Domains of Well Being
What is the concept of well being?
A state of complete physical, mental, and social well being and not merely absence of disease or infirmity.
True or False: Does your Needs and Wants contribute to your financial decisions?
True
What is a goal that can be longer than a year.
Long Term Goal.
What is the definition of Taxes?
A sum of money demanded by the government to support the government itself as well as specific facilities or services.
What are the 2 types of Depository Institutions.
Commercial Banks and Credit Unions.
This domain would deal with joining clubs, making friends, or just going out.
Social Well Being
The desire for goods or services that can increase our quality of life but aren't necessary for survival.
A want.
What is a goal that can be attainable in under than a year?
Short Term Goal.
What is someone who pays taxes called?
A Taxpayer
True or False: Do Depository Institutions offer the ability to earn interest.
True, They do offer interest.
List the 5 domains of well being
Physical, Financial, Intellectual, Emotional, Social
Goods and services that are necessary for our survival.
needs
How do goals affect your life?
Goals increase your performance and build better characters.
What are the 5 main types of taxes?
Income Tax, Excise Tax, Sales Tax, Property Tax, Payroll Tax.
What is the key difference between Commercial Banks and Credit Unions.
Credit Unions are non-profit while Commercial Banks are for profit.
Domain that deals with participating in financial planning and setting financial goals
Financial Well Being
What are examples of needs and wants?
Need: Food, clothing, water
Want: TV, phone, books
What is the goal of life?
To achieve happiness for oneself but others as well.
Were does the word tax come from?
It comes from the Latin, taxo which means "I estimate."
What is the definition of net worth?
Net worth: is the measure of financial wealth.
Maintaining good and positive emotions
Emotional Well Being
Is transportation a need or a want?
Transportation is needed because few economic resources are located where they are wanted.
What are the elements of a successful goal?
Specific, Measurable, Attainable, Realistic, Time Bound.
What is a country without income tax?
Bermuda, Monaco, the Bahamas, Andorra, and the United Arab Emirates
What is the definition of liabilities?
Liabilities: is a debt or obligation owed to others