Vocabulary
The original amount of money you start off with before interest is applied to either a loan or a savings account is called the...
Principal
Jean wants to have $2000 in her savings account by the end of the year. If she's able to save $80 every paycheck and is paid bi-weekly, will she hit her goal by the end of the year?
Yes. At the end of the year, she will have $2080.00
Name two ways a person can gain worker experience
-Part-time work
-Volunteer work
-Internships and cooperative education
-Class projects and after-school activities
what is the purpose of financial planning?
To become financially secure
Give an example of a need and a want
Varies
A trade-off for a decision you make is also called this...
opportunity-cost
A dairy farm in southern Ohio loses half of its cows and therefore can't produce as much milk. What will likely happen to the cost of milk do what?
Go up or rise
What is the difference between a job and a career
A job is something you do solely for money. A career is something you do long-term and is also fulfilling.
How are people advised to pay back credit cards and loans?
Paying more than the minimum amount required
When the demand for a product is ____________ and the supply is______________, then the price will likely be high.
high and low
A recent ________________________trend is the movement of those with degrees in computer technology to places like Seattle.
geographic
Madison wants to buy a car that will cost $15,160. If Madison plans to save $1,684 per month, how many months will be necessary to save?
A little over 9 months
Name one right you have as an employee
-An employer can’t refuse to hire a woman or terminate a woman’s employment because she is pregnant.
-An employer can’t be discriminated against because of their age, race, color, religion, gender, marital status, national origin, or any mental or physical disabilities.
-In some cases, an employer must pay the minimum wage set by the government.
-An employer must pay for unemployment insurance, contribute to Social Security, and provide workers’ compensation funds in case of a work-related injury or illness.
When setting up financial goal, you should make sure the goals have a clear time frame, help you decide what kind of action to take, be specific, and what?
realistic
Give an example of a good and a service
Varies
By __________________________ you can gain contacts that may help you get a job or gain advice about a job or career.
networking
Michael’s monthly salary after tax is $2,675. If Michael pays for rent, food, and other bills totaling $2,140 then how much money is left?
$535
What is your potential earning power influenced by?
more education
field of study
Having good work habits like teamwork
and strong communication skills
When creating a budget, it's important to compare these two things...
Your needs and your wants
After you borrow money or put money into the bank, your principal balance will grow because of what
interest
The rise in price of a good or service is called...
Leon works 32 hours a week (over 4 days) and makes $9.15 an hour after taxes. He wants to take an extra day off to go out of town. His monthly expenses total $1100. Can he afford the trip if the trip is going to cost him $150?
No. His monthly earning totals $1171.20. After subtracting the $1100 for his monthly expenses, he is only left with $71.20
What is the first stage in figuring out career planning?
Figure out your own goals, abilities, and interests.
After developing a financial action plan ( a plan to help you decide what to do with your money), why is it important to review and revise that plan?
Because your circumstances can change
What is the primary role of the FED?
Regulation of the money supply