Exploring Needs vs. Wants in Financial Literacy

What are the three basic necessities mentioned for survival?

• Water, Clothes, Medicine

• Food, Clothes, Shelter

• Food, Medicine, Internet

• Food, Water, Shelter

Can a need also be a want at the same time?

• Yes, depending on the situation

• No, they are always distinct

• Only in financial terms

• Never, it's a strict rule

Why might adults refuse to buy something even if it's affordable?

• Preference for saving

• They never want anything

• Lack of need

• Other financial responsibilities

What is the 'FIRM factor' mentioned in the video?

• Fuel, Investment, Rental, Marketing

• Finance, Insurance, Rental, Mortgage

• Fuel, Insurance, Repairs, Maintenance

• Food, Insurance, Repairs, Maintenance

What did Judith Levine avoid buying for a year?

• Only food and medicine

• Everything but necessities

• Anything unnecessary

• Only luxuries

How much money did Judith Levine save by not spending on wants?

• $5,000

• $12,000

• $8,000

• $10,000

How did Judith Levine describe her change after spending only on necessities?

• More focused on community

• Felt restricted and unhappy

• No change was noticed

• Became more self-centered

What influences your spending habits according to the video?

• Media and personal values

• Only advertisements

• All of the above

• Family and friends

What is the main reason marketers target the youth?

• Lack of experience

• Influence over family purchases

• Ease of persuasion

• Higher spending power

What percentage of people check online reviews before making a purchase?

• 84%

• 75%

• 68%

• 50%