Unit 1
A number documenting the likelihood that you will repay your debts
Credit Score
Long term financial planning involves saving for things like...
college, home ownership, children, etc.
The pay you receive AFTER taxes, FICA, and Social Security get taken out.
Net Pay
The Father of the Free Market
Adam Smith
The value of the second best option, which you chose to give up
Opportunity Cost
The amount you must pay towards your own healthcare costs before your insurance kicks in and helps
Deductible
The 4th factor of production: AKA businesspeople
Entrepreneurs
Karl Marx critiqued Capitalism for a number of different reasons. Name one.
Unethical treatment of workers
Bad for the environment
Contributes to wealth inequality
Basic needs are not always provided to working class people
The maximum amount you can spend in a month with your credit card
Credit limit
An auto insurance coverage meant to help you if you get hurt during an accident
Personal injury protection
The two kinds of capital resources
Physical capital
Human capital
The U.S. is a mixed market economy, meaning there are SOME government programs and regulations. Name ONE government institution that is designed to regulate business.
FDA
EPA
OSHA
When a person declares Chapter 7 bankruptcy (liquidation), that appears on their credit report for how long?
10 years
An add-on to renter's insurance to cover very expensive items, like electronics and jewelry
Personal Property Floater
Oil is an example of what kind of resource?
Natural resource
On the economic spectrum, the Soviet Union would be where?
Command Economy
Far Left
A loan in which NO collateral is offered
Unsecured loan
When buying a home, you will first have to put a certain amount down up front, usually 5-20% of the value of the property.
Down Payment
A person's knowledge, skills, education, etc. that make them qualified for certain jobs
Human Resources
Human Capital
Provide ONE example of one common type of contract that consumers enter into all the time.
Terms of Service Agreements
Lease Agreements
Loan agreements
User Agreements (Social Media, Streaming Services, etc.)
Cell phone agreements