WorksheetsFinancial Literacy: Lesson 2 Needs and Wants
Total questions: 1
Worksheet time: 15mins
1-10.
Answer the questions below after watching the video
Which of the following is an example of a need?
A smartphone
Food
A pair of designer shoes
A new video game
What is a want?
Something necessary for survival
Something fun but not essential
Something you must have
Something you cannot live without
What is opportunity cost?
The cost of the option you chose
The cost of the cheapest option
The total cost of all options
The cost of the option you did not choose
How much did Frankie earn from mowing lawns and running a lemonade stand?
$20
$85
$65
$45
What is the opportunity cost if Frankie chooses to go to the movie?
Spending all her money
Not having enough for popcorn
Missing out on the movie
Missing out on the rollerblades sale
What should Frankie consider when making her decision?
The pros and cons of each option
How much money she has
What her friends think
What her parents want
What is the cost of the movie, popcorn, and soda?
$10
$20
$40
$30
What advice is given for making financially responsible decisions?
Spend all your money
Make a list of pros and cons
Ask your friends for advice
Always choose the cheaper option
Where can you find more resources and solutions for teachers and homeschoolers?
schoolresources.net
financeforkids.com
teachandlearn.org
learnbrite.org
Why is it important to understand the difference between needs and wants?
To make better financial decisions
To save more money
To avoid buying anything
To impress friends
