Financial Lit for 6th Grade Lesson 1

Opportunity costs exist because

• money is limited

• of inflation

• banks charge interest on borrowed money

• needs and wants are basically the same things

Mark ALL of the items below that would be needs

• video games

• shelter/housing

• food

• a new car

Mark ALL of the items below that would wants.

• Water

• Food

• Air Jordans

• a new iPhone

Shelly has correctly organized her budget into needs and wants. She has put her school supplies and a backpack into the needs category. She has put a new iPad into her wants category. But she's not sure where to put the cost of a ticket to the first school dance. Where should that go?

(a)  

From the EdPuzzle you watched for your Bell Ringer today, 21 Savage says his first tip for personal finance is to

• make as much money as you can

• wait until you are rich to worry about a budget

• list all your incomes and expenses

• only buy things that are on a sale

From the EdPuzzle you watched as your Bell Ringer today, 21 Savage says you shouldn't focus on what little you have but _____

• focus on making more money

• ask other people to pay your bills

• only pay bills when you absolutely have to

• quit your job if you are not getting paid enough

From the EdPuzzle you did today for your Bell Ringer activity, 21 Savage's last tip is to make sure your have something where you money is making money. What does this mean?

• don't use US dollars but instead use bitcoin

• keep all your savings in your house instead of a bank

• put your money in savings and investing so you can get interest and investment returns

• give your money a job and tell it not to be so lazy!

When is the right time to start with a personal budget?

• after you turn 21 or finish college

• whenever you have income and/or expenses

• after you are married and/or have children

• when you're old