Essential Financial Literacy for Teens

What is the primary focus of the video series discussed by Stacey?

• Academic tutoring

• Outdoor survival skills

• Cooking skills for teens

• Financial literacy and money management

Which of the following is considered a 'need' according to the video?

• Purchasing a new sweatshirt

• Downloading gaming apps

• Buying groceries

• Going out to eat with friends

What is an example of a 'want' as described in the video?

• Transportation costs

• Eating out at restaurants

• All of the above

• Paying for housing

Where should teens record their monthly income from chores?

• In a diary

• In a text message

• On a social media post

• In a budget spreadsheet

Which of the following should be considered when recording expenses?

• Only large purchases

• Only entertainment expenses

• All spending including gifts and savings

• Only educational expenses

Why is it important to include savings as a regular expense in your budget?

• To lend money to friends

• To prepare for unexpected emergencies

• To have more money to spend

• To invest in stocks

What should the balance of income and expenses equal to ensure a balanced budget?

• Income should be double the expenses

• Expenses should be more than income

• Income and expenses should balance to zero

• None of the above

What action should be taken if there is a deficit in the budget?

• Increase spending on wants

• Borrow more money from friends

• Ignore the deficit

• Adjust expenses to balance the budget

What resource can older teens use for a course in personal finance with their library card?

• Universal Class

• Local community college

• Online video tutorials

• All of the above

What should you do if new expenses come into your budget?

• Stop saving money

• Adjust your budget to accommodate the new expenses

• Increase your income immediately

• None of the above