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Consumer Economics Study Guide
Know how to figure unit price
Know how to figure simple interest
Know the difference between a job and a career
Know what you should prioritize if you become insolvent
Vocabulary words to know:
insolvency, cash flow, net worth, assets, discretionary income, budget, take home pay, fixed, variable,
periodic, and unexpected expenses, unit price, warranty, fraud, direct deposit, automatic teller (ATM)
machine, debit card, credit card, compounding interest, endorsement, endorsee, creditor, investor, line
of credit, revolving credit, grace period, finance charge, credit rating, secured debt, cosigner, collateral,
landlord, tenant, security deposit, lease, mortgage, dividend, capital gain, government bond, tax
exempt, tax deferred, capital loss, private and public corporations, non-load fund, a load fund, bull
market, bear market, common stocks, preferred stock, portfolio, income tax, sales tax, estate taxes,
excise tax, tax deduction, standard deduction, itemized deduction, audit, extension, dependent, tax
liability, income tax return, taxable income, loss, exemption, risk management, risk avoidance, risks,
negligence, insurance, 401k, deductible, insurance policy, premium, copayment, replacement value,
actual cash value, depreciation, beneficiary, life insurance, cash value, assisted living facility, individual
retirement accounts (IRA),defined benefit plan, defined contribution plan, vesting, trust, heirs, estate,
living will, power of attorney, probate, will, executor, guardian, living will, transfer, withdrawal, Pay
yourself first, line item, zero based budgets