1. I chose to be the plastic surgeon because I feel like thats a steady job. However, she did
have a lot of student debt because of medical school.
2. I chose to live in an apartment and have a jalopy because I think thats an appropriate
1. A government can be neutral, meaning that the government makes more money from
taxes. Or they can be expansionary, where the government spends more money that it
makes. Also, a government can be contractionary, which means that the gov
1. A deductible is the amount of money that the policyholder will pay before the insurance
company will pay on an insured loss.
2. Risk classification is the assessment and categorization of the characteristics that
influence a person's r
1. The benefit of using these people is that they all represent different lifestyles and they all
qualify for different tax benefits based on their income, marital status, and number of
2. Rosado was able to get an earned income
1. Brokerage firms manage and facilitate the purchase of stocks, bonds, and other types of
2. Depository institutions are those that receive their money from customer deposits
whereas Nondepository institutions receive their
1. Inflation risk is understanding that prices on a product or service may rise or fall
2. Opportunity cost are the things you have to give up to get something else. An example of
this would be buying the computer you needed instead of th
1. A progressive tax system require those of higher income to pay more in taxes, whereas
regressive tax systems make everyone pay the same amount.
2. Gross income is the amount of money you get from all sources of income. Such as work
1. People face financial decisions like what to buy and when to buy expensive items like a
house, car, computer, tv, or other things. Tradeoffs are things like budget or time that
make us to give up one thing so that we can get something els
1. What is a progressive tax system? How does it differ from a regressive tax system?
a. Require those with higher incomes to pay a greater proportion of their incomes in
b. Regressive tax system charges everyone the exact same per
1. What is a deductible? How does a deductible affect insurance?
a. The amount of money that the policy holder will pay before the insurance
company will pay on an insured loss
b. The insurance company would not start paying towards your
1. What is inflation risk?
a. Prices on an items or services may rise or fall
2. What are opportunity costs? Give an example of an opportunity
a. The things that you may give up when you make a choice
b. Between apples, oranges, or
Your Life, Your Money <- your first lab link
Choose the "Watch entire show" option
1. What is the average debt for individuals 22-29?
2. Why is it important to think about "needs" and "wants"? What are the differences
a. in econom
1. What are three economic stances that a government may have? Describe each of these stances.
a. Neutral: Indicates a balanced economy
b. Expansionary: This stance implies that the government is spending more money than it
1. What is a barter system? Feature a direct exchange of good without the use of money or another
medium of exchange
2. What is the principle of supply and demand? How many of a certain item are available & how much
do people want this it
1. What are brokerage firms?
a. Manage and facilitate the purchase of stocks, bonds, & other types of investments
2. What are depository and non-depository financial institutions? How do they differ?
a. Depository: receives their money fr
1. Shlomo Benartzi begins his talk by outlining three things that we as a people are not doing well.
What are these three things? Do you agree or disagree with his evaluation of these things?
a. Risk taking
c. Managing money
d. I agree with h
Unit One: Lab Questions
1. What are the four categories that you need to separate your expenses into?
Which one do you think makes up most of your own expenses? Why?
Food & Drink, Transportation, Clothing, Entertainment. Food and
Drink make most of my ex
1. What character did you choose from the available choices? Why? What
are the pros and cons of choosing this character in the game?
a. The cowboy
b. He had the 2nd to least amount of debt
c. Pros: debt was paid off quickly.
d. Cons: Job didnt pay much
1.) What was the final score of the game?
My final score on the game was 7-0. My team won.
2.) How did you do answering the questions? Did you answer any of the
I answered the question with my own knowledge from what Ive learned
1.) What is closed-end credit?
Closed-end credit is a one-time loan that you pay back over time in payments of equal
amounts. Interest is charged on the amount lent and it typically involves a specific
amount and purpose for the loan. T
1.) What are credit cards? Why do people use them?
Credit cards (Visa, MasterCard, etc.) are perhaps the most used form of open-end
credit. Credit cards can be used in a vast number of locations, including most retail
stores, online sites, and most busi
1.) In "Jesse's Ice Cream Stand," what factors do you have to consider to make the greatest
The factor I have to consider to make the greatest profit was not to spend much on the
items you sell. Watch out for the items you rarely sell and the on
1.) What is a deductible? How does a deductible affect insurance?
A deductible is the amount of money that the policy holder will pay before the
insurance company will pay on an insured loss. With a deductible, you are
responsible for p
1.) What are municipal bonds? Describe two different types of municipal bonds.
Municipal bonds are debt securities issued by state or local governments to pay for
ongoing products such as roads, schools, and airports. When state and loc
1.) What problem occurred after Hurricane Katrina that has prevented rebuilding?
The dam broke which caused flooding. Only 5 out of 26,000 peoples houses werent
2.) Why is disclosure important when taking out insurance?
So you know what youre
1.) What is a progressive tax system? How does it differ from a regressive tax system?
A progressive tax is a type of tax that takes a larger percentage of income from
taxpayers as their income rises. An example is the federal income t
1.) Why are cars a bad investment?
An automobile is a depreciating asset. As it ages, it loses value rapidly and drastically.
There is very little chance of an automobile used for personal transportation will
appreciate in value.
2.) What are some of th
1.) What are brokerage firms?
Brokerage firms manage and facilitate the purchase of stocks, bonds, and other types of
investments. Generally, an individual will have an account with the brokerage firm into
which they deposit money. A br
1.) What is the average debt for individuals 22-29?
Average debt for 22 - 29 year olds: $16,120.
2.) Why is it important to think about "needs" and "wants"?
What are the differences between these? Needs: Home, Clothes, Food, Job,
1.) What is inflation risk?
- Prices on an item or service may rise or fall. Deciding to buy at a particular time runs
the risk that a price may fall after the purchase, or rise before the purchase. Inflation
risk, also called purchasing