Needs vs. Wants — Answer Key
Part A: Multiple Choice
Circle the best answer for each question.
1. You have $3 for a snack. Juice is $2 and chips are $2. You can buy:
A) Both juice and chips
B) Only one of them
C) Three juices
D) Nothing at all
Juice plus chips costs four dollars, but you have only three, so you can buy just one of the two items.
2. Your budget is $6. A book is $4 and a pencil is $1. The best plan is:
A) Buy the book and the pencil
B) Buy two books with $6
C) Buy nothing and save later
D) Only buy the pencil today
Book plus pencil costs five dollars, which fits inside six, so buying both is a smart use of your budget.
3. A budget means a plan for:
A) How to spend your money
B) How fast to run
C) Which toy is prettier
D) How to cook lunch
A budget lists how much money you have and where it will go, so it is a plan for spending wisely.
4. You have $5. A water bottle is $2 and a toy is $4. You are very thirsty. You should:
A) Buy just the toy
B) Buy water first, then see what is left
C) Skip both and stay thirsty
D) Buy two toys for $5
Thirst is a body need, so water comes first; then three dollars are left, but a toy costs four, so wait on it.
Part B: Fill in the Blank
Write the correct answer on each line.
1. A money plan is called a budget.
A budget shows how much money you have and where it goes, so it is a smart plan for using money well.
2. You should spend on needs before wants.
Needs keep your body healthy and safe, so a good budget always covers needs before fun wants.
3. If two items cost more than your money, pick one.
When two items together cost too much, picking just one keeps you inside your budget without borrowing.
4. Money you have left after buying needs is called extra.
Extra money is what remains after needs are paid, so you can save it or spend it on a small want.
5. Thinking before spending helps you make a smart choice.
Taking a moment to think stops you from spending too fast, so you make a choice you will not regret.