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Personal Finance: 2.2SSEPF4 Evaluate the costs and benefits of using credit.b. Compare interest rates on loans and credit cards from different institutions.What causes the exact rate of a loan to change?Based on the Chart, which institution has the best loan for a 30-year fixed rate mortgage for borrowers?Based on the Chart, which institution has the best loan for a 5 year fixed rate auto loan for borrowers?Based on the Chart, which institution has the best Credit Card interest rate for lenders?c. Define annual percentage rate and explain the difference between simple and compound interest rates, as well as fixed and variable interest rates.Define annual percentage rate (ARP) (BL)What the difference between fixed and variable interest rates? (PL)Define simple interest (BL)Define compound interest (BL)Base on the information above, why do consumer prefers to have a savings account that pays compound interest rather than simple interest (DL)SSEPF5 Describe how insurance and other risk-management strategies protect against financial loss.Why do people buy insurance? (DL)a. List and describe various types of insurance such as automobile, health, life, disability, and property.List 5 types of insurance (BL)What type of automobile insurance is required?What does liability insurance cover?What does health insurance cover?What does life insurance cover?The __________________________________is one who experiences financial harm from the death of the person covered by the policy such as a What provides people with income in case they become injured or are unable to work at a job?What are the two types of property insurance?b. Explain the costs and benefits associated with different types of insurance, including deductibles, premiums, shared liability, and asset protection.Define premiumDefine shared liabilityDefine deductibleIn most cases, the higher the __________________ is, the lower the ____________________ is.In your opinion, how does the degree of shared liability or amount of deductibles impact the cost of premiums? (DiL)What does shared liability (responsibility) mean?SSEPF6 Describe how the earnings of workers are determined in the marketplace.For most Americans, what determines the earnings of workers?What are minimum wage laws?What type of workers are impacted by minimum wage jobsa. Identify skills that are required to be successful in the workplace, including positive work ethics, punctuality, time management, teamwork, communication skills, and good character.What are soft-skills?What are the six soft skills?b. Explore job and career options and explain the significance of investment in education, training, and skill development as it relates to future earnings.What are the three factors that determine a person’s wage?What rule helps to raise a person’s wage?Based on the Earning and Unemployment Rates by Educational Attainment, what is the relationship between education and future earnings? (DL)SSEPF3 Explain how changes in taxation can have an impact on an individual’s spending and saving choices.a. Define progressive, regressive, and proportional taxes.What are the three categories of taxes?Define and give an example of a progressive tax (DL/PL)Base on the Progressive Income Tax Chart who pays a higher total tax someone who makes $30,000 or someone who makes $500,000?Define and give an example of a regressive tax (DL/PL)Define and give an example of a proportional tax (DL/PL)b. Explain how an increase in sales tax affects different income groups.What is a sales tax?What things does a sales not applied to?Explain why a sales tax is a regressive tax (PL) (Who is hurt by a sales tax?)c. Explain the impact of property taxes on individuals and communities.What is a property tax?What happens when property values rise?What is gentrification?In your opinion, how does property taxes impact individuals and communities (DiL) ................
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