If You Wait 7-9 Years After Starting Your First Full-Time

question 198

True/False

If you wait 7-9 years after starting your first full-time to begin saving for retirement,your nest egg at age 67 will likely be about one-half what it would have been if you had started right away.

Comprehend the nature of payments for different factors of production.

Recognize the scarcity and characteristics of natural resources.

Understand the economic concept of "no free lunch" and opportunity cost.

Distinguish between goods and services in the economy.

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Definitions:

Liquid Assets

Assets that can be easily converted into cash with little impact on their value.

Retained Earnings

The portion of net income that is not distributed to shareholders and is instead reinvested in the company.

Shareholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the owners' claim on the company's assets.

Financial Statement

A record that details the financial activities and condition of a business, person, or other entity.