Personal Finance Review

Damion and his older brother were the first ones in line for the new Iphone. Only the first 25 people in line could get the phone. How were the phones allocated?

• Force

• Sharing

• First come, first served

How are goods in a grocery store allocated (deciding how to sell them)?

• price

• force

• contests

 A majority of Jalyn’s classmates voted for her to be class president. How were the votes allocated (decided)?

• lottery

• majority rule

• first come, first served

What is one benefit of saving money?

• buying something now

• having more money later

• giving away a lot of money

What is one benefit of spending money?

• It is fun to buy new things

• It is boring to buy new things

• It takes a long time to spend money

What is one benefit to using money instead of bartering?

• Money is used by everyone to buy goods

• money is hard to use to buy goods

• money is hard to find

Mitch needed a pencil for math. Sergio needed a glue stick. Sergio gave Mitch a pencil, and Mitch gave Sergio a glue stick.”

Which of the following best describes what happened between Mitch and Sergio?

• they bartered for the items they needed

• they borrowed the items they needed

• they paid for the items they needed

What does it mean to “barter” with a friend?

• to trade with your friend

• to sell something to your friend

• to buy something from your friend

What do people use money for?

• to buy goods

• to sell goods

• to barter goods

What is one benefit of using money in our economy?

• money stops us from spending

• money helps us barter with each other

• money lets us know how much items cost