1. What do you think is the best way to become a millionaire?
Bell Work
What do you think is the best way to become a millionaire?

2. In Lak’ech by Luis Valdez
Tu eres me otro yo
Si te hago daño a ti,
Me hago daño a mi mismo
Si te amo y respeto
Me amo y respeto yo
You are my other me
If I do harm to you,
I do harm to myself
If I love and respect you
I love and respect myself

3. What do you think is the best way to become a millionaire?
Bell Work
What do you think is the best way to become a millionaire?

4. Unit 2 Statistics 2 3 4 5 6 TOTAL A 16 B 12 14 9 8 49 C 10 34 D 11 30F 27
AVG
74.8 75
76.7
70.2
69.3
73.2

5. What are the characteristics of demand?
the desire and ability to buy a product
the ability and resources to buy a product
the willingness and desire to buy a product
a credit card with a high limit.

6. To estimate elasticity, compare the _________ of a price change to the _________ of the change in total revenue.
amount, amount
direction, amount
amount, direction
direction, direction

7. At which stage of production does the concept of “diminishing returns” first become significant?
Stage I
Stage II
Stage III
It is significant throughout the production process.

8. At which point in the stages of production does the maximum profitable number of workers become most apparent?
the end of Stage I
the beginning of Stage I
the end of Stage III
the beginning of Stage III

9. Which term is generally associated with machines and other capital goods in the short run?
total cost
variable cost
fixed cost
marginal cost

10. Which of these best enables a firm to establish its profit-maximizing quantity of output?
a periodic marginal analysis
a periodic analysis of total revenue
a periodic determination of its overhead
a periodic determination of its break-even point

11. In a competitive market economy, prices are considered
dictated
uncompromising
favorable
neutral

12. Which is an example of a public good?
a rock band
the army
a car
bread

13. 1st Quarter Reflection
What did we do in class 1st quarter that was most helpful to your learning? Why?
What did we do 1st quarter that made it more difficult for you to learn? Why?
What would you like to see us do differently 2nd quarter? Why?
What else would you like to tell me that would help you to learn better?

14. Personal Finance How can I avoid (or get out of) debt?
How can I build wealth so I can live the way I want to live?

15. 7 Baby Steps Basic emergency fund Debt Snowball
3 – 6 months expenses in savings
Invest 15
College funding
Home payoff
Build wealth and give

16. Which baby step do you think you are on now?
Reflection
Which baby step do you think you are on now?

17. Bell Work
For each statement below, indicate whether you agree or disagree:
The amount of money you save depends on the amount of money you earn. You will save more when you earn more.
A savings account at your bank is the best place to put your emergency fund
It is okay to use your emergency fund to pay cash for big purchases such as a TV or a cell phone
You should pay yourself first, before you pay your bills

18. In Lak’ech by Luis Valdez
Tu eres me otro yo
Si te hago daño a ti,
Me hago daño a mi mismo
Si te amo y respeto
Me amo y respeto yo
You are my other me
If I do harm to you,
I do harm to myself
If I love and respect you
I love and respect myself

19. Bell Work
For each statement below, indicate whether you agree or disagree:
The amount of money you save depends on the amount of money you earn. You will save more when you earn more.
A savings account at your bank is the best place to put your emergency fund
It is okay to use your emergency fund to pay cash for big purchases such as a TV or a cell phone
You should pay yourself first, before you pay your bills

20. Baby Step 1: Basic Emergency Fund
70% of Americans live “paycheck to paycheck”
The United States has a -.6% savings rate
Only 41% of Americans save regularly
Emergencies are going to happen
$1000 in a savings account ($500 if you are still in high school) so you can deal with EMERGENCIES
This is your first savings priority – do it fast

21. How long do you think it will take you to get $1000 in the bank?
Reflection
How long do you think it will take you to get $1000 in the bank?

22. Bell Work
Indicate whether you agree or disagree with each of the following statements:
Cash advance and title pawning are good ways to get cash when you need it
Leasing a car is a smart way to drive a new car for a lower monthly payment.
You need to have a credit card to rent a car or check into a hotel
You spend about the same amount whether you pay with cash or you use a credit card.

23. In Lak’ech by Luis Valdez
Tu eres me otro yo
Si te hago daño a ti,
Me hago daño a mi mismo
Si te amo y respeto
Me amo y respeto yo
You are my other me
If I do harm to you,
I do harm to myself
If I love and respect you
I love and respect myself

24. Bell Work
Indicate whether you agree or disagree with each of the following statements:
Cash advance and title pawning are good ways to get cash when you need it
Leasing a car is a smart way to drive a new car for a lower monthly payment.
You need to have a credit card to rent a car or check into a hotel
You spend about the same amount whether you pay with cash or you use a credit card.

25. Baby Step 2: Debt Snowball
History of Credit
Your great-great grandparents thought debt was evil
Your great-grandparents thought debt was stupid
Your grandparents borrowed on a few things
Your parents borrow on almost everything
The average American has 7 different credit cards
The average interest rate on credit cards is 18%

26. Baby Step 2: Debt Snowball
Credit and Teens
29% of teens are already in debt with an average amount owed of $293
29% of teens would prefer to buy things with a credit card than cash
51% say using a credit card is easier than cash

27. Baby Step 2: Debt Snowball
Debt is heavily marketed to young people
The fastest-growing group of bankruptcy filers consist of people under 25 years old
Car payments don’t have to be a way of life
You don’t need to build your credit score by applying for a credit card
The best way to build wealth is to quit borrowing money and live on less than what you make

28. Bell Work
What do you think is the advantage of paying more than the minimum monthly payment on a loan?

29. In Lak’ech by Luis Valdez
Tu eres me otro yo
Si te hago daño a ti,
Me hago daño a mi mismo
Si te amo y respeto
Me amo y respeto yo
You are my other me
If I do harm to you,
I do harm to myself
If I love and respect you
I love and respect myself

30. Bell Work
What do you think is the advantage of paying more than the minimum monthly payment on a loan?

31. Creditor
Total Payoff
Minimum Payment
New Payment
Target
$150
$15
Garage Sale
Sears
$250
$10
$25
Visa
$500
$75
$100
MasterCard
$1500
$90
$190
Car
$4000
$210
$400
Student Loan
$65
$465

32. If your debts are so large that you can’t make this work…
credit.org
Consumer Credit Counseling Service (CCCS)
Negotiate with your creditors
Eliminate interest rates on some loans
One monthly payment to CCCS and they pay your creditors (less than the total of your current monthly payments)
Can be debt free in 18 to 24 months

33. Baby Step 3: Complete Emergency Fund (3 – 6 Months)
If you lost your job tomorrow, how much money would you need to survive?
Rent
Utilities
Phone
Insurance
Food
Medications
Clothing
Save in a Money Market Account from a mutual fund company

34. Invest 15% of your income into
Baby Steps 4 and 5
Invest 15% of your income into
college savings
Roth IRAs
pre-tax retirement plans

35. Make a plan for your money Tell it where to go before you get it
Budgeting is the Key
Make a plan for your money
Tell it where to go before you get it
Account for every dollar
Stick to the plan no matter what
If you receive unexpected money, have a plan for it

36. Get the free app
Every Dollar