Friday: Economics: Saving Money, Budget, & Banks Quiz

Read the scenario and tell whether each purchase is a need or a want.

Example: Your socks are worn out, so you go to the store to buy new ones. Example: It is a need because socks are clothes.

1) You are sick so your mother goes to the drug store to buy cold medicine.

• Need

• Want

Read the scenario and tell whether each purchase is a need or a want.

Example: Your socks are worn out, so you go to the store to buy new ones. Example: It is a need because socks are clothes.

2) Your father's birthday is coming up. You buy him tickets to a football game to give him as a gift.

• Need

• Want

Should Lisa save her money or spend her money?

• Save money

• Spend Money

• Save money

• Spend money

Taking OUT money from the bank is called ___________________.

• Save

• Deposit

• Spend

• Withdrawal

Putting money in the bank is called ___________________________.

• Spend

• Save

• Withdrawal

• Deposit

NOT using your money is called _______________________.

• Saving

• Spending

• Withdrawal

• Deposit

Using your money to buy something is called ____________________________.

• Saving

• Spending

• Deposit

• Withdrawal

Lisa decides to set up a lemonade stand to earn money for a bike that she wants to buy. If Lisa does not spend any of her earnings then what is she doing with her money?

• Saving money

• Spending money

John has three dollars to spend. Which could he buy?

• Milk, chips, and a muffin

• Lobster

• Lemonade and a sandwich

• Chips and a muffin