personal financial literacy mrs chyko n.
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Personal Financial Literacy Mrs. Chyko. Mid-Term Review. 1. List and define the 3 types of inflation. Reflation - Occurs when prices are high, drop, and then rise to their previous level Disinflation - Occurs when prices are rising, but at a slow rate

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1 list and define the 3 types of inflation
1. List and define the 3 types of inflation.
  • Reflation - Occurs when prices are high, drop, and then rise to their previous level
  • Disinflation - Occurs when prices are rising, but at a slow rate
  • Hyperinflation - Rapidly rising, out-of-control price increases
2 describe the characteristics of a growing economy
2. Describe the characteristics of a growing economy
  • Lots of jobs
  • People are spending money
  • Financial security is easier
3 list and define the 3 causes of inflation
3. List and define the 3 causes of inflation
  • Cost Push-The cost to create the product rises and is NOT offset by productivity
  • Demand Pull-Consumers want to buy more goods and services than producers supply
  • Real Cost-Resources diminish or become harder to get
4 list and define the 3 types of pricing strategies
4. List and define the 3 types of pricing strategies
  • Market Based
  • Value Based
  • Cost-Plus
5 explain the impact inflation has on our purchasing power
5. Explain the impact inflation has on our purchasing power
  • Inflation REDUCES our purchasing power
  • As prices rise our income does NOT
  • Consumers cannot buy as much with the same amount of money
6 explain why the job market changes overtime
6. Explain why the job market changes overtime
  • Peoples needs and wants change
  • Need for different types of workers evolve
  • Technology changes
7 explain the difference between hard skills and soft skills
7. Explain the difference between hard skills and soft skills
  • Hard skills are technical skills
    • Working machinery, nursing procedures
  • Soft skills are people skills
    • Communication, team work, leadership
8 define tuition
8. Define tuition.
  • The charge for instruction at a school
    • Community college, State college, Trade school
  • Government loans, grants, scholarships, job
9 d ifference between required deductions optional deductions
9. Difference between required deductions & optional deductions.
  • Required - Income tax, Social Security tax, and Medicare tax
  • Optional – Insurances, Savings plan, Retirement plan (401K)
10 d ifference between disposable income and discretionary income
10. Difference between disposable income and discretionary income
  • Disposable – Income after Taxes are paid
  • Discretionary – Income after needs are met
11 define 1040ez form
11. Define 1040EZ Form
  • Form used to process taxes
  • NO DEPENDENTS
  • Can be used by single and joint filers
12 list the five components of a smart goal
12. List the five components of a SMART Goal
  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Time-bound
  • To help us think our goals through
13 define advertising
13. Define advertising
  • Method of informing or persuading consumers
  • Promoting and selling products
14 examples of advertisements
14. Examples of advertisements:
  • Media – TV, radio
  • Internet – Pop up windows
  • Print– Newspaper, flyers
  • Direct – Sample of product
15 t he 6 steps of the decision making process
15. The 6 steps of the Decision Making Process
  • Define problem or need
  • List options
  • Compare options
  • Make decision
  • Take action
  • Revaluate
16 t he importance of time management
16. The importance of Time Management.
  • List 5 characteristics of Time Management

1. PRIORITIZE

2. BREAK DOWN LARGE PROJECTS INTO

SMALLER ONES

3. MAKE A TO-DO-LIST

4. USE A DAILY PLANNER

5. WORK WHEN YOU ARE MOST RODUCTIVE

17 explain the difference between economizing and optimizing
17. Explain the difference between ECONOMIZING and OPTIMIZING
  • Economizing – save as much possible; spend only when necessary
  • Optimizing – spreading money as far as it will go. Get the most value for the money spent
18 an individual that can qualify as an exemption
18. An individual that can qualify as an EXEMPTION
  • YOU Pay for more than 50% of a persons living expenses.
  • The individual cannot be claimed by anyone else.
19 d ifference between a personal goal financial goal financial plan
19. Difference between a personal goal, financial goal, & financial plan
  • Personal goal – things you want to achieve
  • Financial goal – how you will pay for your personal goal
  • Financial Plan – Contains personal goals and a timeline for reaching these goals and methods you will use to finance them.
20 explain the benefit of utilizing a pay yourself f irst b udget
20. Explain the benefit of utilizing a Pay-Yourself- First Budget
  • Requires you to save money first!!
  • Income = Savings + Expenses
21 explain how to calculate the dollar variances on your budget
21. Explain how to calculate the dollar variances on your budget
  • Determine the difference between actual and planned dollar amounts.
22 explain favorable variance and unfavorable variance
22. Explain favorable variance and unfavorable variance
  • Favorable Variance – Earn or save more than planned and spend less
  • Unfavorable Variance – Earn or save less than planned and spend more
23 3 i tems you would gather analyze for financial planning
23. 3 Items you would gather & analyze for financial planning
  • Personal budget, checkbook, and current pay stub
24 explain the difference between identity theft and phishing
24. Explain the difference between identity theft and phishing
  • ID Theft - Act of using someone’s personal information without permission to commit fraud or crime
  • Phishing – Scam used to get individuals to give out personal information
25 demonstrate payroll process by calculating
25. Demonstrate payroll processby calculating:
  • - Regular pay
  • - Overtime rate per hour
  • - Overtime pay
  • - Gross pay
  • - Required deductions
  • - Optional deductions
  • - Net Pay