Unit 1 Financial Math

At what age can you stop having goals and having a life plan?

• never!

• age 18

• age 25

• once you are married

Answer explanation

You should always have a financial plan and be will to make changes to it as needed.

Tags

CCSS.RI.1.1

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.2.1

CCSS.RL.3.1

What is an outlier in math and in life?

• A fictitious concept to explain norms on a graph

• A math concept that identifies abnormal points or situations

• People who live more than 20 miles outside of the city limits

Answer explanation

Outliers are the exceptions to the rule.

Two of the most important factors for achieving success and breaking the cycle of poverty are...

• intelligence

• education

• family connections

• work

• grit and perseverance

Answer explanation

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI. 9-10.2

CCSS.RL.8.2

Ethics and the law are always compatible and clearly defined in every situation you will face.

• true

• false

Answer explanation

Legal/Ethical/Both: A customer returns a dress with all of the tags but it is obvious the dress has been worn to the prom. The customer states that the dress did not fit and wants her money returned. The store policy is "The customer is always right."

• Legal

• Ethical

• Both

Answer explanation

Ethically it is wrong for the customer to return a used item. However since the store policy is the customer is always right, legally she is right.

Legal/Ethical/Both: A group of teens go to a restaurant, order cokes, sit in a booth for two hours talking, ask for separate checks, pay their bills with cash and credit cards. They leave without leaving a tip for the waitstaff.

• Legal

• Ethical

• Both

Answer explanation

Ethically if you go to a place that tips, you should leave a tip if the service was as expected. Waitstaff at these places are paid below minimum wage and tips are how they earn the rest. Legally it is not required that you leave a tip.

Legal/Ethical/Both: Tom is employed. He spends hours at work checking Facebook, Twitter, and calling his friends. At the end of the day he reports that he worked the whole time.

• Legal

• Ethical

• Both

Answer explanation

Ethically he shouldn't expect to get paid the same as his coworkers if he isn't putting forth the effort. Legally by him saying he was working he is committing theft from the company.

Legal/Ethical/Both: Tom's manager observes Tom's behavior but fails to report it to human resources.

• Legal

• Ethical

• Both

Answer explanation

Ethically his manager should make sure his employees are working for the company. Legally his manager is an accessory to theft by allowing it to happen.

Legal/Ethical/Both: You are Director of Human Resources and you hear about Tom's work "efficiency." You review Tom's time reports and internet history. You fire Tom for theft of services and meet with legal counsel to consider actions against Tom's manager and co-worker.

• Legal

• Ethical

• Both

Answer explanation

As director you took the legal actions required even if that one or more people lose their jobs.

Which of the following can impact a person's upward social mobility the greatest?

• failing to receive a quality education

• being born in poverty

• a single parent home

• being an immigrant

Answer explanation

Your past doesn't define your future!