Distinguishing Between Needs and Wants

The video tutorial discusses the difference between needs and wants, emphasizing the importance of prioritizing needs over wants to save money effectively. It illustrates this concept through the story of Jimmy and Alex, two friends who have different approaches to saving their allowance. While Alex spends his money on daily treats, Jimmy saves his, allowing him to purchase a bike by the end of the year. The video concludes with a suggestion to save for future needs and acknowledges the sponsors.

What is a basic need required for survival?

• Video game

• MP3 player

• Water

• Pizza

Which item is considered a want rather than a need?

• Clothes

• Shelter

• Candy bar

• Food

What are Jimmy and Alex planning to save money for?

• A candy bar

• College tuition

• A bike

• A new videogame

What does Alex buy every day on the way to school?

• A soda and a candy bar

• A bike

• A pizza

• A book

How much did Alex spend in total on soda and candy bars over the year?

• $730

• $1000

• $500

• $300

What was Jimmy able to purchase because he saved his money?

• A candy bar

• A new bike

• A videogame

• A pizza

What did Jimmy's parents suggest he do with his extra money?

• Buy a videogame

• Spend it on candy

• Donate it

• Put it in a savings account

What future needs might Jimmy save for now?

• A new bike

• A car or college tuition

• More candy bars

• A videogame console

What is the source of funding for the video tutorial?

• A local school

• The Pennsylvania Credit Union Foundation

• A state government

• A private company