FutureSmart Financial Literacy Study Guide_ Answered (2023.)
What are some examples of things would be considered a want rather than a need for
most people? ✔✔ A smartphone
Describe what an opportunity cost is ✔✔ The
...
FutureSmart Financial Literacy Study Guide_ Answered (2023.)
What are some examples of things would be considered a want rather than a need for
most people? ✔✔ A smartphone
Describe what an opportunity cost is ✔✔ The trade-off of making one choice and giving
up a different choice
You are going to buy a computer, but first you want to do some research to help you
select the best model for your needs. Where should you look for the fairest and most
reliable information? ✔✔ An independent consumer education website that reviews and
rates computers
You are creating a budget for your new business. What should you include? ✔✔ All
income and expenses
What type of expense is the monthly cost of eating out at restaurants considered is for
many adults? ✔✔ a variable expense
Your friend's parents are worried about going over their budget for the month. Would
cable service be considered a want or a need? ✔✔ Want
If you know the unit prices of two different brands of an item, you are better able to do
what? ✔✔ Compare the prices of the two brands
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 ✔✔ The other items you could have
purchased with your $50
What is the should a budget do and include? ✔✔ To help you plan how to spend
money you earn or receive, can include charitable giving, include both income and
expenses
List at least 3 successful budgeting strategies ✔✔ Keep some extra money in your
budget for emergencies, Think about which items are your most important needs,
Revisit your budget regularly and make adjustments
What is a ________________ is usually paid on a biweekly or monthly basis for
professional employment? ✔✔ Salary
What is the best reason to use cash for purchases? ✔✔ Keeping track of how much
you have spent is simple
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