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Unit 2 Test Review (Ch. 8,9,10,20) Review game Get textbooks One person records answers on whiteboard (and page number) & holds up when finished Questions will be timed Team with the most points will get extra credit on test
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Question 1 (30 seconds) Two elements to consider in budgeting and planning
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Question 1 Income and expenses Pg. 163
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Question 2 (60 seconds) What is writing a future date on a check called?
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Question 2 Postdating Pg. 188
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Question 3 (60 seconds) 2 Part Question: What do bonds represent? What do stocks represent?
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Question 3 Bonds represent debt, or a loan. Stocks represent equity, or ownership. Pg. 225
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Question 4 (45 seconds) Name two factors outside yourself that affect your spending patterns.
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Question 4 The Economy Technological Advances The Environment Social Pressures Pg. 456-457
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Question 5 (60 seconds) Experts advise saving _____ percent of your disposable income each pay period.
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Question 5 10% Pg. 163
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Question 6 (30 seconds) How long should you keep copies of your tax records?
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Question 6 3 years after you file Pg. 168
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Question 7 (60 seconds) What is one example of a contract that must be in writing and signed to be legally binding?
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Question 7 Contracts for the sale of real property (homes and land) Contracts that cannot be fully performed in less than a year Contracts involving the sale of goods for $500 and over Contracts in which one person agrees to pay the debts of another Contracts in consideration of marriage Pg. 174
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Question 8 (45 seconds) Many people write checks, hoping to deposit money to cover them before they clear. What is this called?
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Question 8 Floating a check Pg. 187
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Question 9 (30 seconds) If you deposit your paycheck into your checking account, which column should this amount be recorded under in your checkbook register?
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Question 9 Deposit/Credit column Pg. 191-192
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Question 10 (30 seconds) What kind of check is also called a bank draft?
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Question 10 Cashier’s check Pg. 199
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Question 11 (45 seconds) When purchasing a home, you will likely have to pay a large sum of cash. What is this called?
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Question 11 Down payment Pg. 220
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Question 12 (45 seconds) What kind of loans usually does not require payments until after graduation?
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Question 12 Subsidized loans Pg. 220
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Question 13 (45 seconds) What kind of major purchase would you go to a savings and loan association for?
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Question 13 Purchasing a home Pg. 225
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Question 14 (30 seconds) Credit union members save their money in the form of “___________,” or part ownership in the credit union.
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Question 14 Shares Pg. 225
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Question 15 (20 seconds) Items beyond basic needs that add to your quality of life are called what?
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Question 15 Life-enhancing wants Pg. 450
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Question 16 (20 seconds) Cards that enroll consumers in a program in which they receive lower prices, rebates, or other valued services are called what?
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Question 16 Customer-loyalty card Pg. 462
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Check Your Understanding (p. 227) Why is it important to start saving early to meet your short-term and long-term needs? Explain the concept of compounding and how your money grows. List the financial institutions where you can have a savings account.
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Homework Study for Unit 2 Test
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