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Grade 5 Social Studies: Economic Resources & Wealth

15 Questions

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Grade 5 Social Studies: Economic Resources & Wealth

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Questions and Answers

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?

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?

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?

Make a budget and identify the amount to be saved Signup and view all the answers

Why is it important to differentiate between wants and needs?

To avoid buying unnecessary things Signup and view all the answers

What is a key benefit of practicing thrift and budgeting?

Avoiding debt and having a sense of security Signup and view all the answers

What is a wise thing to do when shopping?

Comparing prices and taking a list and calculator Signup and view all the answers

What is the result of making a budget and practicing thrift?

Having a sense of security and peace of mind Signup and view all the answers

What is a good way to avoid impulsive buying?

Taking a list and calculator Signup and view all the answers

What is an advantage of buying used items wisely?

You can get good deals and save money Signup and view all the answers

Which of the following is a consequence of not practicing thrift and budgeting?

Getting into debt Signup and view all the answers

What is the primary goal of making a budget and practicing thrift?

To save money to buy the things you need without extra expenses Signup and view all the answers

What is the relationship between having a savings account and credit standing?

Having a savings account leads to a greater credit standing Signup and view all the answers

What is the result of not differentiating between wants and needs?

You will be more likely to get into debt Signup and view all the answers

What is the purpose of taking a list and calculator when shopping?

To compare prices and shop wisely Signup and view all the answers

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.

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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.