Money Master!

What is an example of a source of income for a student?

• Buying snacks

• Weekly allowance

• Doing homework

Answer explanation

Income is money you receive, such as a weekly allowance from parents.

Which of the following is considered a "need"?

• Fancy sneakers

• Movie tickets

• School supplies

Answer explanation

Needs are essential items required for daily life, like school supplies for studying.

If you want to save RM100 for a new bicycle in 5 months, how much should you save each month?

• RM20

• RM10

• RM25

Answer explanation

Divide the total amount (RM100) by the number of months (5) to find the monthly saving amount.

What should you do first when creating a personal spending plan?

• Spend on needs

• Calculate your total monthly income

• Set financial goals

Answer explanation

Knowing your total income helps you understand how much money you have to plan with.

You receive RM30 for your birthday. How should you categorize this money?

• As an income

• As a want

• As an expense

Answer explanation

Money received, such as birthday gifts, is considered income.

You spend RM10 a week on snacks and want to save RM40 in 4 weeks. What should you do?

• Spend more on other wants

• Stop buying snacks and save the money

• Ignore your saving goal

Answer explanation

To save RM40 in 4 weeks, redirect the money spent on snacks towards savings.

Why is it important to differentiate between needs and wants?

• To spend all your money on wants

• To buy more expensive things

• To prioritize spending on essential items

Answer explanation

Differentiating needs from wants helps ensure that essential expenses are covered before spending on non-essential items.