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Section 1: Needs vs. Wants — Explain the difference between a need and a want. Give two examples of each and explain why they fit that category.

Section 1: Needs vs. Wants — Why is it important to correctly identify needs and wants when creating a personal budget?

Section 2: Budgeting — What is a budget, and how does it help someone manage their money?

Section 2: Budgeting — A student earns $1200 a month . Their expenses are: Phone $90; Transportation: $150; Food: $300; Entertainment: $250; Savings: $100. Identify one problem with this budget and explain how it could be improved.

Section 2: Budgeting — Describe one consequence of not following a budget over a long period of time.

Section 3: SMART Goals — What does the acronym SMART stand for in goal setting?

Section 3: SMART Goals — Write one financial SMART goal a high school student might set.

Section 4: Loans — What is a loan, and why do people use loans instead of paying cash?

Section 4: Loans — Explain the role of interest in a loan. Why do lenders charge interest?

Section 4: Loans — How can having a high interest rate affect the total amount paid back on a loan? Give an example.