Review Principles of Financial Planning & Financial Respon

Review Principles of Financial Planning 

& Financial Responsibility

Objective:



By the end of the lesson, students will be able to Review Principles of Financial Planning 

& Financial Responsibility lesson by completing an exit ticket with 80% accuracy

Multiple Choice

By the end of this lesson, you will? Just ONE is correct.

• Review the Lesson Financial Responsibility

• Review the Lesson Principles of Financial Planning

• Receive minimum grade of 80% on my exit ticket

• All alternatives

Open Ended

SEL

Describe ONE good and another BAD thing you did during this weekend? (Hint: Sports, Procrastination)

What Is a Credit Card?

A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company, that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment. Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.

What is Credit and Why Do You Need It?

Some day, you will probably want to get a loan for a car or a house. To qualify for a large loan, you will need to have a credit history. In other words, you will need to show a history of borrowing money and paying it back. Banks and other financial institutions want to know that you are a “low risk” when they lend you money. They want to be as sure as possible that you will pay the money back. There are three principal ways to establish a credit history. Those three are Credit cards, Loans, and Non-traditional ways. 

Problem-Solving Scenario: Dr. De Souza’s want the new apple credit card. However, what does he need to prove to the bank to achieve his dream consumption?  Type in the CHAT.

what tools and strategies can you use to manage your personal finances?

• What if you wanted to buy a car like pictured here? What questions should you be asking yourself? How much does it cost?

• Economic decisions are inescapable parts of everyday life. You need to learn how to ask the right questions before you make choices.

• How much money do I have? Can I afford to maintain it and insure it? Do I really need it? What if I wait to get it later?

Personal Finance

• Assets are things that have a monetary value. The term "personal finances" refers to the management of individual assets.

• The value of assets is nearly always measured in terms of money. Your assets include your money and your personal property. You might keep money on hand in cash, or in an account. Your property is anything you own, from the clothes you're wearing on up to your transportation or your home

•  A car is not necessarily an asset. It's important that you understand that an asset is something that you own that has value. So if you owe $150,000 on your house, and it's worth $160,000, then you have a $160,000 asset and a $150,000 liability. How to management assents? You need to manage these assets. You can spend. You can use your assets to accomplish a goal now. Or you can save. You can try to store up your assets for the future. And you can invest. You can use your assets in a way that you hope will increase their value over time

Multiple Choice

What means "personal finances"?

• Refers to the management of individual assets.

• Refers to NOT of the management of individual assets.

Multiple Choice

How to manage your assents? ONE is correct.

• You can try to store up your assets for the future.

• You can invest.

• You can use your assets in a way that you hope will increase their value over time

• All alternatives are correct

Multiple Choice

Personal finance skills have the most significant impact on an individual’s

• Quality of Life

• Number of dependents

Multiple Choice

In personal finance, one makes decisions based on needs vs. wants. What is considered a need?

• something one CANNOT live without

• something one CAN live without

Poll

How do you feel about our today’s review?

• 1. You made this look easy! I can teach someone

• 2.I understood, but I cannot teach someone

• 3. Help!!!!

Multiple Choice

How do short-term goals differ from long-term goals?

• Short-term goals are more immediate than long-term goals.

• Short-term goals involve more planning than long-term goals.

Multiple Choice

Understanding how to make personal financial decisions can help you begin a successful financial future.

• Agree

• Disagree

What is creditworthy?

Open Ended

Describe with your own word what is creditworthy? (hint: money back on time, minimum payment, good credit history)

Multiple Choice

Which is a possible benefit of having a good credit history?

• obtaining a low interest rate on a loan

• having a paycheck garnished

Multiple Choice

What might you expect to find out about people who are described as credit risks?

• They have a history of not making their payments on time.

• They have a history of making their payments on time.

Multiple Choice

Which is a short-term consequence of making a late payment on your bill?

• There will BE a late fee added to the bill.

• There will NOT be a late fee added to the bill.

Multiple Select

EXIT TICKET

Lakesha does not have enough in her bank account to use a debit card for the purchase of a bike she needs to get to work. She has to decide whether to use a credit card or to finance the bike through the store. Which questions should Lakesha answer before making her decision? Check all that apply.

• What is the difference in the finance charges for the two choices?

• How much will the bike cost when adding the finance charges to the price?

• Can I pay at least the minimum payment each month?

• Will I be able to make the payments and avoid late fees?