7086 Personal Finance

The correct answer is earning. This is because Michelle is receiving payment for her babysitting services, which is considered as earning income.

Ms. Dennis depositing $100 of her salary in an interest-bearing account is an example of saving because she is setting aside a portion of her income for future use. By depositing it in an interest-bearing account, she is also earning additional money through interest, which further demonstrates the concept of saving.

Jeremy's decision to contribute part of his earnings to the church fundraiser is most likely influenced by cultural factors. This is because he mentions that, like his parents, he feels a strong commitment toward helping his church. Cultural factors refer to the beliefs, values, customs, and traditions that are shared by a particular group of people. In this case, Jeremy's cultural background and upbringing likely play a significant role in shaping his decision to contribute to the church fundraiser.

The goal of buying a $500 stereo system by saving $50 a week from each paycheck for the next ten months is specific because it clearly states the desired outcome and the amount to be saved each week. It is also time-bound as it specifies a specific timeframe of ten months to achieve the goal.

This scenario illustrates the benefit of savings in increasing financial security. By saving all extra income earned during peak seasons, Harold is creating a financial cushion that he can rely on during off-season months when work is more difficult to find. This ensures that he has a safety net and can cover his expenses even when his income is reduced. Saving money in this way provides a sense of security and stability in one's financial situation.

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This answer suggests that Shannon's decision to shop at Office Mall for office/school supplies is based on habit, indicating that she has developed a routine or pattern of behavior in choosing this particular store. Rather than considering logical steps, impulsive choices, or weighing different options, Shannon consistently chooses Office Mall out of habit.

Beth comparing costs and quality of rings from three sources before buying her class ring demonstrates responsible spending. By comparing different options, she is making an informed decision based on value for money and ensuring that she is getting the best deal possible. This shows that she is being mindful of her expenses and making a responsible choice in terms of spending her money wisely.

This step in decision-making is about recognizing and understanding the specific decision that needs to be made. In this scenario, Shelia recognizes that she needs to choose something to wear for her scholarship interview, which is the decision that needs to be made.