Final Review #1

Chapter 1

100

What is the difference between a short term goal and a long term goal?

Short is less than 6 months Long is more than 6 months

200

how do needs and wants affect your priorities?

Needs have to come first

300

What two kinds of things are available for consumers to purchase? 

What is the term for things placed in a ranked order of importance? 

goods (physical objects) & Services (paid actions)

 Priorities 

400

What are guidelines you should use when setting goals in order to be successful in achieving them?

Make goals realistic, measurable, and specific.

500

Describe how each of these decision making processes works: Default Impulse Imitation Habit

Default- because there is no other option left Impulse- made without thought or prior planning Imitation- because you see others doing the same thing Habit- because you always do it that way.

Consumer Basics

100

What is a person who buys & uses goods and services called? 

A Consumer 

500

Identify these six rights: 1. Having access to facts and details of a product/service. 2. receiving a remedy when problems occur with products. 3. to not be harmed by the use of any products 4. expecting respect, courtesy, efficiency, accuracy from businesses. 5. having the chance to learn about wise consumer choices and purchases. 6. having more than just one product available to you.

1. Right to be Informed 2. Right to Seek Redress 3. Right to Safety 4. Right to Good Service 5. Right to Consumer Education 6. Right to Choose

Career Decisions

100

What three kinds of financial aid are provided through the FAFSA Program?

Grants/Scholarships, Loans, Work Study Program

200

What is the difference between an apprenticeship and an internship?

Apprenticeship= on the job training, and classroom instruction Internship = short term job to gain experience in a particular field.

300

Other than a university, give three options for education after high school.

Community college, trade school, military

400

Describe the difference between a resume and cover letter. Give examples of what should be found on a resume. What makes it look professional?

Cover letter is the introduction, resume is the fact sheet. Schooling, Work history, personal info, certifications, achievements, community involvement, relevant experiences.

500

What are five good tips you would give to someone who was going to an interview?

Arrive early, dress one step above employees, practice before you go in, have good posture (non verbal communication), make eye contact, good hand shake, send a thank you note, Have questions prepared for the interviewer.

Pay & Taxes

100

What government agency collects taxes?

IRS

200

When should you have all of the forms you need to file taxes in your possession? When must your taxes be filed by?

January 31st April 15th

300

What is the hour difference between working full time, part time, and overtime?

Full = at least 35 Part = under 35 Overtime = 40

400

What are the four most important tax forms? What is the purpose of each?

W4- tax with holding form W2- Record of earnings for the year 1099- Unearned income report 1040- Tax return form

500

Calculate the gross pay for this person: Makes minimum wage, worked 47.5 hours, gets paid on a weekly basis.

(1)$8.25 x 40 = $330 (2)$8.25 x 1.5 = $12.38 (3)$12.38 x 7.5 = $92.85 (4) $330 + $92.85 = $422.85