Warm Up Take out your Personal Finance: Taxes worksheet from Friday, make sure that your name is on it and hand it in to the sub. Then answer the following question in your warm up section of your International Towne workbook: Reflecting back on what you have learned over the past week, which aspect you think is the most important to achieve personal financial success?

Personal Finance Assessment

Learning Target I can demonstrate my knowledge of personal finance through an assessment. Success Criteria: Explain Supply/Demand Explain Scarcity Explain Opportunity Costs Explain Savings and its relationship to disposable income and consumption Differentiate between interest vs compound interest Explain Future Value

Key Vocabulary Review… Demand: the different quantities of a resource, good, or service that will be purchased at various prices during a specific time period (willingness and ability to purchase goods and services for a particular price). Supply : the different quantities of a resource, good, or service that will be offered for sale at various possible prices during a specific time period (quantity of a product producers are willing to provide at a particular price). Scarcity: the situation in which wants are greater than available resources. Opportunity Cost- the cost of something in terms of opportunity foregone

Key Vocabulary Review… Savings- equals disposable income minus consumption Disposable Income- what one can spend after taxes Consumption- spending on goods and services Interest (how it is calculated)- A fee paid by a borrower of money to the owner as a form of compensation for the use of that money. It is most commonly the price paid for the use of borrowed money (ex. Credit Cards) or money earned by depositing money (ex. Savings account at a bank.)

Key Vocabulary Review… Future value (FV)- the amount of money to which an investment will grow over a finite period of time at a given interest rate. Put another way, future value is the cash value of an investment at a particular time in the future. Compounding- The process of leaving the initial investment plus any accumulated interest in a bank for more than one period is reinvesting the interest

Personal Finance Assessment As you receive your Personal Finance Assessment, put your first/last name along with period on the top Reminder, this is an assessment and that there is to be NO TALKING! Any students that is seen talking during the assessment, both their assessment, as well as the assessment of the student they are talking to will be taken and both students will receive a zero. Remind them that this assessment will be due at the END of the period and that they may use your notes page, title Personal Finance, which is on a piece of lined paper. YOU ARE NOT ALLOWED TO USE YOUR INTERNATIONAL TOWNE WORKBOOK!!!.