About This Chapter
MTEL Business: Consumer Economics and Personal Finance - Chapter Summary
With lessons that will strengthen your comprehension of stocks and bonds, this chapter could also expand your understanding of terms such as defined-benefit plans, securities markets, and defined-contribution plans. While you get ready for the MTEL Business examination's questions on consumer economics and personal finance, you could learn more about the principle of indemnity and the law of large numbers. Utilize this chapter so that you can subsequently:
- Define consumer income
- Explain the cost of living and outline some common expenses
- Develop a household budget
- Understand insurance as a form of risk management
- Describe the rules governing Roth IRA investment accounts and 401(k) plans
- Explore consumer credit
- Discuss forms of personal bankruptcy
- Identify different kinds of personal taxes
Designed to give you some of the facts you'll need to pass the MTEL Business examination, this chapter's lessons are delivered by expert instructors. You could theoretically study 24/7, since the narrated, animated video lessons are available online and are as close as your mobile device. If you'd prefer to study by reading, you can check out text transcripts that contain the same information as the videos. There's also the option of printing out the worksheets and short quiz answers and referring to them periodically during the day.
MTEL Business: Consumer Economics and Personal Finance - Chapter Objectives
Previous education and your careful study of this chapter should provide you with the extensive knowledge required to successfully answer 100 multiple-choice questions and two open-response assignments on the MTEL Business examination. These questions span seven subareas of the computer-administered examination, which has a four-hour time for completion. Consisting of two sections, Subarea VI - Career Development and Personal Finance will test your grasp of consumer economics and personal finance. Prove what you understand about personal investments, retirement accounts, savings and credit during this section as you pursue teaching licensure. Subarea VI accounts for 10% of the examination, and it has between 11 and 13 multiple-choice questions.
1. Consumer Income: Definition & Statistics
Consumer income is crucial for the functioning of our consumer-based economy. In this lesson, you'll learn what consumer income is, examine some related concepts, and see some relevant statistics.
2. What is Cost of Living? - Expenses & Overview
Most everyone would like a COLA, and we're not talking about soft drinks. In this lesson, you'll learn what cost of living is and some of its key concepts. You'll also have a chance to take a short quiz.
3. Household Budgets & Personal Financial Management
In this lesson, we'll explain and define the components of a budget: income, expenses, and discretionary income. You'll also learn how to categorize income and expenses as fixed or variable.
4. Understanding Insurance Policies and Risk Management
Obtaining insurance is one of the most common methods of risk management. In this lesson, you'll learn about insurance policies and some key concepts related to insurance. You'll also have a chance to take a short quiz.
5. Investment Opportunities in Stocks and Bonds
Investors often turn to the stock and bond markets when investing their money. Each market offers opportunities and risks for the individual investor. In this lesson, we'll explore the nature of these investments.
6. What Is a Roth IRA? - Definition, Rules & Benefits
Explore the concept of a Roth IRA - an account that can potentially lead to tax-free growth. This lesson will define a Roth IRA and explain the associated rules and benefits.
7. Understanding Retirement and Pension Plans
Businesses use many different types of retirement plans for their employees. Two of the most common are pension plans and 401(k) plans. This lesson discusses these two kinds of retirement plans.
8. Consumer Credit: Types & Differences
In this lesson, we'll discuss creditworthiness and different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements for each and if there's a cost to borrowing the money.
9. Personal Bankruptcy: Law & Types
There are several different types of bankruptcy, but only two are designed for individuals. This lesson explains these two types: Chapter 7 and Chapter 13 bankruptcy.
10. Purpose & Types of Personal Taxes
In this lesson, you'll learn about five types of personal taxes: sales, payroll, income, capital gains, and property tax. We'll discuss the uses of each tax and provide examples.
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Other chapters within the MTEL Business (19): Practice & Study Guide course
- MTEL Business: Management Basics
- MTEL Business: Management Theories
- MTEL Business: Planning Function of Management
- MTEL Business: Organizing Function of Management
- MTEL Business: Leading Function of Management
- MTEL Business: Leadership Theories
- MTEL Business: Controlling Function of Management
- MTEL Business: Motivation & Management
- MTEL Business: Managing Organizational Change
- MTEL Business: Operational Management
- MTEL Business: Overview of Human Resource Management
- MTEL Business: Job Analysis & Design
- MTEL Business: Hiring & Staffing
- MTEL Business: Employee Training & Assessment
- MTEL Business: Employee Compensation
- MTEL Business: Employment Law & Rights
- MTEL Business: Equal Employment Opportunity
- MTEL Business: Labor Relations
- MTEL Business: Business Communications
- MTEL Business: Overview of the American Legal System
- MTEL Business: Contract Law
- MTEL Business: Property Law
- MTEL Business: Agency Law
- MTEL Business: Creditors' Rights & Bankruptcy
- MTEL Business: Securities & Antitrust Law
- MTEL Business: Product Liability & Consumer Protection
- MTEL Business: Environmental Law
- MTEL Business: Business Law & Ethics
- MTEL Business: Overview of Accounting
- MTEL Business: Accounting Cycle
- MTEL Business: Financial Statements & Ratios
- MTEL Business: Managerial Accounting & Internal Controls
- MTEL Business: Basics of Business Math
- MTEL Business: Probability & Statistics
- MTEL Business: Depreciation
- MTEL Business: Interest & Purchases
- MTEL Business: Financial Analysis
- MTEL Business: Basic Concepts of Microeconomics
- MTEL Business: Supply & Demand in Microeconomics
- MTEL Business: Aggregate Supply & Demand in Macroeconomics
- MTEL Business: Economic Systems & Theories in Macroeconomics
- MTEL Business: Business Cycle, GDP & Growth in Macroeconomics
- MTEL Business: Unemployment & Inflation in Macroeconomics
- MTEL Business: Fiscal Policy & Monetary Policy in Macroeconomics
- MTEL Business: Trade & International Business in Macroeconomics
- MTEL Business: General Marketing Concepts
- MTEL Business: Consumer Behavior
- MTEL Business: Pricing in Marketing
- MTEL Business: Product Development, Market Research & Segmentation
- MTEL Business: Advertising, Promotion & PR
- MTEL Business: Marketing Channels & Distribution
- MTEL Business: Entrepreneurship
- MTEL Business: Information Technology
- MTEL Business: Career Development
- MTEL Business Flashcards