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Personal Management Badge Req. 1

Do the following:

(a) Lead a discussion with your family to identify one financial goal that must be saved for out of family income. Choose a goal that has strong personal interest for both you and your family (a family trip or vacation, a new VCR, or a family car for instance.

01. I have lead my family discussion to select a family
financial goal that must be saved for with family income money.
True False

02. The family financial goal discussion was held on , , .

(b) Discuss the goal in detail (where to go on vacation, for example, or what kind of car to buy), the cost of the goal, and when you want to reach the goal.

03. The goal selected was [Select all that apply]
a. faith related.
b. travel related.
c. health related.
d. beauty related.
e. comfort related.
f. celebration related.
g. educational related.
h. entertainment related.
i. product purchase related.
j. Other, explain:

04. We believe our goal will cost between
a. $ 00.00 and $ 100.00
b. $ 100.00 and $ 500.00
c. $ 500.00 and $ 1,000.00
d. $ 1,000.00 and $ 2,000.00
e. $ 2,000.00 and $ 5,000.00
f. $ 5,000.00 and $ 20,000.00
g. $ 20,000.00 and $ 100,000.00
h. Other, explain: .

05. We want to reach our goal in [Select appropriate category and enter amount]
a. days
b. weeks
c. months
d. years

06. We will be saving for a [Name Your Goal] .

(c) Discuss how your family could accumulate funds to reach this goal, how the goal
will affect the rest of the family budget, and how you could help your family achieve the goal.

07. My family could accumulate funds to reach this goal by [Select all that apply]
a. saving extra income.
b. using regular income.
c. cutting back on other expenses.
d. reconsidering the goal priorities.

08. I can help achieve our goal by earning money through [Select all that apply]
a. Pet Care b. Messenger Service
c. Tutoring d. Doing Extra Chores
e. Baby Sitting f. Saving Gifts of Money
g. House Sitting h. Bike/Skateboard Repair
i. Mowing Lawns j. Delivering Newspapers
k. Shoveling Snow l. Collecting and Recycling
m. Lemonade Stand n. Selling a Personal Possession
o. Running Errands p. Distributing Commercial Flyers
q. Other, explain: .

Personal Management Merit BadgePersonal Management Badge Req. 2

Do the following:

(a) Prepare a personal budget or spending plan for three months including a "pay yourself first" savings plan. Keep track of everything you buy. Balance all income with expenses and savings at the end of each month.

09.

Personal Budget [Income]

Income

1st Month

2nd Month

3rd Month

Total

Type

Planned

Actual

Planned

Actual

Planned

Actual

Planned

Actual

a.
b.
c.
d.
e.
f.
g.

Totals:


Personal Budget [Expense]

Expense

1st Month

2nd Month

3rd Month

Total

Type

Planned

Actual

Planned

Actual

Planned

Actual

Planned

Actual

a.
b.
c.
d.
e.
f.
g.

Totals:

(b) Share your three-month budget with your merit badge counselor. Explain how you determined discretionary income (income not spent to meet fixed expenses), how much you saved, and what you spent money on. Did you spend more or less, than you budgeted?

10. I determined discretionary income by
a. spending money only when absolutely necessary.
b. subtracting fixed expenses from predicted income.
c. knowing the difference between my wants and my needs.
d. paying off all expenses before spending any money on my wants.

11. I saved over the three month budget period.

12. I spent money on the following throughout the three month budget period: [Select all that apply]
a. Shoes b. Haircut c. Clothes
d. Candy e. Flowers f. Bike Parts
g. Arcade h. Boombox i. Ice Cream
j. Movies k. Fast Food l. Junk Food
m. Batting Cage n. Video Tapes o. Magazines
p. Trading Cards q. Comic Books r. Soft Drinks
s. Amusement Park t. Sporting Goods u. Music CDs
v. Computer Softwear w. Paperback Books x. Greeting Cards
y. Other, explain: .
z. Other, explain: .

