Money topics and videos

Money topics and videos

Read these ideas, watch the videos, and answer the questions in your notebook. Use complete sentences for explanations.

Money ideas for everyday life and a small business

Needs and wants. A need is something necessary for health, safety, or a required task. A want adds enjoyment. For a hat order, plain hats may be necessary supplies; extra decorations may be optional.

Budgeting. A budget is a plan for money coming in and money going out. Decide how much you can spend before shopping, and track what you actually spend.

Saving goals. Choose what you are saving for, how much it costs, and when you hope to reach the goal. Small amounts saved regularly can add up.

Sales and profit. Sales revenue is the money customers pay a business. Profit is what remains after all business costs. Money received from a sale is not all available to spend personally.

Watch and think

Watch 1 PBS Budget Your Needs and Wants 1 min 40 sec

Watch 2 PBS Personal Money Management 101 9 min 45 sec

Optional later: PBS Get in the Habit of Saving, 2 min 36 sec.

Open the optional saving video

If a video does not play, open its PBS page with an adult and use the available transcript or discuss the ideas above together.

Answer in your notebook

1. Give one need and one want for your hat business. Explain your choices.

2. You receive $40. Plan $18 for supplies and $12 for savings. How much is left for other spending? Show your work.

3. A practice savings goal is $60. You have $20 and save $5 each week. How many more weeks will you need?

4. Imagine you sell one hat for $25. The blank hat costs $8, decoration costs $3, and packaging costs $2. These are the only costs in this practice example. What are the total costs and profit?

5. Name one idea from a video that you could use this week. Explain how it would help you.