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34 terms

personal finance unit 1

STUDY
PLAY
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.