WATCH THIS LESSON OVERVIEW VIDEO FIRST: https://screencast-o-matic.com/watch/cqnV303g2M
EVERYTHING IN BOLD BELOW MUST BE COMPLETED TODAY!!
Pit Stop Summary: High school graduates are a target audience for many products and services. This Pit Stop provides general guidelines for students about reading and understanding contracts and agreements before signing on the dotted line.
By signing a contract, the law assumes it has been read, understood and agreed upon. During the Student Buckle Up week, students choose products/services they will use during Budget Challenge. Vendor selections may be changed until 9 p.m. local time on the start date of the simulation. Once the simulation begins, the choices made on the vendor selections tabs represent contracts entered into by each student. The Test Drive for this Pit Stop is to have students make their vendor selections.
- Contract: A formal and legally binding agreement between at least two parties.
- Binding: An obligation by both parties to a contract.
- Warranty: Written guarantee, issued to the purchaser of an item by the manufacturer, promising to repair or replace the item if necessary within a specified period of time.
Did You Know? Failure to fulfill a contract can cause financial loss and affect your credit score.
Navigation Tip #1: Make thoughtful product/service choices by reading the information on Student Home>Vendor Selections and Student Home>Info Packet. Ask questions when you do not understand. Budget Challenge provides a Knowledge Base of FAQs. If the information needed is not in the vendor tabs, Info Packet or Knowledge Base, questions may be submitted using the Help Desk form at Student Home>Help Desk.
Navigation Tip #2: Plan payments as agreed upon in the contract. Vendor contracts in Budget Challenge are binding agreements. Failure to pay the full amount due results in fees and penalties. Note: Only the credit card allows a minimum payment. Insurance agreements require premium payments by the due date. Otherwise, the insurance company does not have to provide coverage. Start-up costs may result in the first bill being higher than subsequent bills.
Navigation Tip #3: When a contract includes a warranty, it is important to know the coverage, effective dates and associated costs. In the simulation, one type of event may affect the cellphone. Two cellphone options are offered, one with a warranty $10 usage charge, and the other cheaper plan with no warranty.
Navigation Tip #4: After the simulation starts, students may access vendor contract details on Student Home>Vendor Selections to verify the accuracy of their bills. This view is read-only once the simulation starts. 401(k) details are managed on the Student Home>401(k) page.
- WATCH THIS VIDEO TO HELP YOU SELECT YOUR APARTMENT & CAR LOAN: https://screencast-o-matic.com/watch/cqVTrU3Ul9
- WATCH THIS VIDEO TO HELP YOU SELECT AUTO INSURANCE, CABLE & CELL PHONE: https://screencast-o-matic.com/watch/cqVT3V3Uo2
- WATCH THIS VIDEO TO HELP YOU SELECT CREDIT CARD, UTILITIES, RENTER INSURANCE, & STUDENT LOAN: https://screencast-o-matic.com/watch/cqVT343UFj