personal finance unit 1

34 terms by Bruegge 

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personal financial planning

spending, saving, and investing you money so you can have the kind of life you want as well as financial security.

goals

things you want to accomplish

values

principles considered desirable

opportunity costs

the most desirable alternative given up as the result of a decision

liquidity

being in cash or easily convertible to cash

service

a company or agency that performs a public service

good

an item that is economically useful or satisfies an economic want

economics

the branch of social science that deals with the production and distribution and consumption of goods and services and their management

economy

frugality in the expenditure of money or resources

supply

an amount of something available for use

federal reserve system

the nation's central banking system

demand

the ability and desire to purchase goods and services

inflation

a general and progressive increase in prices

consumer

a person who uses goods or services

interest

a fixed charge for borrowing money

time value of money

Money's potential to grow in value over time. The relationship between time, money, a rate of return, and earnings growth.

principal

the major part to a financial transaction at a stock exchange

future value

The amount of money in the future that an amount of money today will yield, given prevailing interest rates

annuity

income from capital investment paid in a series of regular payments

present value

The amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

down payment

a partial payment made at the time of purchase

cooperative

a jointly owned commercial enterprise (usually organized by farmers or consumers) that produces and distributes goods and services and is run for the benefit of its owners

impulse buying

making an unplanned or quick purchase without giving it much thought

open dating

a system of putting dates on perishable and semi-perishable foods to help consumers obtain products that are fresh and wholesome

unit pricing

the price of an item per ounce, pound, or other accepted unit of measure

rebate

a rectangular groove made to hold two pieces together

warranty

a written assurance that some product or service will be provided or will meet certain specifications

service contract

a contract for maintenance services

fraud

something intended to deceive

medication

the act of treating with medicines or remedies

arbitration

the act of deciding as an arbiter

small claims court

civil court that people may use to settle disputes involving small amounts of money

class-action suit

a case brought by someone to help him or her and all others who are similarly situated

legal aid society

One of a network of community law offices that provides free or low-cost legal assistance.

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