13. I spent than I had budgeted.

Personal Management Merit BadgePersonal Management Badge Req. 3

Do ONE of the following:

(a) Identify a personal financial goal and make a plan to achieve that goal.

(1) Write down the goal that you want to achieve. (this may be a small, short-term goal such as buying clothes, or it may be a major, long-term goal such as saving for college.)

14. My personal financial goal can be described as .

(2) Develop a financial plan to accomplish the goal. Determine how much the goal will cost, how much time you have to reach the goal, how you will earn money to pay for the goal, and what adjustments you could make if you cannot reach the goal in the desired time with the income you can earn.

15. My goal will cost .

16. I will have minutes hours days weeks months years
planned in order to reach my goal. [Select appropriate category[ies] and enter amount[s].]

17. I can achieve my goal by earning money through: [Select all that apply]
a. Pet Care b. Messenger Service
c. Tutoring d. Doing Extra Chores
e. Baby Sitting f. Saving Gifts of Money
g. House Sitting h. Delivering Newspapers
i. Mowing Lawns j. Bike/Skateboard Repair
k. Shoveling Snow l. Collecting and Recycling
m. Running Errands n. Selling a Personal Possession
o. Lemonade Stand p. Distributing Commercial Flyers
q. Other, please explain: .

18. Adjustments I could make if timing and income for my goal cannot be reached are: [Select all that apply]
a. build my own product.
b. extend the time needed.
c. wait for the product to go on sale.
d. limit or cut back on other expenses.
e. find a way to increase your earnings.
f. comparison shop for a cheaper price.
g. work more hours or do more chores.
h. buy a second hand or prior owned product.
i. buy a less expensive, lesser quality product.
j. Other, please explain: .

Discuss your plan with your counselor.

OR

(a) Determine a spending/savings plan for living on your own.

(1) Choose a realistic job based on your age, skills, education, and experience (working at a fast-food restaurant, movie theater, or college library, for example). Determine how much you would probably make per hour and how many hours you would work each week. Determine your spendable income (after taxes and other deductions are taken out) for a month.

19. Based upon my age, skills, education, & experiences, I choose a job as a [Make the Proper Selection]
a. Store Clerk b. Life Guard
c. House Painter d. House Cleaning
e. Camp Counselor f. Web Site Creator
g. Car Wash Laborer h. Lawn or Yard Care
i. Fast-food Order Taker j. Supermarket Bag Boy
k. Teaching Computer Skills l. Movie Theater Attendant
m. Service Station Attendant n. Making & Selling Something
o. Other, please explain: .

20. The minimum wage as established by United States of America Federal law in 1997 is
a. $ 5.15 per day.
b. $ 5.15 per hour.
c. only used to pay adult workers 18 years and above.
d. $ 5.15 per hour weekdays and $ 5.25 on weekends.

21. I would probably make per hour.

22. Youth 14 to 15 years old may work no more than [Select all that apply]
a. 3 hours on a school day or 18 hours in a school week.
b. 4 hours on a school day or 20 hours in a school week.
c. 8 hours on a non-school day or 40 hours in a non-school week.
d. 6 hours on a non-school day or 30 hours in a non-school week.

23. Youth 16 to 18 years and adults may work full time or per week.

24. Employees who work beyond the full time hours are paid their hourly rate for the extra hours.

25. Based upon my age, I would work hours per week.

26. My monthly spendable income after taxes and other deductions would be .

[ You can use calculator at http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp if necessary]

(2) Make a list of all basic monthly living expenses: rent, food, transportation, clothing, telephone, etc. Ask family or friends, or call sources to help determine costs.

