profit and loss

Which is a way to earn money?

• walk your neighbor's dog

• buy a new softball bat

• save money in a bank

• buy two CD's for $20

Which is NOT a way to spend money?

• buy your own lunch in your school cafeteria

• give your brother $20 for his birthday

• run errands for your older neighbors

• donate $5 a week to your church offering

Which three columns are important to have on a budget?

• Wants, needs, and supplies

• income spending and saving

• softballs, bats and gloves

• week 1, week 2 an week 3

What is a need?

• A need is something you would like but can live without.

• a need is a plan that shows income, spending and saving.

• a need is the amount of money a person uses each day.

• a need is something that person must have to live.

Which of the following is an example of a want?

• a softball bat

• fresh water

• food to eat

• a place to live

Which is an example of an economic choice?

• Robin chooses to buy a softball bat instead of two CD's.

• Robin chooses to sit by her sister at lunch instead of by her friends.

• Robin chooses to play softball instead of basketball.

• Robin chooses to eat chicken nuggets instead of a hamburger at lunch.

Why did Robin make a chart about softball bats?

• to give to the owner of the sporting goods store

• to help her decide which one she should buy

• to show her farther how to make a chart

• to prepare for her test on softball bats

What was Robin's opportunity cost when she bought the softball bat?

• a softball

• ten bats

• two CD's

• a T-ball bat

Suppose that your mother buys a pair of shoes of a jacket. What is her opportunity cost?

• a pair of shoes

• a pair of socks

• the jacket

• two CD's

Which is a good that a sporting goods store might sell?

• a softball bat

• baseball lessons

• umpire for games

• people to sew uniforms