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Personal Financial Literacy. Mid-Term Review Chapters 1-3. S M A R T Goals. S pecific M easurable A ttainable R ealistic T ime Bound. 5 steps of the Financial Planning Process. SACIM Set SMART Goal Analyze Information Create A Plan Implement The Plan Monitor And Modify The Plan.

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personal financial literacy

Personal Financial Literacy

Mid-Term Review

Chapters 1-3

s m a r t goals
S M A R T Goals
  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Time Bound
5 steps of the financial planning process
5 steps of the Financial Planning Process
  • SACIM
    • Set SMART Goal
    • Analyze Information
    • Create A Plan
    • Implement The Plan
    • Monitor And Modify The Plan
why the job market changes overtime
Why the job market changes overtime?
  • The job market changes as needs for different types of workers evolve.
  • Technology, trade agreements, and a changing economy affect the job market
characteristics of a growing economy
Characteristics of a growing economy
  • People are buying goodsand services
  • Jobs are being created
  • Businesses are hiring workers
  • Finding and keeping a job that will provide financial security is easier
difference between hard skills soft skills
Difference between hard skills & soft skills
  • Hard skills – technical skills needed to perform certain tasks or complete certain procedures
  • Soft skills – nontechnical such as problem solving and people skills
ways a student can get help to cover the cost of tuition
Ways a student can get help to cover the cost of tuition…

Tuition is the charge for instruction at a school

  • Money received from parents
  • Student loans
  • Grants
  • Federal financial aid
  • Scholarships
  • Work while attending school
required deductions optional deductions
required deductions & optional deductions

Required deductions

Money that must be withheld from paychecks for income tax, Social Security tax, and Medicare tax

Optional deductions

Money that you chose to be withheld from your paychecks for savings, retirement, or insurance

disposable income unearned income
Disposable income &unearned income

Disposable Income

  • Money left over to spend or save after

taxes are paid

  • Gross pay – Required Ded. = Disposable Income

Unearned Income

  • Money received from sources other than work
  • Interest, Social Security benefits, dividends
1040ez w 2 w 4 forms
1040EZ , W-2 , & W-4 forms

1040EZ Form

  • Used by single and joint filers with

NO DEPENDENTS

W-2 Form

  • Reports taxable income a worker received

during the calendar year

W-4 Form

  • Shows the number of exemptions a person

claims on federal and state income taxes

characteristics of an exemption
Characteristics of an EXEMPTION

Exemptions

A person you claim as a dependent

  • An individual that lives with you and for whom you provide more than 50 percent of living expenses.
  • The more you claim the less tax is withheld
net pay calculations
Net Pay Calculations

Gross Pay

  • Deductions (required + optional)

Net Pay

list and define the 3 types of inflation
List and define the 3 types of inflation.
  • Disinflation
  • Reflation
  • Hyperinflation

Page 65

list and define the 3 causes of inflation
List and define the 3 causes of inflation.
  • Demand-Pull
  • Cost-Push
  • Real-Cost

Page 66-67

list and define the 3 types of pricing strategies
List and define the 3 types of pricing strategies.
  • Cost-plus pricing
  • Value-based pricing
  • Market-based pricing

Page 72

explain the difference between economizing optimizing
Explain the difference between ECONOMIZING & OPTIMIZING

Economizing

Consumers save as much as possible and spend only when necessary

Optimizing

Consumer get the highest value for the money spent.

advertising
Advertising

Method of informing and persuading consumers to purchase goods and services.

TV

Radio

Newspapers

Magazines

Billboards

Samples

time management
Time Management

Strategies used to be more productive and make better decisions

  • Identify most productive time of day
  • Use daily planner
  • Keep a to-do list
  • Prioritize
  • Break large projects down
  • Schedule time to make purchases
  • Don’t rush
  • Do something you enjoy
consumers can
Consumers can…
  • Make a list and decide payment method
  • Stick to the list to prevent impulse buying
  • Keep receipts and packages until you have evaluated your purchase