Consumer Skills
A receipt contains the address of the business it is from. (true or false)
True
__________ means all residents pay tax at the same rate.
(flat or progressive rate)
flat
Give an example of an unexpected expense you might use an emergency fund to pay for?
Ms. B. will decide if your answer is a good one.
What is income?
The money you earn at your job.
What is your favorite class this semester?
You can cash a check without endorsing the back of it. True or false?
False, you have to endorse (or sign) it.
Who can file as a dependent?
A child under 19 (or 24 if in college) or an adult who makes under a certain amount of money and has 50% of their needs paid for by someone else and who lives with that person all year.
This type of bank is member owned.
A Credit Union
What are utilities? AND Give an example.
Utilities are everything you need to run a comfortable home, such as gas, water, internet, or electricity.
Who is your favorite teacher this semester?
Either Sok, Nazrin, or Ms. Black
Some banks require you to have at least a certain amount of money in your account. What is this called?
A minimum balance
Unless you get an extension, on what date are state income taxes due in Massachusetts?
April 15th
This government corporation was created in the 1930's to protect your money in the bank (up to $250,000)
FDIC (or Federal Deposit Insurance Corporation)
If Joanna works 10 hours a week for an hourly wage of $15 per hour, how much money will she earn in a month (let's assume the month is 4 weeks).
$600
10 x 15 = 150 per week
150 x 4 = 600 per month
What is the official drink of Topics in Consumer Economics Class of 2024-25?
Mucho Mango
If you save a bit of money each week...
You can buy something big later on.
When you get money back from the government on your taxes, that is called a ________.
refund
How much simple interest does Michelle's savings account earn if her principal is $100, her rate is 2%, and her time is 2 years?
I = P x r x t
$4
(her new account total will be $104)
Need or Want:
Internet
(You need to explain why to earn points).
Need (I guess you could say want, but in this day in age, there is a pretty strong argument for need).
What is the name of Charlie and Anthony's special club?
SSWO
(Southside We Outside)
How do stores use psychology to get people to spend more money?
Ms. B. will decide if your answer is a good one.
IRS stands for...
Internal Revenue Service
If Penny has 10 months to save $500 for a trip to Puerto Rico, how much does she need to save per month?
$50 per month
If Chris A. gets a paycheck for $500 and he spends $100 on his phone bill, $15 on his Netflix, and $50 on gas, how much money does he have left over for his wants and savings?
$335
100 + 15 + 50 = 165
500 - 165 = 335
Southside 2, Lil Tony, 503, and Chuckyy