Unit 1
Installment plans, layaway plans, and loans are all ways to do what?
Finance a Purchase
When you make a decision and something unexpected happens, this is called an...
Unintended consequence
Natural Resources, Human Resources, Capital Resources, and Entrepreneurs are called the what?
Factors of Production
The economic system that emphasizes competition, innovation, and efficiency.
Market Economy, Capitalism
The amount of $$ you originally invest.
Principal
The likelihood that you will pay a loan back on time.
Credit
Provide one reason why a car insurance company might charge you more.
Young person, male, over 65, history of accidents or tickets
Physical Capital and Human Capital are both part of which factor of production?
Capital Resources
"Capitalism" is what economic system?
Market Economy, Free Market
Savings plans and retirement plans accrue interest by doing what with your money?
Investing
The lowest possible credit score.
300
Deductible
Experience, education, knowledge, and skills will determine your ______ when you get a job.
Pay, salary, wage
The USSR had what economic system?
Command Economy, Socialism
When you pool your money with other investors and hand it to a professional
Mutual Fund
Character, capacity, and collateral all determine your...
Credit Score
What are some expenses for long-term financial planning?
The term for a person's knowledge and skills that make them a good worker.
Human Capital
Finland and the USA fall on different parts of the economic spectrum, but they both use what economic system?
Mixed Economy
A retirement plan that is NOT employer sponsored and does not tax withdrawals.
Roth IRA
The type of bankruptcy where your assets are liquidated.
Chapter 7
The agreement you sign with a rental agency or landlord when you rent a home.
Lease
The amount of $$ you take home after taxes and insurance.
Net Pay
How does the government fund social services like Social Security and police.
Taxes
A loan that you give to the government or a business.
Bond