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?

    <p>Make a budget and identify the amount to be saved</p> Signup and view all the answers

    Why is it important to differentiate between wants and needs?

    <p>To avoid buying unnecessary things</p> Signup and view all the answers

    What is a key benefit of practicing thrift and budgeting?

    <p>Avoiding debt and having a sense of security</p> Signup and view all the answers

    What is a wise thing to do when shopping?

    <p>Comparing prices and taking a list and calculator</p> Signup and view all the answers

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

    <p>Having a sense of security and peace of mind</p> Signup and view all the answers

    What is a good way to avoid impulsive buying?

    <p>Taking a list and calculator</p> Signup and view all the answers

    What is an advantage of buying used items wisely?

    <p>You can get good deals and save money</p> Signup and view all the answers

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

    <p>Getting into debt</p> Signup and view all the answers

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

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

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

    <p>Having a savings account leads to a greater credit standing</p> Signup and view all the answers

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

    <p>You will be more likely to get into debt</p> Signup and view all the answers

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

    <p>To compare prices and shop wisely</p> 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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    Related Documents

    Social Studies Grade 5 PDF

    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.

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