Families TodayChapter 23:
Manage Your MoneyCheck Your Answers: Section Review Answer KeysSection 23.1 Use Your Money Wisely Review Key Concepts
- Person may not enjoy life now, frugality may annoy others, or person may take advantage of others who are willing to pay.
- An account at an institution that has online banking, a user name and password, a computer, and an Internet connection.
- A small cash payment toward a purchase bought on an installment plan.
- Saving involves loaning money to an institution and receiving interest. Investing is buying an asset, such as real estate, stock, or mutual funds.
Practice Academic Skills English Language Arts
- Students should accurately identify their spending style. Present oriented benefits include enjoying money now; problems may include debt and no funds for emergencies. Future oriented benefits include security from planning for the future; problems may include do not enjoy money now, frugality may annoy others, may take advantage of others who pay.
- Answers will vary. Summaries should show that students understood the important points of the agreements.
Section 23.2 Make a Financial Plan Review Key Concepts
- A plan will be meaningless unless you know what is important to you and what you want to accomplish with your money.
- Meeting the basic family needs of shelter, food, and clothing.
Practice Academic Skills English Language Arts
- Answers will vary. Students should be realistic about what it will take to reach their goal and the impact the goal will have on their financial planning.
- Letters should be written in good form, with correct spelling and grammar. Students should logically present their case for the loan in their letters.
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