Simple Interest
What is the simple interest formula?
I=PRT
This is a tax on an imported good
Import tax or Tariff
These are cards used to withdraw money from a checking account
Debit card
This is a company that generates a lot of surplus money.
Cash Cow
This is someone who buys/sells stock
Broker
What does the R in the simple interest formula stand for?
Rate
What amendment gives congress the power to implement an income tax?
16th Amendment
These are cards used to purchase things and then pay later with interest
Credit cards
These are loans given to a corporation or government that must be repaid to the investor within a certain time period.
Bonds
A poorly performing stock.
Turkey/Dog
What does the P in the simple interest formula stand for?
Principal
Name two features of a good tax.
This is the term for the coins and paper bills used in society.
Currency
This is profit earned from selling a stock.
Capital Gains
A tax on the total value of money or property that someone had when they died.
Estate Tax
How much would I make in interest if I invested $10,000 into a money market account for 5 years at 5% interest? Use your phones to calculate.
Give one difference between a deduction and exemption and give me an example of both.
Deduction - school supplies, business supplies, etc..
Exemption - having a kid, buying a house, getting married
Deductions can change based on cost of things, exemptions are automatically earned for doing something
This agency was created to help instill trust in banks and insures your money up to $250,000 per account.
Federal Deposit Insurance Commission (FDIC)
A financial contract obligating the buyer to purchase an asset at a predetermined price and time.
Futures
Entitlement Program
If I bought a car and financed $20,000 in a loan at 2.99% for 48 months. What would be the total cost of my loan?
$22392
Proportional taxes are one type of tax. Name and describe two other types of taxation. An extra 100 points if you can explain what a proportional tax is.
- Progressive tax
- Regressive tax
List and explain three characteristics of money.
Durable, Easy to carry, Easy to divide into smaller amounts, limited supply, accepted everywhere, uniformity (same money)
Name and describe the two types of stock markets.
Bull Market - Times are good and stocks are doing well
Bear Market - Stocks are struggling and things aren't going well
Payments made to the stockholder by the company.
Dividends.