Term
| State and describe three economic roles played by people |
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Definition
consumer-uses good and services
worker-earn money, produce goods and perform services
citizen-use public services, pay taxes, vote |
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Term
| What is produced by workers? |
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Definition
| produce goods and perform services |
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Term
| List the Consumer Bill of Rights and explain each |
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Definition
Right to Safety
Right to be informed
Right to Choose
Right to be heard
Right to redress
Right to Consumer education
Right to Service |
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Term
Understand how the following types of agencies help consumers:
FTC,SEC,CPCS,EPA,USDA |
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Definition
FTC-Federal trade commission-enforced laws agaisnt dishonest advertising
SEC-Securities and Exchange commission;regulates companies that sell stock
CPCS- Consumer product Safety Commission- protects public from unreasonable risks, and develop safety standards for household products
EPA- Environmental Protection Agency
USDA-US Department of Agriculture-inspects and sets standards for food |
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Term
| Be able to identify what the following forms are used for and when they are used: 1040EZ,1040A,1040,W-2,W-4,1040INT |
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Definition
W-2-form sent by employers shows the amount of income you earned and what was withhelp for taxes
W-4- sent by banj and credit union shows how much interest income was earned.
1040EZ-single and joint filers no dependents
1040A-individual income tax return
1040-
1040INT |
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Term
| What effect do the following have on which tax form you use? Dependents, Dividends, Exemptions, IRA's |
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Definition
Dependents:one that is supports by taxpayers income must choose one that supports dependents
Dividends:A payment to shareholders that represent a portion of the company's net profits
Exemptions: not included don't have to do something
IRA: Individual Retirement Account; a personal savings plan that enables workers adn their spouses to set aside money for retirement |
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Term
| Who qualifies as a dependent? |
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Definition
| someone who is supported by taxpayer's income; spouse, child. |
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Term
| What is the purpose of maintaining a budget and the importance of establishing an emergency fund? |
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Definition
keep track of expense,have enough money to cover required expenses.
Emergency fund is important to cover unexpected expenses |
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Term
| What is the importance of values and goals when decision making? |
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Definition
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Term
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Definition
| regular payments that do not vary in amounts |
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Term
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Definition
| Expenses that change, go up or down monthly; groceries, clothing, utilities |
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Term
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Definition
| purchasing goods or services to impress others |
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Term
| What are examples of values and goals? |
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Definition
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Term
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Definition
| total amount before taxes |
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Term
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Definition
| amount of money you expect to recieve after paycheck deduction |
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Term
| list of questions a country asks itself in order to determine what type of economic system it should be |
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Definition
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Term
| Characteristics of a product whose has dropped significantly over the last year or two? |
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Definition
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Term
| What is happening to the market if a product has a high price and high demand? |
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Definition
| the market is good, if the price of something is high yet people still want to buy it that means consumers must have the money to spend on it. |
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Term
| Who is included in the unemployment rate? |
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Definition
| in which a person is without work, available to work and is currently seeking work. |
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Term
| What is happening to the market if there is high inflation? |
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Definition
| cost of goods increases thus the cost to make those good has gone up |
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Term
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Definition
| a bank account that accumulates interest |
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Term
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Definition
| a type of saving account which deposits are invested by the financial institution to yield high earnings |
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Term
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Definition
| keeps your money safe while giving you easy access |
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Term
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Definition
| Individual Retirment Account |
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Term
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Definition
| IRA in which contributions are not tax deductible |
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Term
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Definition
| type of defined contribution pention plan to which the employee contributes on a pretax basis |
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Term
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Definition
| a group of investments that is help incommon by many individual investors |
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Term
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Definition
| Organized trading of stock |
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Term
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Definition
| no transferrable debt certificates issued by the US tresury |
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Term
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Definition
| measure of the price paid for a share relative to the income or porfit earned by the firm per share |
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Term
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Definition
| a payment to shareholders that represents a portion of the companies net profits |
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Term
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Definition
| the highest price a security (stock) reached during the last 52 weeks=one year |
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Term
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Definition
| a signiture on the back of the check that entitles the payee to either recieve payment or transfer it to someone else |
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Term
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Definition
| consists of only the endorsers name |
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Term
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Definition
| limits payment to a particular payee |
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Term
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Definition
| limits the use of a check |
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Term
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Definition
| insurance that gives a person protection for his or her lifetime |
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Term
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Definition
| life insurance that gives protect for a specific period of time |
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Term
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Definition
| Heath Maintence organization;health care group that offers medical care to members for a prepaid fee and small co-payments. Least costly to consumer, but choice of doctors is limited |
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Term
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Definition
| preferred provider organization;a group of health care providers who ban together to provide services at discounts. Do not require that a primary care physician coordinate care. Offer these discounted services to employers directly or through insurance company |
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Term
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Definition
| legal responsibility to pay someone who has suffered an injury or loss caused by another |
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Term
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Definition
| protects agaisnt damage to your own vehicle due to a crash |
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Term
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Definition
| physical damage coverage, protects your own vehicle against risks unrelated to traffics accidents |
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Term
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Definition
| injury or damage that you cause to other people ro there property |
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Term
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Definition
| injury to you or passagers due to traffic accidents |
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Term
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Definition
| injury or damage to you, your passanger or your car,caused by driver without insurance |
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Term
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Definition
| credit that can be used repeatedly |
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Term
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Definition
| a one tim extension of credit for a specific amount and time period |
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Term
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Definition
| number that is calculated based on consumers credit files/information |
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Term
| equal credit opportunity act |
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Definition
| protects people who aply for credit from discrimination |
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