Needs and Wants Quiz

Name:

Date:

🎯 WALT: We Are Learning To distinguish between needs and wants in financial decision-making

📋 Success Criteria:

• I can identify the difference between needs and wants
• I can categorise items as needs or wants
• I can explain why understanding needs vs wants is important for budgeting

📚 Part 1: Multiple Choice Questions

1. Which of the following is a NEED?

A new gaming console

Designer shoes

Nutritious food

A cinema ticket

2. Sarah has $50 to spend. She needs school lunch for the week ($25) and wants a new phone case ($30). What should she prioritise?

Buy the phone case first

Buy school lunch first

Split the money equally

Don't buy anything

3. Which statement about needs vs wants is TRUE?

Wants are more important than needs

Needs are essential for survival and wellbeing

Everyone has the same needs and wants

Wants should always be purchased first

4. Which items are WANTS? (Select all that apply)

Brand name clothing

Basic shelter

Latest smartphone model

Concert tickets

✏️ Part 2: True or False & Short Answers

5. True or False: A person's wants can change over time, but their basic needs stay the same.

True

False

6. True or False: If you have money left after buying all your needs, it's okay to spend some on wants.

True

False

7. Explain in 2-3 sentences why understanding the difference between needs and wants is important for managing money.

8. List three needs and three wants for a typical Year 8 student:

Needs: 1. _____________ 2. _____________ 3. _____________

Wants: 1. _____________ 2. _____________ 3. _____________

🌟 Extension Activity (For Advanced Learners)

9. Challenge: Marcus receives $100 for his birthday. Create a spending plan that shows good financial decision-making, listing both needs and wants with their costs.