facs money day 1

What is the definition of a "need"?

• Something you would like to have but is not necessary

• A plan for spending money

• Things you need to survive

• The money you earn

Which of the following is an example of a "want"?

• Food

• Water

• New video game

• Shelter

What is a budget?

• A list of things you want

• A plan for our money made up of income and expenses

• A type of tax

• A way to compare prices

Which of the following is considered income?

• Rent

• Insurance

• Paycheck

• Shopping

What is an example of an expense?

• Birthday money

• Paycheck

• Allowance

• Rent

What is the goal of a balanced budget?

• To spend more than you earn

• To save all your money

• To ensure expenses do not exceed income

• To buy everything you want

What does "opportunity cost" refer to?

• The cost of an opportunity

• The next best alternative given up by making a decision

• The price of a product

• The amount of tax paid

Why is it important to consider your source when researching a product?

• To find the cheapest price

• To ensure the information is unbiased and accurate

• To buy the most popular item

• To avoid paying taxes

What is comparison shopping?

• Buying the first product you see

• Comparing prices at different stores

• Shopping without a budget

• Buying the most expensive item

What is sales tax?

• A discount on products

• The tax you pay when purchasing an item

• A fee for using a credit card

• A reward for buying in bulk