Week 21 Quiz

What is considered a basic human need for survival?

• Toys

• Video games

• Designer clothes

• Food

What is the main difference between a ‘need’ and a ‘want’?

• Wants are easier to get than needs

• Needs are always free, wants are always expensive

• Needs are only for adults

• Needs are essential for survival, wants are desired

You have limited allowance. You need new shoes for school, but want a new video game. What should you buy first?

• The video game

• The new shoes

• Half of both items

• Ask for more money

How can distinguishing between needs and wants help you with your money?

• It stops you from buying anything

• It helps you save hundreds of dollars each year

• It helps you spend more money

• It makes you buy only wants

Two articles give conflicting advice on whether to save all your allowance or spend some. What should you do to make the best decision?

• Compare the reasoning in both articles and decide what fits your goals

• Ignore both articles and do what your friends do

• Follow the article that says to spend it all

• Average the advice from both articles

When spending your allowance, what is a smart thing to consider?

• If the item is a need or a want

• How much your friends have

• How quickly you can spend it all

• The newest popular item

What does ‘smart money’ refer to in financial terms?

• Lending money to friends

• Spending money quickly

• Making informed and wise financial decisions

• Having lots of money

What does ‘comparison shopping’ mean?

• Always buying the most expensive item

• Evaluating different products to find the best deal

• Shopping only online

• Buying the first thing you see

What is a benefit of comparison shopping?

• It only works for big purchases

• It ensures you get value for your money

• It always costs more money

• It makes you buy faster

What is a basic consumer right regarding product safety?

• The right to purchase products that won’t cause harm

• The right to complain about everything

• The right to buy unsafe products

• The right to free products