Define and elaborate on short-term, intermediate, and long-term goalbs .Identify advantages and disadvantages of being self-employed, as well as common characteristics of Be able to calculate gross pay and net pay; understand common items that are deducted from gross pay to . arrive at net pay Identify common benefits provided by companies to employees . Be able to identify and calculate different types of taxes, the tax system in the United States, and important . tax terminology Be able to prepare a comprehensive budget, and know how to classify different sources of income and . . Understand contract terminology and terminology associated with checking and banking . Know what a bank reconciliation is, its purpose, and the basic idea of how it is done . Differentiate between simple and compound interest; know how to calculate each (investment perspective) .Understand important considerations of how to allocate cash, such as liquidity, safety, convenience, etc. . Know what credit is, and the different ways it is utilized in contemporary society; understand basic terminology associated with credit, and understand advantages and disadvantages of credit . Know what a credit report s, and be able to identify components involved in calculating credit scores . Be able to identify your responsibilities as a debtor, as well as creditors' responsibilities to you . Be able to identify methods to increase your credit score .Differentiate between simple and compound interest; know how to calculate each (debtor perspective) Understand what Annual Percentage Rate (APR) is, and how it is calculated Identify common problems or pitfalls of credit and what commonly causes bankruptcy . Know what bankruptcy is, the different types of bankruptcy protection, and the best utilization of each type .Understand the concept of time value of money, and be able to solve problems using present value and future value concepts .Understand advantages and disadvantages of renting versus purchasing a residence . In a rental situation, explain the responsibilities of the lessor and the lessee Be able to explain and calculate equity in home ownership . Know what a mortgage is and how it functions, understand the relationship of interest rates versus length of mortgage, how down payments affect mortgages, et cetera Understand basics associated with the purchase of a new or used car, as well as associated warranties . Know the basic concept of investing, why investing is important, and the idea that money can work for you .Understand and be able to apply the basic rule of 72 .Be familiar with the different types of investing, as well as risks associated with investing .Explain the relationship between risk and return, identify different investments and the associated risk and return with each Be able to understand and explain terminology associated with stock investments, and understand the two basic methods to make money off of stock investments . . Be able to classify stocks into different categories based on the expectations of the investor .Know the difference between par value and fair market value . Be able to calculate Return on Investment (ROI) . Be able to calculate gains and losses on stock investments .Understand terminology associated with bonds, and be able to calculate a return on a bond investment .Identify if a bond is issued at par value, a discount, or a premium . Be able to give examples of different types of bonds . Know what a mutual fund is, how the price per share is calculated, and advantages of mutual fund investing . Be able to identify other various types of investments (real estate, collectibles, etc.) .Understand and explain the importance of retirement planning and investing, be familiar with the different retirement investment options and the rharartaristire nf asrh Understand basic terminology associa management... .be able to identify and Review keywords of insurance terminology . , and know effective measure of risk