Wonders Unit 1 Week 1 Vocab 5th Grade

Front

What is the meaning of 'risk'?

Back

Risk refers to the possibility of loss or injury, especially when taking a chance, such as firefighters entering a burning building.

Front

What are 'wages'?

Back

Wages are payments received for work done, typically calculated on an hourly, daily, or piecework basis.

Front

What is a 'loan'?

Back

A loan is a sum of money that is borrowed and is expected to be paid back with interest.

Front

What does 'profit' mean?

Back

Profit is the financial gain made after all expenses are subtracted from total revenue, such as the money made from a lemonade stand.

Front

What does it mean to 'afford' something?

Back

To afford something means to have enough money to be able to buy it.

Front

What is the relationship between risk and reward?

Back

Higher risks often come with the potential for higher rewards, while lower risks typically offer lower rewards.

Front

How can wages impact a person's lifestyle?

Back

Wages determine how much money a person earns, which affects their ability to afford necessities and luxuries.

Front

What is an example of a situation where someone might take a risk?

Back

A firefighter entering a burning building is taking a risk to save lives.

Front

What is the difference between profit and loss?

Back

Profit is the money earned after expenses, while loss is the amount by which expenses exceed income.

Front

Why might someone ask for a loan?

Back

Someone might ask for a loan to cover expenses they cannot afford upfront, such as buying a car or paying for education.