240522 video Understanding Needs, Wants, and Financial Literacy

What is the primary focus of financial literacy as discussed in the video?

• Understanding global economics

• Learning about stock markets

• Distinguishing between needs and wants

• Studying mathematical finance

Which of the following is considered a need?

• Video games

• Basic clothing

• Expensive sneakers

• Toys

Why is it important to understand the difference between needs and wants?

• To become a financial advisor

• To impress friends

• To make better financial decisions

• To pass school exams

What does 'opportunity cost' refer to?

• The cost of an item in opportunity dollars

• The benefit of the option not chosen

• The cost of the next best alternative foregone

• The financial impact of buying an item

What dilemma does Frankie face in the video?

• Choosing between buying a book or a pen

• Deciding between rollerblades on sale or going to a movie

• Selecting between two types of sneakers

• Deciding on spending all her money or saving some

What should Frankie consider when making her decision?

• The weather on Friday

• Her physical health

• Her academic performance

• The opportunity cost of her choices

What is the consequence of Frankie choosing to go to the movie?

• She can buy the rollerblades later

• She misses the sale on rollerblades

• She will have extra money left

• She will be happier

What can be inferred about Frankie's financial situation?

• She needs to budget her money

• She is financially independent

• She has unlimited funds

• She relies solely on her grandmother

What is a practical way to make a decision between two wants?

• Flipping a coin

• Making a list of pros and cons

• Asking a friend

• Ignoring the costs

What is the final advice given for practicing financial literacy?

• Keep learning and practicing

• Ignore financial advice

• Invest all your money

• Spend quickly and save later