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Personal Financial Literacy

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

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  1. Personal Financial Literacy Mid-Term Review Chapters 1-3

  2. S M A R T Goals • Specific • Measurable • Attainable • Realistic • Time Bound

  3. 5 steps of the Financial Planning Process • SACIM • Set SMART Goal • Analyze Information • Create A Plan • Implement The Plan • Monitor And Modify The Plan

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. Net Pay Calculations Gross Pay • Deductions (required + optional) Net Pay

  13. List and define the 3 types of inflation. • Disinflation • Reflation • Hyperinflation Page 65

  14. List and define the 3 causes of inflation. • Demand-Pull • Cost-Push • Real-Cost Page 66-67

  15. List and define the 3 types of pricing strategies. • Cost-plus pricing • Value-based pricing • Market-based pricing Page 72

  16. 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.

  17. Advertising Method of informing and persuading consumers to purchase goods and services. TV Radio Newspapers Magazines Billboards Samples

  18. 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

  19. 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

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