SS8E1, E2 (Transportation, Entrepreneur, Personal Finance)

Why even create a budget?

• To figure out how much you should set aside for luxury items.

• Creating a budget is a must when it comes to putting aside enough money to make unnecessary purchases.

• To be able to figure out how much you can spend on necessary items.

• To be able to figure out how much to spend vs. how much to put into savings.

What is "risk"?

• The likelihood of a combination of high profit and major loss

• The guarantee that a profit will be made

• The likelihood of loss or reduced profit

What are GA's Four Transportation Systems?

• The Interstate, the highway, the railroad, and the airport.

• The Interstate, Hartsfield-Jackson Airport, the railroads, and deepwater ports.

• The Interstate, the railroad, the deepwater ports, and rivers/canals.

When you borrow $$ from a friend, a loan institute, or a bank, etc., you are going to have to

• pay just for the interest on the original loan

• pay the loan back along with the added interest amount

• pay back the loan amount, the interest, and fees and various taxes/tariffs

This was created around the time of the "Roaring Twenties".....you could buy now, and pay later:

• traditional bank loan

• debt

• credit

• social security dividends

An example of a short-term goal would be:

• saving up enough $$ to help pay for your child's college education

• saving for your dream vacation beach house

• saving up enough $$ to buy a new Xbox game

You have just graduated from college....you have your first real job.....you have just received your first real paycheck.....time to create a budget-first things first, right?!?

• I need to figure out first how much I'm going to be spending each month on bills, debt, etc.

• I need to first figure out how much I'm going to spend on that BMW I've wanted forever (and now I can go into debt and get it!).

• I need to first figure out how much I'm going to be spending each week on luxury items that I don't necessarily need, but really want.

Select all that are examples of being an entrepreneur:

• having the desire and drive to sell your business to your Father-in-Law, hopefully turning a profit

• deciding to join a business retail clothing store, working at the front counter

• deciding to open up your own restaurant that will hire dozens of workers-you are of course taking a risk doing this-you may lose it all

• deciding to quit your job at the local pharmacy, take out a bank loan, and open your own pharmacy down the street

Georgia's Economy summarized:

• Georgia's economy is mainly industrialized-the local ATL airport is the main economic driving force

• Georgia's economy depends mainly on our ever-growing technology Industry

• It is industrialized-there is a mix of goods and services produced (and transported) from tech companies, food products from farms, etc.

How do GA's multiple means of transportation help our state?

• GA's transportation routes only benefit the area surrounding Savannah

• it connects various cities and counties all together throughout Georgia

• it provides an economic boost to our state-GA businesses can sell/trade all over the state, and globally, too