27. My projected basic "on my own" monthly living expenses include: [Select Types and Show Amounts]
a. Gifts Notes:
b. Rent Notes:
c. Utilities Notes:
d. Savings Notes:
e. Hobbies Notes:
f. Medical Notes:
g. Laundry Notes:
h. Vacation Notes:
i. Charities Notes:
j. Clothing Notes:
k. Groceries Notes:
l. Insurance Notes:
m. Telephone Notes:
n. Eating Out Notes:
o. Recreation Notes:
p. Entertainment Notes:
q. Transportation Notes:
r. Reading Material Notes:
s. Personal Grooming Notes:
t. All Other Expenses Notes:
u. Total Notes:

(3) Compare projected income with projected expenses. Would you have enough income to live on? Would any be left over for fun? For savings?

28. My total projected expenses of as compared
to my total projected income of allows for [Select all that Apply]
a. money left over for fun.
b. enough income to live on.
c. money left over for savings.
d. re-configuring of my financial plans.

(4) If expenses exceed income, determine what options you would have for bringing the two into balance. Could you reduce or eliminate expenses? Work more hours a week? Get a higher paying job?

29. My projected expenses exceeded my income. True False

30. If you answered question 29 True, what options do you have for bringing the two into balance? [Select all that apply]
a. Getting a higher paying job.
b. Working more hours a week.
c. Reducing or eliminating expenses.
d. None of the above, it cannot be accomplished.
(5) Discuss your final plan with your counselor.

Personal Management Merit BadgePersonal Management Badge Req. 4

Do the following:

(a) Choose an item you would like to buy. Be specific. (For example, identify the brand name of a pair of shoes you want, or the title of a CD.)

31. I would like, and choose to buy a .

32. The item's type, brand name or title is .

(b) Comparison shop for the item. Find out where you can buy the item for the best price. Call around; study ads. Look for a sale or a discount coupon.

33. I found out where to buy the item for the best price by [Select all that apply]
a. studying advertisements.
b. checking store catalogues.
c. checking internet resources.
d. looking for discount coupons.
e. calling several stores by telephone.
f. stopping by several different stores.
g. Other, explain:

(c) Consider alternatives. Could you buy the item used? Should you wait for a sale?

34. I considered waiting for the item to go on sale. True False

35. I considered buying the item used. True False

(d) Discuss your shopping strategy with your counselor.

Personal Management Merit BadgePersonal Management Badge Req. 5

Do ONE of the following:

(a) Visit a bank. Ask a bank representative to explain checking accounts, savings accounts, loans, and automated teller machines (ATMs). Explain to your counselor the difference between a checking account and a savings account. Discuss with your counselor the minimum requirements to open and maintain the accounts or to take out a loan.

36. I visited a bank. True False

37. The name of the bank was .

38. I asked a bank representative to explain [Select the Best Answer]
a. Loans.
b. Savings Accounts.
c. Checking Accounts.
d. Automated Teller Machines.
e. All items above were asked.

39. The difference between a checking & savings account is [Select all that apply]
a. Only savings accounts earn interest.
b. A savings account can never be overdrawn.
c. Checking accounts often cost money to maintain.
d. Usually, checks cannot be written on a savings account.

40. Checking accounts are only useful when a balance of money remains within. True False

41. Minimum requirements to open a savings or checking account are [Select all that apply]
a. set by bank policy.
b. created to prevent theft.
c. only a concern to adults, children under 18 years have no minimum requirements.
d. made necessary in order to make their creation profitable to the bank and the customer.

42. Minimum requirements to take out a loan include [Select all that apply]
a. Other fees charged by the lending institution.
b. Interest paid on the amount of money received.
c. A time limit set for repayment of all money, interest and fees.
d. The lender's legal right to take your other property if you fail to make payments.

OR:

(b) Visit another type of financial institution, such as a stock brokerage firm or an insurance company. Ask a representative what the firm does and how it works with consumers. Explain to your counselor the differences in services offered by the following types of financial professionals: financial planner, stockbroker, insurance agent, accountant, tax preparer, banker, estate planning attorney.

