Civics and Economics

Civics standards 5.

1. Election:

1. National- voting for president and congressional offices. House of Representatives must be at least 25 years old, a citizen of the United States for at least seven years, and MUST live in the state they represent. Senators must be at least 30 years old, a citizen of the United States for at least nine years, and MUST live in state they represent. The President must be at least 35 years old, a natural born citizen of the United States and a resident in the United States for at least fourteen years. It is the responsibility of legislatures to regulate the qualifications for a candidate appearing on a ballot paper, to get on a ballot a candidate must often collect a legally defined number of signatures.
2. Local-county and city government positions are filled by election, within the legislative branch.
3. State-state legislatures and the executive; the governor are elected. Governors and lieutenant governor are elected in all states.

1. The United States Constitution divides the foreign policy powers between the President and Congress so that both share in the making of foreign policy. The president needs to make decisions quickly and efficient during a crisis because what his next move determines the future of the country and its people and if he remains president and shows that they are really president material and can react well under pressure.

Personal & financial literacy standards 1&2.

1. A fiscally responsible person would look at their income, pay their bills, then try to save as much of what’s left of the money and buy things they need and wants after down the road. They do their taxes every year, try to give to charity if they have it and try to put money they save into a 401K towards retirement and money left to help out their kids and if they have no kids they usually donate the money to their favorite charity after their death.
2. They save every penny they can and purchase needs over want, budget and try to get good deals for items and invest into companies that will bring in more profit than loss.
3. if you open a credit card and buy and buy without paying it back it hurts your credit score and the worst your credit score the less chance people would loan money to you for important things like car, house, business.

1. The longer it takes to pay off your loan the higher your interest rate and you end up paying way more than the loan cost you.

1. Consumer protection laws protect the rights of consumers as well as fair trade, competition and accurate information in the marketplace. It also gives individuals to make and sell what they want and at the price they want to.
2. Example

1. Ponzi: I talk to you and convince you that I will invest your money and give you great returns. You give me money I talk to someone else and convince them of the same thing. They give me money.  I give some of their money back to you and tell you it's an investment return. I keep some for myself.  You give me more money because I'm doing so great. I give some of that money back to the other guy, and he refers me to a couple of his friends because I'm doing so great.
2. Pyramid: pyramid scheme is that people only make money by recruiting other members.

1. People can protect themselves from fraudulent practices by educating themselves about the different ways and how not to get trapped or dragged in.

1. The U.S. Census Bureau, National Processing Center, Better Business Bureau, state Attorney General
2. The non-reputable party could be a scam and when one person loses their money everyone loses and it could be a bad investment and not a legitimate offer/business

1. Asset Protection Trust, a type of Trust that is designed to protect a person's assets from claims of future creditors, Tax By-Pass Trust, a type of Trust that is created to allow one spouse to leave money to the other, while limiting the amount of Federal Estate tax bite that would be payable on the death of the second spouse.

1. Last Will and Testament, last will and testament allows you to set out your specific wishes for how you want your property and assets to be divided upon your death. Living Will, living will be a legal document used to specify your wishes for end-of-term health care decisions.
2. PROS and CONS-A trust also gives you control over how the beneficiary receives the assets, once you create a trust, you cannot simply take it back. The benefit of a will is that creating one is low-cost; once you sign and execute the will, you do not need to do anything else unless you want to make changes to it in the future, estate taxes, probate court and the occasional long, drawn-out battle over assets.

1. They can compromise, agree to disagree, find a replacement for the product, refund their money or their can do ½ off their next purchase. estate taxes, probate court and the occasional long, drawn-out battle