How Foster Parents Can Teach Independent Living Skills - Building A Healthy, Wealthy Future (Nv)

1. It is important for children (and adults) to understand the difference between

Needs and wants

Cheap and bargain

Expensive and realistic

Supply and demand

2. SMART goals are

Specific, measurable, attainable, relevant and timed

Standard, memorized, actual, realistic and temporary

Written down

Short term and practical

3. Teaching youth about financial health does NOT include

Helping them to set financial goals

Help them to consider the impact of advertising on their purchasing decisions

Let them see your monthly household bills (cable, electric, internet...)

Letting them go on a spending spree to see how much things cost

4. Building a healthy financial future includes understanding advertising and media messages so you can keep spending under control.

True

False

5. The 'bean' game is used to teach

Budgeting

Counting

Cooking skills

Gardening

6. Teaching children how to ______________ money will help them the most in their financial future.

Save

Spend

Make

Manage

7. Buying coffee on the way to work/school twice per week adds up to about

$1000/year

$500/year

$200/year

$750/year

8. The purpose of the 'how much do I really cost' exercise is to

Determine a ‘cost of care’ that you can submit to your agency for reimbursement

Help youth realize the routine costs involved in keeping a household

Help teach youth the cost and value of non-essential things they want

Show youth how you can spend more money than you make (i.e. using credit cards)

9. One way to help children learn the 'cost' of something they want is to have them learn

The number of hours you need to work to pay for it

Through counting beans

What a need or want is

The cost of producing and advertising the item

10. The best way to teach youth about financial health is to have conversations about money and spending/saving habits early and often.