Personal Financial Literacy Mrs Chyko MidTerm Review 1
- Slides: 26
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 �Hyperinflation - Rapidly rising, out-of-control price increases
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 �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 �Market Based �Value Based �Cost-Plus
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 �Peoples needs and wants change �Need for different types of workers evolve �Technology changes
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. �The charge for instruction at a school Community college, State college, Trade school �Government loans, grants, scholarships, job
9. Difference between required deductions & optional deductions. �Required - Income tax, Social Security tax, and Medicare tax �Optional – Insurances, Savings plan, Retirement plan (401 K)
10. Difference between disposable income and discretionary income �Disposable – Income after Taxes are paid �Discretionary – Income after needs are met
11. Define 1040 EZ 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 �Specific �Measurable �Attainable �Realistic �Time-bound �To help us think our goals through
13. Define advertising �Method of informing or persuading consumers �Promoting and selling products
14. Examples of advertisements: �Media – TV, radio �Internet – Pop up windows � Print – Newspaper, flyers �Direct – Sample of product
15. The 6 steps of the Decision Making Process �Define problem or need �List options �Compare options �Make decision �Take action �Revaluate
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 �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 �YOU Pay for more than 50% of a persons living expenses. �The individual cannot be claimed by anyone else.
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- First Budget �Requires you to save money first!! �Income = Savings + Expenses
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 �Favorable Variance – Earn or save more than planned and spend less �Unfavorable Variance – Earn or save less than planned and spend more
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 �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: �������- Regular pay Overtime rate per hour Overtime pay Gross pay Required deductions Optional deductions Net Pay
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