1
What does it mean to choose how you deal with your finances?
Personal Finance
This is all the income you make before your taxes are taken out?
Gross Income
This is all the income you have left after your taxes are taken out?
Net Income
What is the "ideal" unemployment rate in the United States?
3-5%
When calculating your net worth, items such as jewelry, cars, your house, or land would be considered what?
Assets
On average how much debt does an individual have not including a mortgage?
$34,000
True or False
You are currently jobless, but looking for a job. You have applied for multiple positions in the last month with no luck so you stop looking due to your frustration. Since you have decided to stop looking you are now put into the “underemployment” category.
False
Give 3 examples of an asset
Anything with value. Car, House, Land, Cash, Jewelry etc...
What is a liability?
Anything you owe money on.
When calculating your net worth, credit cards, car loans, and your home loan would be considered what?
Liabilities
What does it mean when an individual uses all the money from one paycheck just to make it to the next?
Living Paycheck to Paycheck
When you get paid different amounts or at different times, or both, you are said to have what kind of income?
Irregular Income
Sam adds up all of his assets and the value in $180,000. He then adds up his liabilities and the value is $300,000. What is Sam's net worth?
-120,000
Laura is a high school student trying to figure out her net worth. She currently has $500 in a savings account and has no liabilities. What is her net worth and why?
$500 because her savings is seen as an asset and she has no liabilities. $500-0=$500
True or False.
Walmart has decided they have too many employees for their current economic situation. They decided they need to lay off 15% of their employees. You get laid off, and now must sign up for unemployment. You should be a good candidate to receive unemployment benefits.
True
When you are paid______________ you make money based on a percentage of the total sales they make.
Commission
The number of jobless people actively looking for work divided by the number of people in the labor force x100 is known as what?
Unemployment Rate
In Arkansas, this is known as work similar to what you have done in the past, or other work you have the experience and training to perform, and which you can reasonably expect to get.
Suitable Positions
When an employed person’s human capital exceeds the requirements of their current job they fall into what category of worker?
Underemployed
What is the maximum amount you can draw per week in unemployment?
$451
Personal finance is ________head knowledge and_________ behavior
20%,80%
This company is currently the largest retailer in the world with a current net worth of $751.673 billion
Wal-Mart
What is the ratio of quarterly earnings you can draw in unemployment?
1/26
People who need a job and want a job, but have not actively looked for work in the past 4 weeks because they’re unsuccessful in their search are known as what?
Discouraged Workers
What is the minimum amount per week you can draw in unemployment?
$81