I2B1 – Final Units 1,8,9, 10,11,12 You are responsible for YOU.
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Transcript of I2B1 – Final Units 1,8,9, 10,11,12 You are responsible for YOU.
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I2B1 – Final
Units 1,8,9,10,11,12
You are responsible for YOU
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Terms to know
Check to see if you know the following Modified Capitalism Needs - Wants – unlimited Resources – Limited
Know how to make decsions!!
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Markets
What kind of market do we have Voluntary Free enterprise Limited government controls
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What is the economic wheel
Consumers Workers Citizens Our roles, roles of business and
government
Public goods, taxes
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Banks and Checking What is the Fed? Types of banks Services of banks Preparation of statements
Types of endorsements How to balance a check book - at the
end
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Return on money at banks
Savings accounts Yields Interest Compounded or simple? Saving vs. investing CD IRAs FDIC
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Investing
Stocks and Mutual Funds Bull vs Bear. What is the relationship between:
Risk Return ( Yield) Liquidity NAV of Stock Mutual Funds and Money
Market Mutual Funds
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Investing cont.
The DOW The big economic picture and
influence by the FED Why does the FED change the $$ supply?
How to choose your investments Real Estate? - liquidity?
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Insurance
Types of coverage Costs of insurance
Why have insurance
What is risk?
How does risk determine your premiums? ( Young Drivers?
What is shared risk?
Know your coverage!!
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Car on top caused the accident
•People in the top car are injured
their medical bills are covered by what coverage? 1.a
•People in the bottom car are injured – same question… 1.b
•The damage to top car .. covered by what? 1.c
•Damages to bottom car…
covered by what? 1.d
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Car hitting house
The damages to the house and everything inside will be paid by the insured’s 2.a :::::::::::::::::
Bodily injury liability
Property damages liability
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Hit by King Clueless. Man – I should have paid my insurance
premiums this month.
IF this guy hits you – Who will have to pay for your car and you injuries?
What type of coverage do you need to make sure you have?
3.a
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WOW - How did that happen?
What type of insurance is going to pay for these damages???
4.a
Why? 5.a
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How much will it cost me??? Which scenario will the
insurance cost more
Write A or B on your answer sheet.
A B
Age6.A
16 male 40 male
When you use your car6.B
Work, to drive on my job as pizza delivery guy
To church and home on Sundays
Number of miles 6.C
52,000/yr 10,000/yr
Value and type of car 6.D
Ford Taurus Mustang Convertible
Where you live 6.E
Bloomington IL Detroit MI
Deductible
6.F
250.00/per accident
500.00 /per accident
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Still more to know??? Match the following terms with the definition A. Compulsory Insurance Laws B. Financial Responsibility Laws C. Assigned Risk plan
D. No- fault Insurance. These are questions 7.1 – 7.4
1. IF you have been turned down because of a bad driving record you will be put into a group whose premiums are very high but who must be provided with insurance by an insurance company. Each com. Must take a certain number of these.
2. IF you have an accident and no insurance and cannot make good on the claim your license will be suspended or taken away.
3. You cannot get a license without proof of insurance when you have this law in your state.
4. No matter who is at fault each company pays their own insured’s damages. This is to minimize the amount of lawsuits going on over damages.
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Homeowners
Cost to replace Depreciation? Liability? Types of coverage - Is basic enough? Riders for extras
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Budget
Failure to Plan is Planning to Fail Watch where your money goes. Financial inventory?
Balance Sheet Budget sheet
Your financial picture will change You will have to make decisions just like an
economic system – you have limited $$ resources.
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Summary
You have learned things that will stay with you the rest of your life.
Being a good citizen means being responsible for yourself
Making decisions is something you will always have to do.
How can you make $$, keep your $$ safe and have your $$ work for you