Decision Making and Values
Define decision.
Selection of an action from a variety of options.
What is a deduction?
Amount subtracted from gross income.
What does PLPD stand for?
Personal Liability Property Damage
Define identity theft.
When someone wrongfully acquires your personal or financial information.
What does FAFSA stand for?
Free Application for Federal Student Aid
What is a Smart Goal?
Specific, Measurable, Action, Realistic, Timely
Define paystub.
Document that itemizes wages and deductions from a pay period.
What is a deductible?
The amount you pay before insurance covers remaining costs.
What is a credit score?
a number between 300-850 showing your reliability to repay loans.
What is a grant?
Free money for education that doesn't hav to be repaid.
Define character.
Combination of traits showing strong ethical principals and maturity.
List three advantages of using a budget.
Helps save for goals, tracks spending, provides tax record, shows financial health.
Who should you take with you when you are shopping for a car?
A trusted adult.
List 3 consumer protection agencies?
FTC, Bureau of Consumer Protections, CPSC, FDA, BBB
What is a work study?
Program where students earn money through part-time jobs.
What are universal values?
Values that have the same worth for almost all people.
What does 'Pay Yourself First' mean?
Save money before paying other expenses - helps with emergencies or retirement.
What is a security deposit?
Money paid upfront to cover potential damages to a rental property.
Name three signs of a phishing scam.
Urgency, spelling errors, fake links, request for account info.
How long does it take to earn an Associate's degree?
2 years
What is the difference between Gross and Net income?
Gross is before taxes. Net is after deductions (take-home pay)
What is the general rule for how much rent you can afford?
Rent should be about 1/3 of monthly gross income.
List two advantages and disadvantages of using credit.
Adv. higher standard of living, buy before cash.
Disadv. debt, higher costs, poor credit risk
What is a trade school?
Job-focused training program with little to no debt.