43. Instead of a bank, I visited a(n) financial institution.

44. The name of the financial institution was .

45. I asked a representative what the firm does & how it works with consumers. True False

46. A banker
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

47. An Accountant
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

48. A Stockbroker
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

49. A Tax Preparer
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

50. An Insurance Agent
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

51. A Financial Planner
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

52. A Real Estate Agent
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

53. An Estate Planning Attorney
a. calculates taxes for clients yearly.
b. helps customers locate & buy or sell a home.
c. prepares tax returns & examines financial records.
d. sells stocks, bonds and other types of investments.
e. sells auto, home, health or other types of insurance.
f. offers savings, checking, credit card, and loan services.
g. identifies financial goals and recommends ways to achieve those goals.
h. provides income tax advice, prepares financially legal documents & negotiate business deals.

Personal Management Merit BadgePersonal Management Badge Req. 6

Do the following:

(a) Explain the difference between saving for a goal and investing for a goal.

54. Saving for a goal means
a. opening up a bank account.
b. setting aside money for something you want to buy or do later.
c. not spending any money until you have enough to reach your goal.
d. waiting until you can successfully put the football across the goal line.

55. Saving for a goal is usually a short-term process. True False

56. Investing for a goal means
a. taking a greater risk than saving for a goal.
b. knowing that your money will achieve it's purpose.
c. having someone look into the background of your goal.
d. applying your money into something where you expect you can get more money back later.

57. Investing for a goal is usually a short-term process. True False

(b) Explain the difference between saving for a goal and investing for a goal.

58. Loaned investing is [Select all that Apply]
a. loaned money to a company in return for repayment with interest.
b. ownership of all or part of an asset through investment of your money.
c. like being a banker and providing a loan to a company that agrees to repay you with interest.
d. buying part or all of a company, property, or something else and sharing the profits or losses.

59. Owned investing is [Select all that Apply]
a. loaned money to a company in return for repayment with interest.
b. ownership of all or part of an asset through investment of your money.
c. like being a banker and providing a loan to a company that agrees to repay you with interest.
d. buying part or all of a company, property, or something else and sharing the profits or losses.

(c) Explain the concepts of simple and compound interest and how compound interest can be used to increase your savings and investments more rapidly.

60. Simple interest is [Select all that Apply]
a. principal earning interest.
b. better than no interest at all.
c. principal plus interest earning interest.
d. a better investment than compounding interest.

61. Compound interest is [Select all that Apply]
a. principal earning interest.
b. better than no interest at all.
c. principal plus interest earning interest.
d. a better investment than simple interest.

62. Compound interest increases savings and investments more rapidly by
a. multiplying compound interest by compound principal leaving simple interest earnings intact.
b. providing interest several times a year based on principal plus previously accumulated interest.
c. mixing simple interest with simple and compound principal so that multiple types work together.
d. calculating interest at year end and building the principal base for next year's interest calculation.

(d) Explain the concepts of yield, profit, and total return, and how they are used to evaluate investment performance.

63. An investment's Yield is
a. that money paid directly to you as income.
b. the money made by selling an owned investment.
c. the money surrendered or given to a professional financial advisor for services rendered.
d. the combination of the investment's profit or loss and it's income over the entire time owned.

64. An investment's Profit is
a. that money paid directly to you as income.
b. the money made by selling an owned investment.
c. a very wise investor who repeatedly gains excellent financial rewards.
d. the combination of the investment's profit or loss and it's income over the entire time owned.

65. An investment's Total Return is
a. that money paid directly to you as income.
b. the money made by selling an owned investment.
c. every bit of information about the financial transaction history.
d. the combination of the investment's profit or loss and it's income over the entire time owned.

66. Yield, profit, and total return are used to evaluate investment performance. True False

(e) Explain the basic features of the following types of investments, including risks and rewards and whether they involve lending or owning: bank savings accounts, certificates of deposit, U.S. Savings Bonds, shares of stock, shares in a mutual fund, real estate.

