You made it through the first module of Mondosol’s Make Money course. This review brings the seven Money Basics lessons together in one place, so you can refresh the big ideas before you start budgeting. Your host Amara has one question for you: “Could you explain this to a friend?”
Read it, watch the recap videos, or press play and listen. Then test yourself with the quick quiz below.
In this article
The seven big ideas
1. What is money?
Money is a shared agreement. It does three jobs: a medium of exchange, a store of value and a unit of account. Revisit the lesson.
2. Earning vs. spending
Money flows in (income) and out (expenses). If more goes out than comes in, you fall behind. Revisit the lesson.
3. Needs vs. wants
Needs keep you safe and healthy. Wants make life nicer. Pausing before you buy helps you tell them apart. Revisit the lesson.
4. The power of saving
Saving a little, regularly, adds up. With interest, your savings can earn money too, and that growth compounds over time. Revisit the lesson.
5. Banks and accounts
Banks keep money safe, move it and pay interest on savings. A current account is for everyday spending, a savings account is for goals. Revisit the lesson.
6. Understanding prices
Supply and demand, costs and taxes set prices. Inflation slowly raises prices over time. The unit price helps you compare fairly. Revisit the lesson.
7. Taxes made simple
Taxes pay for shared services. Plan with your net pay, the money that actually reaches your account. Revisit the lesson.
How it all connects
Put the seven ideas together and you get one simple loop:
- You earn money, and part of it goes to taxes.
- You spend on needs first, then some wants, while watching prices.
- You save what is left in a bank, where it can grow.
The next module turns this loop into a plan: your first budget.
Watch: two recap videos
Video: “The History of Money” by OpenLearn from The Open University, on YouTube.
Video: “Supply and Demand Explained in One Minute” by One Minute Economics, on YouTube.
Quick quiz: test yourself
Try to answer before you open each card.
1. Name the three jobs of money.
Medium of exchange, store of value and unit of account.
2. Is a phone contract a need or a want?
It depends. A basic plan you need for work or safety is a need. The newest phone on the most expensive plan is mostly a want.
3. If you save 100 kr a week, how much do you have after a year, before interest?
5,200 kr (100 × 52 weeks).
4. Why might strawberries cost more in winter?
Lower supply while demand stays about the same, plus transport costs from far away.
5. Which number should you budget with: gross or net pay?
Net pay, because that is the money you actually receive.
FAQ
Do I need to finish every lesson before the review?
It helps, but you can use this page as a map and jump to any lesson you want to revisit.
What comes after Money Basics?
The budgeting lessons: your first budget, the 50/30/20 rule, tracking spending and emergency funds.
Where do I practise?
In the interactive Make Money lessons on the Mondosol platform.
Keep learning
- Practise it: open the interactive Make Money lessons in your learning journey.
- Next lesson: Your First Budget: a simple step-by-step plan.
- Previous lesson: Taxes Made Simple.
This article is educational and is not financial advice. Amara is a fictional character from the Mondosol cast.
