Podcast
Questions and Answers
What is a budget?
What is a budget?
- A plan to waste money on unnecessary things
- A way to buy everything you want
- A way to save money without a plan
- A plan outlining the sources and amount of income to be spent over a period (correct)
What is the importance of thrift?
What is the importance of thrift?
- To waste money on unnecessary expenses
- To save money for unnecessary things
- To buy everything you want without a plan
- To save money to buy the things you need without extra expenses (correct)
What is an advantage of having a savings account?
What is an advantage of having a savings account?
- It leads to less peace of mind
- It leads to greater credit standing (correct)
- It leads to lower credit standing
- It leads to greater debt
What is a way to practice thrift?
What is a way to practice thrift?
Why is it important to differentiate between wants and needs?
Why is it important to differentiate between wants and needs?
What is a key benefit of practicing thrift and budgeting?
What is a key benefit of practicing thrift and budgeting?
What is a wise thing to do when shopping?
What is a wise thing to do when shopping?
What is the result of making a budget and practicing thrift?
What is the result of making a budget and practicing thrift?
What is a good way to avoid impulsive buying?
What is a good way to avoid impulsive buying?
What is an advantage of buying used items wisely?
What is an advantage of buying used items wisely?
Which of the following is a consequence of not practicing thrift and budgeting?
Which of the following is a consequence of not practicing thrift and budgeting?
What is the primary goal of making a budget and practicing thrift?
What is the primary goal of making a budget and practicing thrift?
What is the relationship between having a savings account and credit standing?
What is the relationship between having a savings account and credit standing?
What is the result of not differentiating between wants and needs?
What is the result of not differentiating between wants and needs?
What is the purpose of taking a list and calculator when shopping?
What is the purpose of taking a list and calculator when shopping?
Flashcards
What is a budget?
What is a budget?
A plan that shows income and how much is spent over a period.
Importance of thrift?
Importance of thrift?
Saving money to afford necessities without extra costs.
Savings account advantage?
Savings account advantage?
Improves your credit rating.
Thrift practice?
Thrift practice?
Signup and view all the flashcards
Differentiating wants & needs?
Differentiating wants & needs?
Signup and view all the flashcards
Thrift & budgeting benefit?
Thrift & budgeting benefit?
Signup and view all the flashcards
Wise shopping?
Wise shopping?
Signup and view all the flashcards
Budgeting & thrift result?
Budgeting & thrift result?
Signup and view all the flashcards
Avoiding impulsive buys?
Avoiding impulsive buys?
Signup and view all the flashcards
Buying used items advantage?
Buying used items advantage?
Signup and view all the flashcards
Consequences of poor thrift/budgeting?
Consequences of poor thrift/budgeting?
Signup and view all the flashcards
Budgeting & thrift goal?
Budgeting & thrift goal?
Signup and view all the flashcards
Savings account & credit standing?
Savings account & credit standing?
Signup and view all the flashcards
Not differentiating wants and needs results in?
Not differentiating wants and needs results in?
Signup and view all the flashcards
Shopping list & calculator use?
Shopping list & calculator use?
Signup and view all the flashcards
Study Notes
Economic Resources and Wealth
- A budget is a plan that outlines the sources and amount of income to be spent over a period.
- Thrift is the wise spending and saving of money.
Practicing Thrift
- Make a budget to identify the amount to be saved.
- Differentiate between wants and needs.
- Conserve and recycle resources.
- Shop wisely by:
- Comparing prices.
- Not buying cheap items.
- Finding items on sale.
- Taking a list and calculator.
- Buying in bulk.
- Avoiding impulsive buying.
- Buying used items wisely, considering warranties, quantities, and deals.
Importance of Budgeting and Thrift
- Helps to save money to buy necessary things without extra expenses.
- Keeps you out of debt.
- A savings account leads to greater credit standing.
- Provides a sense of security and peace of mind.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge of economic resources and wealth management in Grade 5 Social Studies. Learn about thrift, budgeting, saving, and wise spending habits. Practice identifying needs vs wants, conserving resources, and making smart shopping decisions.
