
Let's Talk About Money
Overview
This lesson is an overview of the behaviors and skills needed to become financially independent. The lesson complements the LifeSmarts video Managing Your Money. Students may complete a vocabulary sheet as they listen to the video and view the PowerPoint Presentation 10 Things You Need to Know About Money Before You Leave Home. The lesson also introduces the concept of risk management and provides a worksheet to help students choose and justify an appropriate risk management strategy for common real-life scenarios.
Lesson Objective(s)
- Understand and explain financial literacy content vocabulary.
- Examine some of the skills and behaviors needed for financial independence.
Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Let’s Talk About Money Pre-Quiz
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
When speaking of risk, using a seatbelt is the best example of:
Correct
Incorrect
-
Question 2 of 10
2. Question
When speaking of risk, buying an electronics rider for your renter’s insurance is an example of:
Correct
Incorrect
-
Question 3 of 10
3. Question
When speaking of risk, bungee jumping is an example of ____.
Correct
Incorrect
-
Question 4 of 10
4. Question
Consumers are advised to use the ATM inside their bank to prevent ____.
Correct
Incorrect
-
Question 5 of 10
5. Question
You are buying a tablet online. Which of these payment options gives the most consumer protection?
Correct
Incorrect
-
Question 6 of 10
6. Question
Experts agree you should have six to nine months of living expenses set aside in a savings account. This is called ____.
Correct
Incorrect
-
Question 7 of 10
7. Question
Expenditures that can be reduced or eliminated if necessary are called ____ expenses.
Correct
Incorrect
-
Question 8 of 10
8. Question
You notice a $35 fee when you are reconciling your bank statement and remember that you used your debit card before you deposited your paycheck. This service fee is most likely what the bank charges for ____.
Correct
Incorrect
-
Question 9 of 10
9. Question
Which technique discourages impulse spending?
Correct
Incorrect
-
Question 10 of 10
10. Question
Financial experts encourage teens to PYF or pay yourself first. When do they recommend to PYF?
Correct
Incorrect
Managing Your Money Video for LifeSmarts by ConsumerMan Herb Weisbaum
Quiz-summary
0 of 1 questions completed
Questions:
- 1
Information
Let’s Talk About Money Game
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 1 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- Answered
- Review
-
Question 1 of 1
1. Question
Drag the correct answer to the right-hand column to fill in the blank and complete the sentence.
Sort elements
- debit card
- credit report
- impulse buy
- PYF-pay yourself first
- transfer risk
- overdraft
- assume risk
- skimming
-
A card, issued by a financial institution, that allows consumers to make purchases, withdrawals, or other types of electronic fund transfers directly from checking or savings accounts
-
Confidential report on a consumer’s payment habits as reported by their creditors to a consumer credit reporting agency
-
An unplanned decision to purchase retail merchandise on a whim or at the spur of the moment
-
Putting money into savings each month (or each paycheck) before paying other bills
-
Paying a fee for another party to assume your financial loss
-
An expenditure made by check or debit card without sufficient money in an account to cover it
-
Paying the full price if a financial loss occurs
-
A fraud perpetrated by criminals using a device that copies information from a credit or debit card’s magnetic strip in order to use the card illegally
Correct
Incorrect
FAQs
1. Why is it so important to Pay Yourself First?
When you are new at managing your money, even thinking about saving is difficult. However, PYF is a habit and what experts know is that there will always be reasons not to save. The amount you put away is not as important as establishing the priority of saving. Putting aside money for things you need and want should always be part of a financial plan.
2. How do retailers promote impulse buying?
There are so many ways to encourage shoppers to pick up one more thing. Here are a few of the best:
• BOGO – buy one get one free or buy one, get one half off
• Color coordinated displays – blue tanks and sweaters together; workout pants and hoodies side-by-side
• Samples – providing a taste leads to increased sales in grocery aisles
• “Strike zone” – impossible to ignore merchandise displays such as a wall of breakfast cereal or soft drinks
• Essentials in the back – place the most common items consumers purchase on the perimeters of the store, thereby forcing the customer to walk in and through a greater area of the store
3. Do I really need a budget?
Yes, managing money takes skill and is a process. A budget is a tool. Every successful business tracks cash flow and has a written financial plan, yet some people still believe they don’t need a plan. A budget can show spending patterns, encourage saving, help you prepare for emergencies, and prevent overspending.
4. I don’t use credit very often, why should I check my credit report?
Most teenagers under 18 do not have a credit history, but once you have applied for a loan or rented an apartment, you begin creating a credit history. You should check your credit report on a regular basis to make sure that it is accurate and that no one else has used your identity to open accounts in your name. A good credit score is worth protecting. It can reduce the cost of loans and automobile insurance, and even help you get a job.
5. My bank offers overdraft protection for my checking account. Do I want or need this service?
Overdraft protection is a personal choice. If you accept this service, you are paying a fee for the bank to loan you money for a short time. If you write a check or use your debit card to buy something and you do not have enough in your account to cover the purchase, the bank will provide the funds and charge a fee (usually between $25-$35 per transaction). This prevents your check from bouncing and your debit card from being denied. If you reject the service, your debit card will be refused or checks written for funds not in your account will be returned marked NSF (non-sufficient funds). Only you can determine if the overdraft protection is worth the cost. Perhaps a better question to ask yourself is, “Can I manage a checking account and debit card responsibly, knowing what I can afford to spend and what my account balance is?”
Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Let’s Talk About Money Post-Quiz
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
When speaking of risk, using a seatbelt is the best example of:
Correct
Incorrect
-
Question 2 of 10
2. Question
When speaking of risk, buying an electronics rider for your renter’s insurance is an example of:
Correct
Incorrect
-
Question 3 of 10
3. Question
When speaking of risk, bungee jumping is an example of ____.
Correct
Incorrect
-
Question 4 of 10
4. Question
Consumers are advised to use the ATM inside their bank to prevent ____.
Correct
Incorrect
-
Question 5 of 10
5. Question
You are buying a tablet online. Which of these payment options gives the most consumer protection?
Correct
Incorrect
-
Question 6 of 10
6. Question
Experts agree you should have six to nine months of living expenses set aside in a savings account. This is called ____.
Correct
Incorrect
-
Question 7 of 10
7. Question
Expenditures that can be reduced or eliminated if necessary are called ____ expenses.
Correct
Incorrect
-
Question 8 of 10
8. Question
You notice a $35 fee when you are reconciling your bank statement and remember that you used your debit card before you deposited your paycheck. This service fee is most likely what the bank charges for ____.
Correct
Incorrect
-
Question 9 of 10
9. Question
Which technique discourages impulse spending?
Correct
Incorrect
-
Question 10 of 10
10. Question
Financial experts encourage teens to PYF or pay yourself first. When do they recommend to PYF?
Correct
Incorrect
Lesson Components
10 Things About Money Lesson Plan
10 Things About Money PowerPoint presentation
10 Things About Money PowerPoint notes
Risky Business Student Worksheet
Risky Business Student Worksheet KEY
Managing Your Money ConsumerMan Video Discussion Questions
Resources
Tips to Safe Online Banking–Federal Deposit Insurance Corporation
Banking Securely Online–US-Cert
Consumers: Protecting Consumers
Answer to Banking Questions–Comptroller of the Currency
Smart About Money publication–USAA Educational Foundation
Online Banking: Is It For You?–Motley Fool
Access to Banking Services lesson–Visa
Managing Your Money–Consumer.gov
Glossary