67. Bank savings accounts risks include [Select all that Apply]
a. The bank could burn to the ground.
b. A bank robber could take your money.
c. The bank could fail and go out of business.
d. The inability of having cash when you need it.

68. Bank savings accounts rewards include [Select all that Apply]
a. You know your money is safe.
b. The ability of your money to grow on its own.
c. Gives you financial security as you grow older.
d. The ability to become independently wealthy is within your grasp.

69. Bank savings accounts involve
a. lending.
b. owning.

70. Certificates of deposit risks include [Select all that Apply]
a. The issuing agency could fail and go out of business.
b. No guarantee that you will actually get back your initial money invested.
c. No guarantee that you will actually earn more than the amount you invested.
d. You could die before the time of the certificate matures thus not receiving a personal dividend.

71. Certificates of deposit have a higher potential to earn you more money. True False

72. Certificates of deposit involve
a. lending.
b. owning.

73. U.S. Savings Bonds risks include [Select all that Apply]
a. The issuing agency could fail and go out of business.
b. No guarantee that you will actually get back your initial money invested.
c. No guarantee that you will actually earn more than the amount you invested.
d. You could die before the time of the bond matures thus not receiving a personal dividend.

74. U.S. Savings Bonds rewards include [Select all that Apply]
a. Higher interest.
b. Issuing agency security.
c. They are often given and received as gifts.
d. Some actually are considered collector's items and resale at higher than face value.

75. U.S. Savings Bonds involve
a. lending.
b. owning.

76. Shares of stock risks include [Select all that Apply]
a. The stock market could crash.
b. The issuing agency could fail and go out of business.
c. No guarantee that you will actually get back your initial money invested.
d. No guarantee that you will actually earn more than the amount you invested.

77. Shares of stock have a higher potential to earn you more money. True False

78. Shares of stock involve
a. lending.
b. owning.

79. Mutual fund shares risks include [Select all that Apply]
a. The stock market could crash.
b. Losses can be expected in short term periods.
c. No guarantee that you will actually get back your initial money invested.
d. No guarantee that you will actually earn more than the amount you invested.

80. Mutual fund shares rewards include [Select all that Apply]
a. Reduced risks by pooling money of shareholders.
b. Some receive special tax benefits from the government.
c. Investments can vary enough to off set losses with gains.
d. Long term investments have a good track record of making money for investors.

81. Mutual fund shares involve
a. lending.
b. owning.

82. Real estate risks include [Select all that Apply]
a. Natural disasters.
b. Market value fluctuations.
c. No guarantee that you will actually get back your initial money invested.
d. No guarantee that you will actually earn more than the amount you invested.

83. Real estate has a higher potential to earn you more money over time. True False

84. Real estate involves
a. lending.
b. owning.

Personal Management Merit BadgePersonal Management Badge Req. 7

Do the following:

(a) Explain what a loan is, what interest is, and how the "annual percentage rate" measures the true cost of a loan.

85. A loan is money temporarily given to others for an additional fee. True False

86. Interest is money earned by a savings account, like loaning money to the bank. True False

87. Annual percentage rate measures all various fees & costs of a loan over a year. True False

(b) Choose something you want to buy or do, but currently cannot afford. Set up an imaginary loan so you can "achieve" that goal. Identify the "principal" amount, interest rate, and repayment schedule. Determine the total cost of the loan (principal plus interest). Determine how it would affect your total cost if you paid back the same amount every two weeks, instead of once a month.

88. I have set up a make believe loan to purchase something I cannot afford. True False

89. What I want to buy or do that I cannot currently afford is .

90. The amount needed or principal of my loan is

91. Interest charge of my loan is

92. Fill in the blanks regarding your imaginary loan:
Month Principal Amount Interest Amount Total Amount Payment Due Date
January
February
March
April
May
June
July
August
September
October
November
December

93. If loan amount were paid every two weeks, the total cost paid back would be [Select all that Apply]
a. Greater than the sum of all of it's parts.
b. About the same as paying the monthly amounts.
c. Exactly the same as if I paid back the loan monthly.
d. Less than the total for monthly payments because there would be less interest to pay.

