Measurable physical and mental abilities that allow you to complete a job (part of your skill set).
What are hard skills?
100
A cash payment to an employee for the hourly work they have completed. (Hint - it increases to 1.5 times that amount during overtime.)
What is a wage?
100
A general increase in the prices for goods and services.
What is inflation?
100
The required payment for support of our government. (Hint - it provides roads, military, and education to name a few.)
What is a tax?
100
Equity ownership interest in a publicly held company.
What is a stock?
200
Describes what a job would be like, including tasks performed and skills needed.
What is a job description?
200
The amount of your paycheck after deductions.
What is net pay?
200
How is your purchasing power affected by inflation?
Purchasing power decreases when inflation occurs since more money is required to buy the same product.
200
The name for government provided goods and services paid for by taxes that benefit everyone and from which nobody can be excluded (national defense, public education, parks, roads, and police).
What is a public good?
200
Money and benefits received from local, state, and federal governments.
What are transfer payments?
300
Money you receive from an outside source to help pay for education (loans, grants, scholarships, etc.).
What is financial aid?
300
Pay without work, insurance, tuition reimbursement, and retirement plans fall into this category of compensation.
What are employee benefits?
300
The United States economy falls into this type of economy, where resources are owned and controlled by the people.
What is a market economy / mixed economy?
300
Taxes fall into these three main categories.
What are consumption, wealth, and income taxes?
300
Known as the "Oracle of Omaha", this stock market guru and owner of Berkshire Hathaway is the third richest person in the world.
Who is Warren Buffett?
400
Spending time observing a worker in a type of job that interests you.
What is job shadowing?
400
List four types of unearned income.
What are interest, dividends, capital gains, alimony, gambling winnings, unemployment income, social security, pensions, and annuities?
400
The four stages of the business cycle.
What is recovery (growth), peak, recession (decline), and trough?
400
Three types of consumption taxes include...
What are sales tax, use tax, and excise tax?
400
Name the four P's of the marketing mix.
What product, price, promotion, and place (distribution)?
500
This government agency publishes the Occupational Outlook Handbook, which includes information about the nature of work, working conditions, training and education, earnings, and job outlook for hundreds of different occupations.
What is the Bureau of Labor and Statistics (BLS.gov)?
500
Calculate the gross pay for a cell phone salesman who is paid $8.50 per hour and has worked 45 hours during week 1 of her pay period and 40 hours during week 2. She also has earned a 5% commission on her sales total of $1,600. She also has an effective tax rate of 4.1%.
Week 1: $8.50 x 40 = $340 + ($12.75 x 5) = $403.75
Week 2: $8.50 x 40 = $340
Commission: $1,600 x 0.05 = $80
Total = $823.75
500
Draw the supply curve for a cell phone manufacturer who is willing to sell 5,000 phones at $500; 3,500 phones at $400; and 1,000 phones at $200.
Plots: (5,000; 500); (3,500; 400); (1,000; 200)
500
Describe the process for calculating income taxes based on our marginal tax rate system.
Individuals are taxed on a progressive scale as their income goes up each tax bracket. As income increases each dollar will be taxed at a higher amount than the first dollar.
500
Describe the Standard and Poor's 500 (S&P 500).
The S&P 500 is a stock market index based on the market capitalizations of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor's.