Money Management Basics

What is a budget?

• A plan for spending and saving money

• A type of bank account

• A shopping list

• A type of loan

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Which of the following is a need?

• A new video game

• Food

• A toy

• A movie ticket

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What is the first step in creating a budget?

• Buying new clothes

• Listing your income and expenses

• Going on a vacation

• Borrowing money

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Why is it important to save money?

• To buy more candy

• To have money for future needs and emergencies

• To spend it all at once

• To give it all away

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Which of the following is a want?

• Water

• Shelter

• A new bicycle

• Clothing

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What is a financial goal?

• A plan to spend all your money

• A plan to achieve something with your money

• A plan to borrow money

• A plan to avoid saving

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Which of the following is a common money mistake?

• Saving regularly

• Spending more than you earn

• Making a budget

• Setting financial goals

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What should you do if you want to save money on groceries?

• Buy only brand-name products

• Make a shopping list and stick to it

• Shop without a plan

• Buy everything you see

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Which of the following is an example of a short-term financial goal?

• Saving for retirement

• Saving for a new toy

• Buying a house

• Paying off a mortgage

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What is the difference between needs and wants?

• Needs are things you can live without; wants are things you must have

• Needs are things you must have; wants are things you can live without

• Needs and wants are the same

• Needs are always more expensive than wants

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DOK Level 1: Recall