Financial Literacy

We are learning some financial words before we start our inquiry of "The Real Cost of Pets" (FIO)

Here are the ones we know:
NEEDS mean items you must have
WANTS what you would like but dont really need
DECISION selecting a choice
GOALS what you want to acheive
INCOME - Money you earn
CHOICES - Options you have before making a decision
SAVINGS - money you put away


Here are the tricky ones:

DEBT - what you owe other people
LOAN - money you borrow and have to pay back
CONSEQUENCES - what happens after a decision you make


We had a discussion about PROFIT - the children wondered if PROFIT was ILLEGAL

What do you think???