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Financial Making Decisions

Financial Making Decisions

Assessment

Presentation

Life Skills, Social Studies

5th - 7th Grade

Practice Problem

Easy

Created by

Samantha Weeks

Used 32+ times

FREE Resource

9 Slides • 18 Questions

1

Financial Making Decisions

Vault Module 1

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2

Limited Means

  • Can't have everything that you want

  • You must decide what you really need to have by using your decision-making skills

3

Poll

If you were having a birthday party for a friend, which would you buy?

4

Opportunity Cost

  • Give something up in order to get something else

  • The cost is what you give up.

  • Ex. Giving up going to see a movie to study for a test in order to get a good grade. The cost is not being able to see and enjoy a movie.

5

Multiple Choice

What would be the opportunity cost of taking a vacation instead of buying a new car because your old car broke down?

1

not getting a new car

2

going on vacation

6

Goal

  • Something you want to work towards

  • Make a plan to achieve your goals

  • Short-term and long-term

7

Short-term Goals

Something you can do in the near future

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8

Long-term Goals

Something you want to do in the future but requires time and planning

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9

Multiple Choice

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Buying a house

1

long-term goal

2

short-term goal

10

Multiple Choice

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Buying a toaster

1

long-term goal

2

short-term goal

11

Multiple Choice

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Graduating high school

1

long-term goal

2

short-term goal

12

Multiple Choice

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Completing your science project

1

long-term goal

2

short-term goal

13

Needs vs. Wants

  • Needs: things that are necessary in order to survive

  • Ex. food, shelter, water, clothing for protection

  • Wants: things that are not necessary in order to survive. Things that you buy for fun.

  • Ex. games, toys, fancy clothes, candy

14

Multiple Choice

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Is this a need or a want?

1

need

2

want

15

Multiple Choice

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Is this a need or a want?

1

need

2

want

16

Multiple Choice

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Is this a need or a want?

1

need

2

want

17

Multiple Choice

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Is this a need or a want?

1

need

2

want

18

Prioritize

  • Putting things in order in terms of how much they are needed

  • If you have limited means you need to prioritize.

  • Ex. doing your homework before playing video games

19

Multiple Choice

Which should be prioritized first?

1

Buying ice cream

2

Buying bread

3

Buying candy

20

Multiple Choice

Which should be prioritized first?

1

Buying new pants because your old pair ripped.

2

Buying the newest pair of Nike shoes because they are cool.

3

Buying a new cover for your phone.

21

Final Review

22

Multiple Choice

If you have limited means, you________.

1

have too much money

2

can't have everything

23

Multiple Choice

Why are decision-making skills needed if you have limited means?

1

Since you can't have everything, you must decide what you really need.

2

Making decisions is possible when you can have everything.

24

Multiple Choice

Giving up something in order to get something else is called....

1

a lost opportunity

2

opportunity cost

25

Multiple Choice

Why does opportunity cost make decision making difficult?

1

The costs might be extremely high.

2

You must choose to give up some things in order to get other things

26

Multiple Choice

Setting a goal allows you to...

1

achieve nothing

2

achieve what you want to do

3

achieve everything

27

Multiple Choice

What happens when you have a goal?

1

You can plan out steps to achieve it

2

You can always avoid bad decisions

3

You can only hope to achieve it

Financial Making Decisions

Vault Module 1

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