Intro to Economics
what does benefit mean ?
what you gain from making a decision
What is income?
Money received for work
What is debt?
Money you owe
what is the job of insurance ?
the job of insurance is when they help you pay when you are in a accident or when you need it
What does void on a check mean?
To know if a mistake is made
what does opportunity cost mean ?
what is lost when one make a decision
What is disposable income?
All income after taxes
What does credit help you with?
Car, House, Education, Etc.
what is a deductible ?
When you pay a certain amount of money before your insurance covers the rest
An example of credit in your bank account?
Paycheck
what is Economics ?
economics is the study of how we make decisions in a world where resources are limited.
What is the best deal to borrow money for students loans?
Federal students loans
What is another way to say interest?
APR
what is insurance premium?
the monthly payment to your insurance company for its service
How can you check if you are getting paid the correct amount?
Check your bank acount
cameron decided not to study for his math test so he could play his video games , what is the benefit ?
cameron got to play video games.
What form you have to fill before starting a job?
W-4
How many numbers does credit score have?
3 numbers
what are ways that you can protect yourself from unforseen accidents ?
to purchase insurance
What is it called if the money moved out of your account?
Debit
describe the different between a need and a want.
needs are things that are essential for human survival while wants are things we desire
What form you have to fill when to complete your taxes?
1040
what is the ideal percentage to use on your credit limit?
30%
list insurances.
health, car, life, house.
What does Whammy expanses mean?
Item in your budget that are unpredictable