Families Today

Chapter 23: Manage Your Money

Check Your Answers: Section Review Answer Keys

Section 23.1 Use Your Money Wisely

Review Key Concepts
  1. Person may not enjoy life now, frugality may annoy others, or person may take advantage of others who are willing to pay.
  2. An account at an institution that has online banking, a user name and password, a computer, and an Internet connection.
  3. A small cash payment toward a purchase bought on an installment plan.
  4. Saving involves loaning money to an institution and receiving interest. Investing is buying an asset, such as real estate, stock, or mutual funds.

Practice Academic Skills

English Language Arts
  1. Students should accurately identify their spending style. Present oriented— benefits include enjoying money now; problems may include debt and no funds for emergencies. Future oriented— benefits include security from planning for the future; problems may include do not enjoy money now, frugality may annoy others, may take advantage of others who pay.
  2. Answers will vary. Summaries should show that students understood the important points of the agreements.

Section 23.2 Make a Financial Plan

Review Key Concepts
  1. A plan will be meaningless unless you know what is important to you and what you want to accomplish with your money.
  2. Meeting the basic family needs of shelter, food, and clothing.

Practice Academic Skills

English Language Arts
  1. Answers will vary. Students should be realistic about what it will take to reach their goal and the impact the goal will have on their financial planning.
  2. Letters should be written in good form, with correct spelling and grammar. Students should logically present their case for the loan in their letters.
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