Money Management

Which of the following is considered a need?

• a new car

• a clothes dryer

• a place to sleep

• lunch at a local restaurant

Which of the following factors can influence decisions? (check only only answer)

• age

• values

• family

• peers

• all of the above

A value can be described as

• something basic for your survival

• something you desire to make life more comfortable now

• a willingness to give up something now in exchange for a future benefit

• a belief or idea you consider important or desirable

Marcus set a goal to buy a used car in the next few months. He plans to make a $2500 down payment and has already saved $1300. If he can save $150 each month for this goal, how long will it take him to save the entire the rest of the money?

• 6 months

• 8 months

• 10 months

• 12 months

Lisa will buy two new car tires three months from now. Each tire costs $75. How much will Lisa need to save each month to read her goal?

• $25

• $50

• $75

• $150

Willie's Weekly Spending Log:

bought 5 lunches at $4 each

gave $5 to a friend for gas

weekly paycheck of $57

received $5 from Aunt Lillie

Purchased a video game for $14

Purchased 2 buses tickets for $1.25 each

Purchased a concert ticket $20

What was Willie's income during the week?

• $5

• $57

• $62

• $123.50

Willie's Weekly Spending Log:

bought 5 lunches at $4 each

gave $5 to a friend for gas

weekly paycheck of $57

received $5 from Aunt Lillie

Purchased a video game for $14

Purchased 2 buses tickets for $1.25 each

Purchased a concert ticket $20

What was the total of Willie's expenses during the week?

• $44.25

• $61.50

• $66.50

• $106.25

Willie doesn't want to ask his mom for money next week if he is short on cash? What is one way that Willie can change his spending or income so he isn't spending more than he is receiving?

• Cut his hours at work

• Cut his expenses by not buying concert tickets

• Give his friend more money for gas

• Increase the amount of time he spends playing video games

Which best represents a SMART goal for Willie?

• Save $10 a month so I can go on a class trip to Washington DC.

• Save money to go on a class trip.

• Save $10 a month for the next 10 months for a total of $100 to have enough money to go on the class trip to Washington DC on September 18th, 2021.

• Save $100 to go on the class trip to Washington DC.

Willie spends over $40 for his transportation to and from school each month. A friend drives him the three miles to and from school every day so he gives his friend $10 a week for gas. Willie would like to cut this back to $20 or less a month.

Using the DECIDE method, what 2 criteria best meets Willie's needs and wants?

• Spend less than $20 a month, a way to get to school every day

• wants to get to/from school in a hurry, spend no money for gas

• buy a car of his own so he doesn't have to pay for a friend's gas

• go to online schooling so he doesn't have any transportation