Module 1: Money Management

Which of the following is considered a need?

• a. a new car

• b. a clothes dryer

• c. a place to sleep

• d. lunch at a local restaurant

Which of the following factors can influence decisions? (Select all the apply)

• age

• values

• family

• peers

A value can be described as

• something basic for your survival

• something you desire to make your life more comfortable

• a willingness to give up something now in exchange for a future benefit

• a belief or idea you consider important or desirable

Autumn set a goal to buy a used car in the next few months. She plans to make a $3,000 down payment and has already saved $1,000. If she saves $250 each month, how long will it take her to buy the car?

• 6 months

• 7 months

• 8 months

• 10 months

Brynn wants to buy a new horse before she starts to compete in college rodeo. A friend at the stable agrees to sell her the horse for $5,000 in 8 months. This is an example of what type of goal?

• short-term

• medium-term

• long-term

• financial-term

In three months, Blake wants to buy two new display cases for his sneakers. Each case costs $300. How much will Blake need to save each month to reach his goal?

• $200

• $500

• $75

• $600

In six months, Aiden wants to pay off his truck. Half of the total cost was paid when he first bought it. The total cost was $3,600. How much will he need to save each month to pay off the balance owed?

• $100

• $200

• $300

• $1,800

Nate is an 11th grader who works a few hours on weekends carving bear sculptures. One day he asks his mom for money to buy a carbide-tipped saw chain. His mom replies, “Nate, what do you do with your paycheck money? You shouldn’t need to ask me for more money each week.” Nate decided to write down how he spent his money last week. He also listed money he received during the week. Look at his list and answer the questions below.

What was Nate's income during the week?

• $40

• $352

• $62

• $392

What was the total of Nate's expenses during the week?

• $386

• $392

• $324

• $176

Nate doesn’t want to ask his mom for money next week if he is short on cash. Select TWO ideas that would help Nate so he isn’t spending more than he is receiving.

• Create a budget to track expenses

• Work more hours to increase his income

• Spend more than he earns

• Rely on borrowing money