Which of the following would be considered a want rather than a need for most people?
Warm clothes in the winter,
A place to live,
A smartphone,
Nutritious food
Personal Finance - Everfi Future Smart

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Business
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8th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A smartphone
2.
FLASHCARD QUESTION
Front
What is an opportunity cost?
Back
The trade-off of making one choice and giving up a different choice.
3.
FLASHCARD QUESTION
Front
You are creating a budget for your new business. What should you include?
Back
All income and expenses
4.
FLASHCARD QUESTION
Front
Which of the following is a variable expense for many adults?
- Their monthly cost of eating out at restaurants
- Their monthly rent payment
- The monthly payment on their car loan
- Their monthly payment for health insurance
Back
Their monthly cost of eating out at restaurants
5.
FLASHCARD QUESTION
Front
Your friend’s parents are worried about going over their budget for the month. Which expense would you suggest is NOT a need? Options: Rent payment, Car insurance, Cable service, Groceries
Back
Cable service
6.
FLASHCARD QUESTION
Front
If you know the unit prices of two different brands of an item, you are better able to:
Back
Compare the prices of the two brands
7.
FLASHCARD QUESTION
Front
You received $50 as a birthday gift and chose to spend it on new wallpaper for your room. The opportunity cost of this decision is:
Back
The other items you could have purchased with your $50
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