Match Needs, Wants, and Savings Goals

Match the following item to its category: Netflix

• Needs

• Wants

• Saving Goals

Answer explanation

Netflix is a subscription service for entertainment, which is considered a luxury rather than a necessity. Therefore, it falls under the category of 'Wants'.

Match the following item to its category: Retirement

• Needs

• Wants

• Saving Goals

Answer explanation

Retirement is primarily a financial goal that requires planning and saving, making it a 'Saving Goal'. It is not merely a need or a want, but a specific objective to ensure financial security in later years.

Match the following item to its category: Dining Out

• Needs

• Wants

• Saving Goals

Answer explanation

Dining out is considered a 'want' because it is a discretionary expense, not a necessity for survival. While it can enhance quality of life, it is not essential like basic needs such as food and shelter.

Match the following item to its category: Rent

• Needs

• Wants

• Saving Goals

Answer explanation

Rent is a necessary expense for housing, making it a 'Need'. Unlike wants or saving goals, it is essential for basic living conditions.

Match the following item to its category: Emergency Fund

• Needs

• Wants

• Saving Goals

Answer explanation

An Emergency Fund is a financial safety net for unexpected expenses, making it a key component of saving goals rather than a need or want. Thus, it fits best under 'Saving Goals'.

Match the following item to its category: Groceries

• Needs

• Wants

• Saving Goals

Answer explanation

Groceries are essential items needed for daily living, making them a necessity rather than a luxury. Therefore, they fall under the category of 'Needs'.

Match the following item to its category: Health Insurance

• Needs

• Wants

• Saving Goals

Answer explanation

Health insurance is essential for managing medical expenses and ensuring access to healthcare, making it a necessity rather than a luxury. Therefore, it falls under the category of 'Needs'.

Match the following item to its category: New Car

• Needs

• Wants

• Saving Goals

Answer explanation

A new car is typically considered a saving goal because it requires financial planning and saving over time, rather than being an immediate need or a simple want.

Match the following item to its category: Gym Membership

• Needs

• Wants

• Saving Goals

Answer explanation

A gym membership is considered a 'want' because it is not a basic necessity for survival, but rather a desire for fitness and leisure activities.

Match the following item to its category: Internet Bill

• Saving Goals

• Wants

• Needs

Answer explanation

The Internet Bill is a necessary expense for accessing online services, making it a 'Need' rather than a 'Want' or a 'Saving Goal'. It is essential for communication and information in today's digital age.