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Published byFrederica Hudson Modified over 8 years ago
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Warm up: 1.Add this to yesterday’s objective: 5.4 Compare and contrast the purposes of credit and debit 1.Explain the costs and benefits of budgeting. 2.Explain the differences between and purposes of debit and credit(s).
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5.5 Understand the importance of insurance
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5.5 Insurance and Intellectual Property
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Insurance Insurance: company will pay for a loss of property (life, health, etc.) if individual pays company monthly Liability: legal responsibility
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Types of Insurance: Car Insurance: required because you could damage other’s property Health Insurance Homeowners/Rental Insurance Life Insurance
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Terms to know… Premium: The amount that an insured person pays each month Deductible: The amount that the insured has to pay before the insurance company will cover the rest of the cost Co-Pay: Insured pays fixed amt. and company covers the rest
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6.4 Assess knowledge of Unit 5: Personal Financial Literacy
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Idea Ownership Intellectual Property: the right to own an idea
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Types of I.P. Patent: Exclusive right to an invention Copyright: Creator of original work (ex. Book, photograph) to get financial credit if others want to use it Trademark: Securing legal rights to a name
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