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FFL High School
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- 1If I decide to go to a movie instead of waiting to see it on DVD, I must believe the __________ outweigh the cost of the ticket.benefits
- 2I want a computer, a stereo and tires for my car. I decide to buy tires, what are my opportunity costs?The computer and the stereo
- 3I decide to shop at Walmart instead of 2J’s, what is one benefit?Benefits = More items for my money, more selection.
Costs = Food not as fresh, not supporting local business, dealing with crowds. - 4What does “no such thing as a free lunch” mean?The resources used to buy the "free" item could have been used for something else.
- 5All choices have __________________________.consequences for the future.
- 6Dropping out of high school will probably mean you get paid less throughout your lifetime, is this an example of a cost or a benefit?Cost. It is the con - the negative.
- 7If there is a higher demand for mechanics will they get paid more or less?More
Higher demand = higher wage - 8An IPhone 6 costs considerably more when it first comes out than a year later, this is because there are ______________ copies and lots of interested consumers.limited
(this is about supply and demand, if the supply is low and the demand is high, the prices will be high) - 9The steps in the decision making grid are: define the problem or decision, list the ______________, and state criteria.alternatives (the different options; a walla bee, a dingo or a penguin)
- 10Supplying a neat and accurate application will __________ my chances of getting a job.improve
- 11Name one type of question a perspective employer is not allowed to ask?Do you have kids?
What church do you attend?
Are you disabled? - 12Your paycheck is inaccurate, what should you do?Tell your boss right away
- 13Wage and cost of living are reflective; the minimum wage in Washington D.C. is $9.25/hour, is the cost of living high or low in that area?high
- 14A letter defining your skills and knowledge that you turn in with your resume is called a ___________ letter.cover
- 15Connecting with people you know to find job opportunities is called ____________.networking
- 16What level of education will you need to get a good job, according to the US Bureau of Labor Statistics?An associates degree
- 17Gross pay minus deductions is called ______ pay.net
- 18Direct deposit is when your employer automatically transfers your paycheck into your ________ ________.bank account
- 19Small business owners, or ______________ work for themselves and are known as risk takers.Entrepreneurs
- 20The money you have left over after depositing savings and paying bills is called ________________ income.disposable
- 21The three types of expenses are: Fixed, __________, and Periodic.Variable
- 22What does “pay yourself first” mean?Money is set aside for savings, paying yourself as if you were a bill
- 23You can spend money in your checking account by writing a check or using a _________ card.debit
- 24If you are going to write a check or use your debit card make sure you have enough __________ in the account.money
Check your bank balance before making purchases. - 25How much of your net income should be spent on rent?not more than 1/3
- 26If you make less than you earn, what can you do?increase your income
decrease you expenses
ask a financial counselor for help - 27How can you find out how much money is in your bank account?Call the bank, go online or balance your checkbook
- 28The ___-___-___ tool is a type of spending plan that separates expenses, debt payments and savings payment.70-20-10
- 29When creating a spending plan, should we use net or gross income?Net
You can't spend what you don't get. - 30Name one consideration when looking for a financial institution.Interest and how it is compounded (APR), balance requirements and fees
- 31Give an example of a long term savings goal.retirement
down payment for a car
college money - 32Is it best to start saving when you are young or old?Young
It is easier when you first begin earning income, and interest will earn interest for longer = more money! - 33Is a diversified portfolio lots of one type of investment or lots of many types of investments?Lots of many different types of investments
- 34Name one consideration before deciding to invest.You have enough money to pay your bills
You don't need the money right away - 35You can ask your bank to move money automatically from checking to savings, it is called an ___________ transfer.automatic
- 36Generally speaking when investing, the higher the risk, the _______ the reward.higher
- 37Putting money away in hopes that it makes money is called ___________.investing
- 38Where can you put your money and earn interest?A savings account
- 39Pampered Chef, Herbal Life and Mary Kay are examples of multi-level marketing, or ________ schemes – they pay you to recruit people to sell.pyramid
- 40Info shared on social media is or is not protected and secure.is not
- 41When taking out student loans, you can borrow what you need now and ask for more later if you need it. (True or False)True
- 42Character, capacity and collateral are known as the ______ of credit.3 C's
- 43Look for a credit card with ____ annual fee, low fees and a low APR.no
- 44__________ history and Credit Card Utilization are the biggest factors in determining a credit score.Payment - so pay your bills on time
- 45Where can you check your credit reports for free?www.annualcreditreport.com
- 46________ insurance will cover your bed, couch and computer if there were a fire in your apartment.Rental
- 47The amount you have to pay before your insurance starts paying is called a ________.deductible
- 48Never charge more than __/__ of your available credit card balance.1/3
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- All themes, review for the final exam
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