(c) Explain the differences between a charge card, a debit card, and a credit card.

94. A charge card is [Select all that Apply]
a. not real money.
b. is restricted to the buying of products from a particular company.
c. represents money loaned and is used to buy any product as long as the seller accepts the card.
d. works like a check, money is electronically deducted from your checking account for purchases.

95. A debit card is [Select all that Apply]
a. not real money.
b. is restricted to the buying of products from a particular company.
c. represents money loaned and is used to buy any product as long as the seller accepts the card.
d. works like a check, money is electronically deducted from your checking account for purchases.

96. A credit card [Select all that Apply]
a. not real money.
b. is restricted to the buying of products from a particular company.
c. represents money loaned and is used to buy any product as long as the seller accepts the card.
d. works like a check, money is electronically deducted from your checking account for purchases.

(d) Identify the factors that affect the costs of credit. Tell which factors can be controlled.

97. Which of the following effect the cost of credit? [Select all that Apply and Indicate if Controllable]
a. Fees Controllable Not Controllable
b. Fraud Controllable Not Controllable
c. Interest Rates Controllable Not Controllable
d. Total Loan Cost Controllable Not Controllable
e. Payment Time Period Controllable Not Controllable
f. Annual Percentage Rates Controllable Not Controllable

(e) Explain credit reports and how personal responsibility can affect your credit record.

98. Credit reports are compiled by companies called
a. Credit Bureaus
b. Compilation Firms
c. Reporting Services
d. Random Access Monitors

99. Credit reports indicate or show
a. whether or not you pay your debts on time.
b. your life history from birth to the present time.
c. the total amount of money you have in your personal accounts.
d. a series of black and white lines only that must be decoded with special equipment.

(f) Describe ways to reduce or eliminate debt.

100. Ways to reduce or eliminate debt are [Select all that Apply]
a. Only Paying Cash
b. Earning Extra Money
c. Reduction of Expenses
d. Destruction of Credit Cards
e. Creation of a Spending Plan

Personal Management Merit BadgePersonal Management Badge Req. 8

Do the following:

(a) Explain the five ways to manage risk.

101. Taking education courses, using safety and security devices demonstrates the

102. Driving a car has risks, taking a bus would show use of the

103. Personally paying out of pocket for loss or damage is the

104. Paying an insurance company for a financial recovery guarantee is the

105. Business partners who incorporate their business are using the

(b) Explain the six basic types of insurance and why someday you might need one or more of them.

106. replaces most but not all income if you become unable to work.

107. covers both property damage and medical injuries.

108. covers personal loses to homes if owned and contents even if renting.

109. , often employer provided, covers surgery, hospitalization, and etc.

110. covers personal responsibility, if something happens to somebody else.

111. pays certain persons a specific sum of money when the insured dies.

112. Those who drive a car, truck, motorcycle require

113. Those who own a home or rent should obtain

114. Major accidents and severe illnesses require because of high costs.

115. If people depend on you for money, financial support, you may want

116. In case you become too ill or injured to work, helps pay your bills.

117. If found responsible for the pain suffered by someone else, helps pay the costs.

(c) Define the two major types of life insurance (term and permanent) and compare their advantages and disadvantages.

118. Life insurance known as Term can be defined as [Select all that Apply]
a. There are several different forms of this type.
b. The cost increases with the age of the insured.
c. Coverage or effective for a certain time period and is the most costly type.
d. Coverage or effective for a certain time period and is the least expensive type.
e. Provides a sum of money upon the death of the insured but is the more costly type.
f. The cost may be guaranteed not to increase over time as long as you live and remain insured.

