Financial Decision Making Review

Needs are things ____.

Wants are things we'd ____ but don't have to have.

When people choose how to spend their money, they should first buy ______.

• demands

• needs

• wants

Which of these is a need for a sick person?

• Medicine

• Ice Cream

• Lettuce and Apples

Choose the words in the correct order to make the sentence true:

People often ______ much more than they ______.

• need, spend

• buy, spend

• want, need

• need, want

_____ is a great way to ensure that you are able to get the things that are most important to you.

• Prioritizing

• Spending

• Wasting

• Dreaming

Nicole is 11. She says she likes to save her money for "something big or expensive to have for fun, that won't go into my 'not important' pile. Something I will use often and be glad I have."

Does Nicole prefer to save her money for Needs or Wants?

• Needs

• Wants

Answer explanation

Wants are things that are nice to have, but not needed to live.

If you have limited means, you ____.

• have too much money

• spend too much money

• save to much money

• don't have that much money

When you must give something up in order to get something else, it is called _____.

• limited means

• an opportunity cost

• a need

• adulthood