Wants, Needs, and Money Management Quiz

What is the difference between things that you want and things that you need?

• Wants are things you must have, needs are things you can do without.

• Wants are things you would like to have, needs are things you must have.

• Wants are things you must have, needs are things you want.

• Wants and needs are the same.

How can you keep track of where your money goes?

• By guessing

• By keeping an expense record

• By asking a friend

• By saving all your money

What are your expenses?

• The money you receive

• The money you save

• The money you pay

• The money you borrow

What can you do with the money left after paying expenses?

• Spend it all

• Save it

• Give it away

• Ignore it

What can you use to decide how much to save each month for something costly?

• A shopping list

• A savings plan

• A calendar

• A wish list

Money you earn for working, or receive from investments or other sources, is called what?

• Expense

• Income

• Savings

• Wants

When you spend money on something that you need or want, you are paying an what?

• Income

• Expense

• Savings

• Utility

What changes from week to week or month to month?

• Fixed expenses

• Variable expenses

• Income

• Needs

Things you would like but can do without are called what?

• Needs

• Wants

• Utilities

• Expenses

Services such as electricity, gas, and water are called what?

• Needs

• Utilities

• Wants

• Savings