Economics Chapter 6 Review Game
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Economics Chapter 6 Review Game

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Economics Chapter 6 Review Game Economics Chapter 6 Review Game Presentation Transcript

  • Economics Chapter 6 Review Game
  • 90 90 90 90 90 90 100 100 100 100 100 100 80 80 80 80 80 80 70 70 70 70 70 70 60 60 60 60 60 60 50 50 50 50 50 50 40 40 40 40 40 40 30 30 30 30 30 30 20 20 20 20 20 20 10 10 10 10 10 10 Calculations MISC Risk & Insurance Consumer Credit Saving Income & Wealth
  • A1 Income earned from work that is paid weekly or on a monthly basis. SALARY
  • A2 Income earned by workers paid by the hour or by the unit of production. WAGES
  • A3 The value of things you own. WEALTH
  • A4 What effect will an increase in household income have on “wealth?” Increase in income will lead to an increase in savings, and thus wealth.
  • A5 When people expect better economic times, what effect will that have on savings? People will spend more now, and save less.
  • A6 When people expect worse economic times, what effect will that have on savings? People will save more now, and spend less.
  • A7 Pictorial Daily Double Actress:
  • A8 If the FED raises interest rates, what effect will this have on economic spending? Increase in interest rates will increase savings, thus decrease spending.
  • A9 Pictorial Daily Double Entertainment:
  • A10 If the Congress raises income taxes, what effect will this have on economic spending? Increase in taxes will decrease savings, thus increase spending.
  • B1 Number of shares in the ownership of a corporation. STOCK
  • B2 Reward (Return) for giving up spending money now and allowing a bank or some other institution to use it. INTEREST
  • B3 The percentage of interest (or dividends) earned (or paid) on the principal of an investment. Rate of Return
  • B4 The actual amount of interest earned. YIELD
  • B5 A measure of how easily you can convert your savings to cash. LIQUIDITY
  • B6 Pictorial Daily Double Actor:
  • B7 Interest calculated on the principal amount and the interest already earned. Compound Interest
  • B8 A special investment company that enables people to pool their savings and make a variety of investments. Mutual Fund
  • B9 $200 in a savings account earned $20 in interest in SIX months. What was the annual percentage rate (APR)? 20% (20/200 = 10% x 2 = 20%)
  • B10 What can be considered the safest investment and why? Banks & Savings Institutions (Money is protected against theft, fire, and other disasters, and the US Govt. insures the money up to $100,000.)
  • C1 The original amount borrowed. PRINCIPAL
  • C2 Interest costs and any other fees you pay to use credit. Finance Charge
  • C3 What does APR stand for? Annual Percentage Rate.
  • C4 What are the three “Cs” to obtaining Credit? Character Capacity Capital
  • C5 Of the three “Cs” of Credit, which refers to your personal qualities. Character
  • Pictorial Daily Double Actor: C6
  • C7 Of the three “Cs” of Credit, which refers to what people own (money or property). Capital
  • C8 A person with an acceptable credit rating who agrees to repay a loan if the borrower cannot. Co-Signor
  • C9 What are some of the advantages to Consumer Credit? Immediate possession, flexibility, safety, emergency funds, and character reference.
  • C10 What are some of the disadvantages to Consumer Credit? Overspending, higher costs after paying finance charge, damaged credit rating, and impulse buying.
  • D1 Financial protection against risk of injury, illness, death, fire, and other misfortunes. Insurance
  • D2 This type of insurance provides money for a family when a wage earner dies. Life Insurance
  • D3 The price people pay for insurance. Premium
  • D4 This type of insurance protects against the financial problems caused by accident or illness. Health Insurance
  • D5 This type of insurance protects against the loss or damage of your OWN property. Property Insurance
  • D6 This type of Life Insurance is insurance for a specific period of time (1,5,10, or 30 years) Term Life Insurance
  • Video Daily Double D7
  • D8 This type of Health Insurance provides coverage for physician and medical costs. Medical Insurance
  • D9 This type of Life Insurance where a person pays the same premium and has the same coverage for their entire life. Whole Life Insurance
  • D10 This type of Health Insurance provides benefits while the wage earner is unable to work and is healing. Disability Insurance
  • E1 What role does the Better Business Bureau serve? International organization that sets business ethics
  • E2
  • E3 What efforts has the US Government done to protect us (4)? The right to safety, to be informed, to choose, and to be heard.
  • E4 Pictorial Daily Double Actor:
  • E5 Of the three “Cs” of Credit, which refers to a measure of your ability to repay debts. Capacity
  • E6 Audio Daily Double Action/Drama:
  • E7 This type of Health Insurance provides complete medical coverage for a flat fee, but requires you to use the same doctor. HMO
  • E8 What do the initials HMO stand for? H ealth M aintenance O rganization
  • E9 This type of insurance protects against the costs of injuries to others or damages to others property for which they are responsible. Liability Insurance
  • E10 If the FED decreases interest rates, what effect will this have on economic spending? Decrease in interest rates will decrease savings, thus increase spending.
  • F1 Cost of Credit What is the finance charge paid on a $250 principal that is paid $10 a month for 36 months? $110 = ($10 x 36) - $250
  • F2 Cost of Credit What is the finance charge paid on a $550 principal that is paid $80 a month for 8 months? $90 = ($80 x 8) - $550
  • F3 Video Daily Double
  • F4 Future Value What is the “future value” of the following investment? $36,175.71 $20,000 in a 30yr CD at 2.5%, compounded quarterly (4x a year). $15,000 in a 20yr U.S. Treasury Note at 4.5%, compounded annually (yearly)
  • F5 Present Value What is the “present value” of the following investment? $2,027,724 = (8.110896 x 250,000) $250,000 a year for the next 10 years. (4%)
  • F6 Future Value What is the “future value” of the following investment? $42,241.93 $20,000 in a 30yr CD at 2.5%, compounded quarterly (4x a year).
  • F7 Present Value What is the “present value” of the following investment? $1,562,208 = (15.622080 x 100,000) $100,000 a year for the next 25 years. (4%)
  • F8 Future Value What is the “future value” of the following investment? $42,221.68 $20,000 in a 25yr Municipal Bond at 3%, compounded quarterly (4x a year)
  • F9 Present Value What is the “present value” of the following investment? $2,225,911 = (4.451822 x 500,000) $500,000 a year for the next 5 years. (4%)
  • F10 Present Value What is the “present value” of the following investment? $8,876.59 Year 1 - $3,100 (4%) Year 2 - $3,300 (4%) Year 3 - $3,200 (4%)