1. INDEPENDENT LIVING SKILLS First Quarter Exam

2. DEFINE CHARACTER Character is different qualities that a person possesses. For example: Moral strength(standing up for what is right) Integrity (consistently honest and true)

3. WHAT CHARACTERIZES A RESPONSIBLE PERSON? People who are reliable, accountable for their actions and can be trusted.

4. TRUE OR FALSE There are no negative values.False Helping around the house is a way to show your responsibility to family.True Genuine character changes when no one is looking.False People of negative character can intimidate or manipulate others.True

5. TO REACH OUR GOALS WE NEED RESOURCES. WHAT ARE THREE TYPES OF RESOURCES? Three types of resources that students use to meet goals are; Human resources- intelligence, skills, family, friends Material resources- money, books, tools Community resources – library, school, agencies Note: Nations and communities use 3 types of resources also: Natural, Human, and Capital Resources

6. WHAT TYPE OF RESOURCE IN YOUR SCHOOL? Our school is a Community Resource.

7. WHAT ARE THE 6 STEPS IN DECISION MAKING?  Sate the situation  List your options  Weighing your possible out comes of each option  Consider your values  Make a decision  Accept the consequences of your choice and Evaluate your decision.

8. WHAT ARE THE BENEFITS OF TIME MANAGEMENT? You have time for most important things More productive - get more done, You gain respect from peers and adults.

9. WHAT ARE THREE TIME MANAGEMENT TROUBLEMAKERS? Three types of time management troublemakers are;  Procrastination  Over commitment  Wasting time

10. EXPLAIN THE DIFFERENCES BETWEEN ‘NEEDS’ AND ‘WANTS’. GIVE AN EXAMPLE OF BOTH ‘Needs’ are things required to sustain life, for example water, food and shelter. ‘Wants’ are things that you desire, for example cake, a computer or a movie.

11. GIVE AN EXAMPLE OF A LOCAL TAX.  Property Taxes- on home and vehicles

12. GIVE AN EXAMPLE OF A STATE TAX.  Sales tax  Food Tax  State income tax  Gas Tax, etc.

13. WHEN YOU GET YOUR PAY CHECK, WHAT IS YOUR GROSS PAY? Gross pay is your hours X rate of pay. The amount of money you have BEFORE tax reductions. Think- GROSS is BIGGER than net.

14. WHAT IS YOUR NET PAY? Net pay is the amount of your pay check. Your pay AFTER taxes and withholdings are taken out. Think: NET- Some got away!

15. WHAT IS A BUDGET AND HOW CAN IT HELP? A budget is a plan for saving and spending. This helps people manage their money and stay on top of their financial needs.

16. WHAT IS A CONSEQUENCE OF BOUNCING A CHECK? Bouncing a check means you did not have enough money in the bank for a check you wrote. Thins is a BIG problem. You must pay the bank the money to cover the check, pay a $35 or more fee from your bank AND a $35 fee from the other bank! If this happens more than once or twice, t will decrease in your credit score.

17. WHAT IS THE DIFFERENCE BETWEEN A DEBIT CARD AND A CREDIT CARD?  A debit card takes money directly out of your checking account.  A credit card lets you borrow money which you must pay back later with interest.

18. GIVE THREE EXAMPLES OF CREDIT. GIVE THE ADVANTAGES AND DISADVANTAGES OF EACH. AdvantagesDisadvantages Credit cardsConvenient, don’t need cashCan be easily stolen or lost, makes it easy to get into debt, high APR Installment loanLow APR, allows you able to make expensive purchases Item can be repossessed if you get behind in payments Deferred PaymentCan use creditors money for freeIf not payed off in full you have to pay ALL interest LayawayCan reserve an item at a storeMay lose deposit or pay a fee LeasingPay a lower interest rateItem is not yours at the end of a lease Revolving creditFill out application only once, convenient for remodeling Must keep it open for a given time

19. NAME TWO LOW RISK INVESTMENTS AND GIVE TWO FACTS ABOUT EACH? An example of a low risk investment is a SAVINGS BOND.  They are issued from the government for ½ face value.  You have to keep them for a set amount of time to get the full value but can be cashed in earlier for less value. Another low risk investment is a CD (CERTIFICATE OF DEPOSIT).  You deposit money for a given amount of time and are promised a certain % interest.  The longer time you commit for, the greater the interest rate.

20. EXPLAIN HOW A HIGHER RISK INVESTMENTS AFFECTS POTENTIAL GROWTH TO YOUR INVESTMENTS.  The higher the risk, the greater rate of return is possible.  Even though you also risk losing your investment, the stock market averages 11% interest.

21. WHAT IS THE DIFFERENCE BETWEEN SIMPLE INTEREST AND COMPOUND INTEREST?  Simple interest is: PRINCIPAL X APR  Compound interest is: (PRINCIPAL + LAST INTEREST) X APR

22. TOM BORROWED $1000 FOR A YEAR AT 8% SIMPLE INTEREST. HOW MUCH INTEREST WOULD HE PAY AT THE END OF THE YEAR?  $1000 x.08 = $80