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Vault Understanding Money
Name Role June 19, 2013
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Responsible Money Choices Income and Careers Making Plans with Money Credit and Borrowing Insurance and Safety Savings and Investing 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500
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Responsible Money Choices – 100
Why is it important to spend money on things you need before spending money on things you want? Because buying things you want is more fun Because you can live without wants, but you can’t live without needs Because only adults can spend money on things they want
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Answer… B. Because you can live without wants, but you can’t live without needs
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Responsible Money Choices – 200
True or False? People can be responsible with their money by spending all their money at one time.
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Answer… False
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Responsible Money Choices – 300
Which of the following is an example of a need for most people? Nail polish Nutritious food A basketball
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Answer… B. Nutritious food
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Responsible Money Choices – 400
Where is a good place to go for information about money? a mall a bank a restaurant
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Answer… B. a bank
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Responsible Money Choices – 500
Why is it helpful to hear about adults’ experiences and advice about money? They can help you decide how to spend and save your own money You might get ideas of new things to buy They can help you work on your math skills
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Answer… A. They can help you decide how to spend and save your own money
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Income and Careers – 100 People who are paid by the hour earn __________. Salaries Overtime Wages
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Answer… C. Wages
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Income and Careers – 200 What kind of tax do people pay on things they own, like a house or a boat? Property Tax Sales Tax Income Tax
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Answer… Property tax
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Income and Careers – 300 You should pursue a career based on _________________. your interests and talents whatever makes you the most money whatever comes easiest to you
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Answer… A. your interests and talents
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Income and Careers – 400 Other than a wage or salary, what is another example of income? Candy Money gifts Credit cards
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Answer… B. Money Gifts
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Income and Careers – 500 Which of the following is an entrepreneur?
An owner of a plumbing business A waitress A flight attendant
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Answer… A. An owner of a plumbing business
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Making Plans with Money – 100
How do you make a plan for spending and saving? Write down a plan for spending more money than you have Write down how much you make each week and how much you need to spend Write down a list of things you want but not how much money you have to spend
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Answer… B. Write down how much you make each week and how much you need to spend
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Making Plans with Money – 200
Paying with ________takes cash out of your checking account. Credit card Debit cards Cash
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Answer… B. Debit cards
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Making Plans with Money – 300
What’s the best way to know if you are getting a good deal on what you're buying? Find out if there is a return policy Compare the price for what you want to buy at two or more stores Find out if all your friends own the item too
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Answer… B. Compare the price for what you want to buy at two or more stores
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Making Plans with Money – 400
Which is an example of a household asset, or something a person owns that has value? Jewelry Clothes A toaster
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Answer… A. Jewelry
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Making Plans with Money – 500
Which is an example of a charitable organization? A clothing store A police station A food bank
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Answer… C. A food bank
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Credit and Borrowing – 100 How is buying with credit different than paying with cash? With credit, you borrow money to make the purchase, and repay the money borrowed later With credit, you can pay for things from your checking account There is no difference between buying with credit or paying with cash
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Answer… A. With credit, you borrow money to make the purchase, and repay the money borrowed later
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Credit and Borrowing – 200 What is credit? A form of borrowing
An endless supply of money A household asset
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Answer… A. A form of borrowing
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Credit and Borrowing – 300 An adult might use credit to pay for______.
A car A house A dishwasher All of the above
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Answer… D. All of the above
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Credit and Borrowing – 400 Why do banks lend money?
Because it's a kind thing to do Because banks make money from the interest the borrower pays to use the money Because banks have endless amounts of money
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Answer… B. Because banks make money from the interest the borrower pays to use the money
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Credit and Borrowing – 500 If you damage something you've borrowed from a friend, how could you regain your friend’s trust? You could buy your friend a replacement item You could stop talking to your friend You could pretend like it was damaged when it was given to you
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Answer… A. You could buy your friend a replacement item
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Insurance and Safety – 100 What are some ways that people can protect their cars from being damaged? Keep it in a garage Drive safely Wash it regularly All of the above
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Answer… D. All of the above
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Insurance and Safety – 200 People use _______to help them pay their medical bills. Safety insurance Health insurance Property insurance
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Answer… B. Health insurance
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Insurance and Safety – 300 What is an example of a “safe risk”?
Ordering a new flavor of ice cream Keeping a candle lit in your room while you’re at school and no one is around your Not wearing a helmet when you ride a bike
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Answer… A. Ordering a new flavor of ice cream
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Insurance and Safety – 400 Which of these is an example of a financial risk? A. Not wearing a seatbelt Loaning your friend money for lunch Leaving the windows open in your house while you’re on vacation
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Answer… B. Loaning your friend money for lunch
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Insurance and Safety – 500 Which activity is an example of a way that people can reduce their personal risk? Wearing sunscreen while at the beach Not spending too much time staring at the computer screen Looking both ways before crossing the street All of the above
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Answer… D. All of the above
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Savings and Investing – 100
The best way to make the most out of your money is to create a _________. Work chart Loan Budget
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Answer… C. budget
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Savings and Investing – 200
True or False? An advantage to keeping your money in a savings account is that you might earn interest on your savings.
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Answer… True
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Savings and Investing – 300
A _____ is a way to invest your money in a few investment types at once. Bond Mutual Fund Stocks
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Answer… B. Mutual fund
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Savings and Investing – 400
When selecting a savings account, what should you look for? A high interest rate A low interest rate An account that requires a minimum balance
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Answer… A. A high interest rate
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Savings and Investing – 500
Which of the following is an example of an investment that can build your wealth? Stocks Checking account Taking out a loan
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Answer… A. Stocks
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