Finance Unbox-ED ($) - Grade 3-5 - Session 014 - Assessment 4

Select all the statements that are true

• Expenses on our needs are essential expenses
• Expenses on our wants are discretionary expenses
• Some items can be needs or wants depending on the context
• All of the above

One should balance their spends on needs and wants so that one is not spending only on needs or spending only on wants

• True
• False

Select all the statements that are true

• Instant gratification is our desire to have something now
• Instant gratification is important to achieve your long-term goals
• Instant gratification is our ability to do things fast
• Instant gratification is not good as it can come at the cost of our long-term goals

Select all the statements that are true

• Delayed gratification is the self control we need to resist temptation
• Delayed gratification is important to achieve your long-term goals
• Delayed gratification means we should take more time to do everything
• Delayed gratification can be challenging but is also highly rewarding

Instant gratification is one of the most important qualities of successful people

• True
• False

Which of the following are the reasons for us to save?

• Our future is uncertain and we could have unexpected expenses or events
• So we can invest and create wealth
• In order to buy high value items for which we do not have enough money now
• Build a retirement corpus for when we stop working

Select all the statements that are true

• Budget is a plan for how much of your income you want to save
• Budget is a plan for how you want to spend your time
• Budget is a plan for how much of your income you want to spend
• Budget is a plan for what you want to spend on

Budget is important because?

• Budget gives you a clear picture of your income, expenses and savings
• Budget helps you understand how much you are spending on needs vs wants
• Budget helps you find time to finish all your tasks
• Budget helps you save for long-term goals

Select the correct order for budget prioritization

• 1) Savings -> 2) Needs -> 3) Wants
• 1) Needs -> 2) Savings -> 3) Wants
• 1) Wants -> 2) Savings -> 3) Needs
• 1) Needs -> 2) Wants -> 3) Savings

One should try and save atleast what percentage of their income?

• 5%
• 10%
• 20%
• 40%