Vocabulary
What is the term for the general increase in prices of products?
Inflation
Generally, what is the number of years set for a long-term goal?
5+
If I took a loan out of $1000 at 50% interest rate, what would be the interest after 2 years?
$1000
How many pennies make up $1?
100
You want to buy a car within the next 2 years; this is an example of a _____________ goal.
Short-term
To assist you in achieving personal economic satisfaction, you should create a....
Personal Financial Plan
What is the formula used to find simple interest?
Principal x rate x time
What is the name of the princess from the Mario games?
Princess Peach
What is the study of how wealth is created and distributed
Economics
Why does an employer who pays minimum wage benefit from inflation?
Minimum wage does not go up alongside inflation. They pay the same despite prices increasing.
I earned $15 on a $100 investment after 1 year. What was the interest rate?
15%
What is the third planet from the sun?
Earth
What is the definition of opportunity costs?
Resources given up when a choice is made
If I wanted to report a business, which agency would I contact?
Better Business Bureau
If I took a loan out of $1000 at 30% interest rate, what would be the TOTAL I would have to pay back after 1 year?
$1300
How do we write an equation in slope-intercept form?
y=mx+b
What is name for goal that you want to complete in between 2 and 5 years?
Intermediate goal
Which president passed the Consumer Bill of Rights in 1962?
President John F. Kennedy
If I took a loan out of $1000 at 20% interest rate, what would be the interest after 2 years?
$400
Who receives credit for discovering electricity?
Benjamin Franklin