15 Questions
What is a budget?
A plan outlining the sources and amount of income to be spent over a period
What is the importance of thrift?
To save money to buy the things you need without extra expenses
What is an advantage of having a savings account?
It leads to greater credit standing
What is a way to practice thrift?
Make a budget and identify the amount to be saved
Why is it important to differentiate between wants and needs?
To avoid buying unnecessary things
What is a key benefit of practicing thrift and budgeting?
Avoiding debt and having a sense of security
What is a wise thing to do when shopping?
Comparing prices and taking a list and calculator
What is the result of making a budget and practicing thrift?
Having a sense of security and peace of mind
What is a good way to avoid impulsive buying?
Taking a list and calculator
What is an advantage of buying used items wisely?
You can get good deals and save money
Which of the following is a consequence of not practicing thrift and budgeting?
Getting into debt
What is the primary goal of making a budget and practicing thrift?
To save money to buy the things you need without extra expenses
What is the relationship between having a savings account and credit standing?
Having a savings account leads to a greater credit standing
What is the result of not differentiating between wants and needs?
You will be more likely to get into debt
What is the purpose of taking a list and calculator when shopping?
To compare prices and shop wisely
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.
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.
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