Personal Finance and Economics Decision-Making

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What is the focus of SSEPF1 in personal finance?

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Analyzing major life decisions using economics-based decision-making skills.

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What is a rational decision-making model used for in SSEPF1?

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To evaluate the costs and benefits of post-high school life choices such as college, technical school, military enlistment, or workforce participation.

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What are some ways to pay for post-high school life according to SSEPF1?

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Scholarships, the HOPE scholarship, employment, work-study programs, loans, grants, savings, and prior investments.

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What documents are necessary for completing forms like the FAFSA?

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Necessary documents include those needed for scholarship applications.

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What major life choices are evaluated using a rational decision-making model in SSEPF1?

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Employment opportunities, renting vs. buying a home, selecting a mortgage, and buying a car.

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How can individual financial decisions create generational wealth?

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Through informed and strategic financial planning and decision-making.

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What is the focus of SSEPF2 in personal finance?

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Analyzing income as a scarce resource that can be allocated effectively through budgeting.

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What types of income are compared in SSEPF2?

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Hourly wages, salary, tips, independent contractor services (Form 1099), dividends, and capital gains.

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What are the basic components of a paystub?

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Gross pay, net pay, and common deductions such as federal and state income tax, FICA, and elective deductions like 401K and insurance.

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What are the basic components of a personal budget?

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Income, expenses (fixed and variable), and the importance of short-term and long-term savings.