, weeks, or a month or two.

• Long-Term Goal

• Intermediate Goal

• Short-Term Goal

A goal that can be achieved in a longer amount of time; it can take many months, years or even an entire lifetime

• Long-Term Goal

• Intermediate Goal

• Short-Term Goal

"Pay Your Self First" means...

• Pay your bills first and if you have any money left over, put it into savings.

• Putting money into savings first, even if it's a small amount, before paying your bills or buying new clothes, etc.

• Paying for that item you've been wanting first (video game, clothes, or sneakers).

Why do we need to pay taxes to the government?

• Provide free, quality education from grades K-12

• Build and maintain highways, roads and bridges

• Support common resources such as police and firefighters

• Fund public places, like libraries and parks.

• All of the above.

How old do you have to be to work in New Jersey?

• 12

• 14

• 16

• 18

Gross pay is the amount of money you made before any taxes and deductions are taken out. Net pay is the actual amount of money you receive in your paycheck and can spend.

• True

• False

A spending plan based on income and expenses. In other words, it's an estimate of how much money you'll make and spend over a certain period of time, such as a month or year.

• Contingency Plan

• Credit Card Statement

• Bankruptcy

• Budget