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Remote Learning Activities Earning and Budgeting Part I What is a Budget? Questions: 1. What is the difference between a need and a want? List two examples for each and defend your answer. Needs:

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How to fill out wants vs needs understanding

01

Identify the difference between wants and needs.

02

List down all the items or goals that you want to achieve.

03

Think about the importance and urgency of each item or goal.

04

Prioritize the items or goals based on their necessity and significance.

05

Allocate resources accordingly to fulfill both wants and needs.

Who needs wants vs needs understanding?

01

Individuals who want to make informed financial decisions.

02

Entrepreneurs looking to prioritize their business objectives.

03

Students trying to manage their time and resources effectively.

04

Families aiming to create a balanced budget and lifestyle.

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What is wants vs needs understanding?

Wants vs needs understanding is the process of distinguishing between what an individual desires (wants) and what is necessary for them (needs) in order to create a budget or financial plan.

Who is required to file wants vs needs understanding?

Individuals or households are required to file wants vs needs understanding in order to evaluate their spending habits and financial priorities.

How to fill out wants vs needs understanding?

To fill out wants vs needs understanding, an individual must list all their expenses and categorize them as wants or needs based on their importance and necessity.

What is the purpose of wants vs needs understanding?

The purpose of wants vs needs understanding is to help individuals make informed financial decisions, prioritize spending, and create a realistic budget.

What information must be reported on wants vs needs understanding?

The information reported on wants vs needs understanding includes all monthly expenses categorized as wants (optional expenses) or needs (essential expenses).

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