UNIT 3 REVIEW

Labor and Compensation

100

The type of labor that does not require any special skills, training, or education.

What is UNSKILLED LABOR?

200

Annual or monthly pay.

What is SALARY?

300

A dentist is an example of this type of labor.

What is PROFESSIONAL LABOR?

400

This retirement plan is run by an individual.

What is a 401K?

Budgeting

100

A fridge is an example of this type of good.

What is a DURABLE GOOD?

200

Ziplock bags are an example of this type of good.

What is DISPOSABLE GOOD?

300

The goal for when someone is saving for something like a concert, vacation, or new phone case. 

What is a SHORT TERM GOAL?

400

The recommended ratio for budgeting needs, wants, and savings.

What is 50/30/20?

Saving and Investing

100

Type of fund for unexpected expenses. 

What is EMERGENCY FUND?

200

This type of investment has HIGH liquidity.

What is CASH?

300

This type of investment has the highest risk.

What are INDIVIDUAL STOCKS?

400

A medium to long term investment, backed by the US government. 

What is a GOVERNMENT BOND?

Credit Cards

100

The type of APR when interest rates do not stay the same.

What is VARIABLE?

200

The type of loan that is one-time, for a specific purpose.

What is an INSTALLMENT LOAN?

300

The measure of how responsible you are for paying back debt.

What is a CREDIT SCORE?

400

I spent $750 this month and forgot to make the minimum payment. This vocabulary term is what happens because of it. 

What is DEFAULT?