119. Insurance known as Permanent Life can be defined as [Select all that Apply]
a. There are several different forms of this type.
b. The cost increases with the age of the insured.
c. Coverage or effective for a certain time period and is the most costly type.
d. Coverage or effective for a certain time period and is the least expensive type.
e. Provides a sum of money upon the death of the insured but is the more costly type.
f. The cost may be guaranteed not to increase over time as long as you live and remain insured.

Personal Management Merit BadgePersonal Management Badge Req. 9

Do the following:

(a) Identify a job or career that interests you and do basic research about it at your library or through other information sources. Make a presentation to your troop or counselor about the job or career. Your report should include:

120. The job or career that interests me is identified below: [Select Only One]
a. Artist b. Pilot
c. Driver d. Nurse
e. Ranger f. Dentist
g. Surgeon h. Athlete
i. Engineer j. Teacher
k. Attorney l. Forester
m. Scientist n. Physician
o. Musician p. Technician
q. Geologist r. Fire Fighter
s. Craftsman t. Salesperson
u. Optometrist v. Police Officer
w. Window Washer x. Military Officer
y. Religious Leader z. Other:

121. I have completed the basic research for this job or career choice. True False

122. I have made a presentation to my troop about this job or career choice. True False

(1) Your report should include an explanation of your interest in the job or career (how you learned of it, what about it that interests you, what its job prospects are, and how you think the job or career will change in the future).

123. I became aware of this job or career through: [List or Describe Your Sources]
a.
b.
c.
d.

124. The interesting features of this job or career are:
a.
b.
c.
d.

125. In the future, positions for this job or career will be available in
a.
b.
c.
d.

126. Expected future changes in this job or career are:
a.
b.
c.
d.

(2) Your report should include any qualifications required (education, skills, experiences) and how you might become qualified for the job.

127. Name those educational requirements that would qualify you for the job or career.
a.
b.
c.
d.

128. Name those skill requirements that would qualify you for the job or career.
a.
b.
c.
d.

129. Name those experience requirements that would qualify you for the job or career.
a.
b.
c.
d.

(3) Your report should include the job's functions and responsibilities (the duties of the job or career).

130. What are the things you would be expected to do [responsibilities] in this job or career?
a.
b.
c.
d.

(4) Your report should include the organizations, trade associations, professional associations, governmental regulations, or licenses involved in the career field.

131. List the organizations and associations involved with this job or career.
a.
b.
c.
d.

132. List any governmental regulations involved with this job or career.
a.
b.
c.
d.

133. List any licenses required for this job or career.
a.
b.
c.
d.

(b) Do ONE of the following:

(1) Prepare a personal résumé for the job.

134. A résumé shows work experience, education, skills, & special accomplishments. True False

135. I have prepared a personal resume for review by my counselor. True False

OR:

(2) Interview someone in the job or career field and prepare a summary of the interview.

136. I have interviewed a person who works in my chosen job or career field. True False

137. A brief summary of the interview is prepared below:

(c) Discuss with your counselor your personal goals and ambitions in life. Relate these to your intellectual, physical, spiritual, and moral development. How has Scouting helped you in accomplishing your goals and ambitions? Share your thoughts with your family.

138. Listed below are my personal life goals and ambitions, as I know them today.

139. Goal / Ambition 1. from question 138 will help my development.

140. Goal / Ambition 2. from question 138 will help my development.

141. Goal / Ambition 3. from question 138 will help my development.

142. Goal / Ambition 4. from question 138 will help my development.

143. Scouting has helped with my goals and ambitions by [Select all that Apply]
a. Giving me examples from which to choose.
b. Leading my thoughts and actions in the direction of their attainment.
c. Providing people who can answer my questions and give me information.
d. Other, Explain:

144. I have shared my thoughts and this exam with my family. True False

Scout's Name: Troop Number: Today's Date:

If answered on-line, be sure to print your exam for submission to your local counselor then,


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Created: 11 June 2000 - Last Edit: 29 December 2005
Courtesy of ARCO, LAUSD, &
The Robert Havlicek Family