Financial Literacy for Young Minds

What is a budget?

• A budget is a type of plan

• A budget is a type of goal

• A budget is a financial plan that outlines expected income and expenses.

• A budget is a type of car

Why is it important to save money?

• Saving money is unnecessary and wasteful

• Spending all money immediately is more fun

• Money saved loses value over time due to inflation

• Saving money helps to build a financial safety net.

What is investing?

• Investing is a form of gambling with no strategy involved.

• Investing is committing money to an endeavor with the expectation of obtaining additional income or profit.

• Investing is giving away money with no expectation of return.

• Investing is a way to save money without any risk.

How can you earn income?

• By getting a job, starting a business, investing, or providing services/products.

• By winning the lottery

• By inheriting money

• By stealing from others

What is an emotional purchase?

• An emotional purchase is when a consumer buys a product based on their shoe size

• An emotional purchase is when a consumer buys a product based on the weather

• An emotional purchase is when a consumer buys a product based on the price

• An emotional purchase is when a consumer buys a product based on their feelings or emotions rather than logical reasoning or necessity.

Why is it important to have a budget?

• To track income and expenses.

• To ignore financial responsibilities

• To buy unnecessary items

• none of the above

What are some ways to save money?

• Buy expensive items

• Ignore bills

• Create a budget, cut unnecessary expenses, cook at home.

• Spend impulsively

What are different sources of income?

• Lottery winnings

• Dividends

• Salary.

• Inheritance

How can you avoid emotional purchases?

• Shop impulsively without a plan

• Buy items based on current emotions

• Ignore your financial situation

• Create a budget, make a shopping list, wait 24 hours, avoid shopping when stressed.

What are the benefits of sticking to a budget?

• Following a budget results in overspending

• Sticking to a budget helps in managing finances effectively.

• Sticking to a budget leads to financial instability

• Budgeting causes stress and anxiety