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LET’S PRACTICE
Name: _____________________________________________________________________________
Income, Earnings, and Class in America
1. When learning a new subject, do you ever ask “Why do I need to know this? How does this information relate to anything in my life?” In your own words, tell at least three ways financial literacy and money management are relevant to your future. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 2. How are earning an income and building wealth different? What are some similarities? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 3. The median income in the U.S. is currently $51,939. What percentage of the country makes more than this? What percentage of the country makes less than this? Explain what median income is. _ ______________________________________________________________________________ _ ______________________________________________________________________________ 4. Median incomes are also tracked by state. What is the median income in your state? ________________ 5. In 2014, the richest .01% of the American population owned about _____ of all of the wealth in the country. 6. The upper class is the smallest class, but the income range is very broad: $200,000 to $77 million+. What accounts for this wide range? _ ______________________________________________________________________________ 7. Social mobility refers to a. a shift in population between states as measured by the U.S. census b. the ability to move up in socioeconomic class and increase your wealth c. federal transportation statistics d. the ability to seek employment overseas 8. T F Someone with a relatively low income who has good financial management skills can become wealthier than someone with a high income who doesn’t manage their money well. PRODUCT PREVIEW
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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