Budget
A plan for how you use your money
Borrowing money that must be paid back in the future
Education, experience, skills, and abilities that help make a worker more valuable
Human Capital
Not a lot of resources
Scarcity
Setting aside money to use in the future
Saving
Extra money that must be paid when borrowing money
Interest
The more experience you have at a job, the ________ (more/less) money you will make.
More
When resources are scarce, the cost of the resources _________.
An example of an unplanned expense
Emergency room, flat tire, house fire, car problems, vet
If an emergency happens and you do not have money saved up you may have to ___________.
Use a credit card, borrow money from the bank, take out a loan, borrow money from friends or family
Money earned from working
Income
If resources are more available, the cost of the resources __________.
Timothy wants to go to college. He discusses college with his parents. His parents told him that college is expensive so they need to come up with a plan. What could help the family save money for Timothy's college fund?
Create a savings plan, open a savings account and put a certain amount of money in it each month, Timothy could save his allowance each week
Noah wants to buy a new video game and asks his mom if she can use her credit card to buy it. His mom thinks that using a credit card to buy a game is not a good idea. Why does she think this is not a good idea?
Because Noah's mom would eventually have to pay for the game and also pay interest.
Which career would most likely earn a higher hourly wage? Why?
A. An accountant with 4 years of experience
B. A school teacher with 2 years of experience
C. A computer programmer with 7 years of experience
C. A computer programmer with 7 years of experience
Why? Because they require the most amount of experience
Last summer, a drought destroyed most of the carrot crops.
Which statement best describes the effect the destroyed carrot crops will have?
F. The price of carrots will decrease because carrots will be scarce.
G. The price of carrots will increase because carrots will be scarce.
H. The price of carrots will stay the same because there will be more carrots available.
J. The price of carrots will decrease because they will not taste the same.
G. The price of carrots will increase because carrots will be scarce.
Curtis just got paid today. He wants to donate money to a homeless shelter. What should Curtis do first before donating his money?
Addison charged $670 to her credit card account to purchase some new furniture for her apartment.
Addison made 4 monthly payments to pay off the balance on her credit card account.
Addison calculated that she actually paid $860 to pay off the credit card account.
What is the most likely reason that Addison paid the credit card account $190 more than the actual cost of the furniture?
Addison had to pay interest on the amount of money that was charged on her credit card account.
A company wants to hire a new manager. Which reason would someone most likely get the manager job?
A. Someone that has the most years of experience and training/education
B. Someone that applied for the job first.
C. Someone that has the fewest years of experience and training/education.
D. A woman because a company might prefer to hire a woman instead of a man.
A. Someone that has the most years of experience and training/education
Mrs. Tucker told her daughter that one way to save money is to buy fruit that is in season.
Fruits in season are fruits that are in their natural growing season and are ready to be picked.
Fill in the blanks to make the statement true:
The price of fruit that is in season is ________(high/low) because _______(more/less) fruit is available to buyers.
The price of fruit that is in season is LOW because MORE fruit is available to buyers.