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Money in the Real World: Answer Guide

Annotated Answer Guide

Exercise 3: Wants vs. Needs

  • 1. If your allowance is $10 a week and you have to pay $1 a day for lunch, how much money will you have left after 5 days?
    1. $10
    2. $0
    3. $20
    4. Answer: $5
  • 2. If you want to buy a bike that costs $50, how many weeks will you have to save your allowance to get it? Assume your allowance is still $10 a week.
    1. 4 weeks
    2. Answer: 5 weeks
    3. 6 weeks
    4. 7 weeks
  • 3. Which one of these is not something you need?
    1. Food
    2. Water
    3. Answer: Sunglasses
    4. Electricity
  • 4. What is the difference between wants and needs?
    1. A want is something you have to have, and a need is something you would like to have.
    2. Answer: A need is something you have to have, and a want is something you would like to have.
    3. There is no difference between wants and needs.

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