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Study sets matching "personal finance unit 1"

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Study sets matching "personal finance unit 1"

13 terms
Personal Finance Unit 1
Deferred Gratification
Financial well‐being
Well‐being
Needs
the idea that sacrificing a want, and working towards a great…
Managing money in ways that build a sense of understanding, c…
Feeling good about one's life
Goods or services that are required for survival
Deferred Gratification
the idea that sacrificing a want, and working towards a great…
Financial well‐being
Managing money in ways that build a sense of understanding, c…
15 terms
Personal Finance Unit 1
Financial goals
Financial planning
Goal
Long-term goals
Specific objectives that are accomplished through financial p…
Managing money continuously through life in order to reach yo…
Something a person intends to acquire, achieve, or accomplish…
A goal that can be achieved/attained in a year or more
Financial goals
Specific objectives that are accomplished through financial p…
Financial planning
Managing money continuously through life in order to reach yo…
74 terms
Personal Finance Unit 1
Consumer
Credit
Emergency Fund
Interest Rate
A person or organization that uses a product or service.
The granting of a loan and the creation of debt, any form of…
Five hundred dollars in readily available cash to be used onl…
Percentage paid to a lender for the use of borrowed money (in…
Consumer
A person or organization that uses a product or service.
Credit
The granting of a loan and the creation of debt, any form of…
20 terms
Unit 1: Personal Finance Vocabulary
personal financial planning
goals
values
opportunity cost
Spending, saving, and investing your money so you can have th…
The things you want to accomplish
The beliefs and principles you consider important, correct, a…
What you give up when you make one choice instead of another
personal financial planning
Spending, saving, and investing your money so you can have th…
goals
The things you want to accomplish
Personal Finance Unit 1
Occupational Outlook Handbook
Upgrading
Networks
Salary
Provides in-depth job descriptions and information about job…
Advancing to a higher level of skill to increase your usefuln…
Informal groups of people with common interests
Amount of monthly or yearly pay
Occupational Outlook Handbook
Provides in-depth job descriptions and information about job…
Upgrading
Advancing to a higher level of skill to increase your usefuln…
50 terms
Personal Finance - Unit 1 - Money
net worth
asset
liability
debt
the total assets minus total outside liabilities of an indivi…
property owned by a person or company, regarded as having value
the state of being responsible for something, especially by law
something, typically money, that is owed or due
net worth
the total assets minus total outside liabilities of an indivi…
asset
property owned by a person or company, regarded as having value
20 terms
Personal Finance - Unit 1
Factors affecting income
Characteristics of a career
Benefits package
Cafeteria-style benefits
Career Field, Education Level, Work Experience, Skills and Ce…
typically offers opportunities for advancement, typically req…
The set of benefits that you receive from your employer.
An approach to employee benefits that gives all employees a s…
Factors affecting income
Career Field, Education Level, Work Experience, Skills and Ce…
Characteristics of a career
typically offers opportunities for advancement, typically req…
16 terms
Personal Finance Unit 1
Financial goals
Financial planning
Financial well‐being
Well‐being
Specific objectives that are accomplished through financial p…
Managing money continuously through life in order to reach yo…
Managing money in ways that build a sense of understanding, c…
Feeling good about one's life
Financial goals
Specific objectives that are accomplished through financial p…
Financial planning
Managing money continuously through life in order to reach yo…
12 terms
Personal Finance Unit 1: Vocab
Goal
Long‐term goals
Short‐term goals
Financial goals
Something a person intends to acquire, achieve, or accomplish…
A goal that will be attained in more than one year
A goal that will be attained in less than one year
Specific objectives that are accomplished through financial p…
Goal
Something a person intends to acquire, achieve, or accomplish…
Long‐term goals
A goal that will be attained in more than one year
31 terms
Personal Finance Living the Dream-Unit 1 Vocab
personal finance planning
goals
values
opportunity cost
arranging to spend, save, and invest money to live comfortabl…
the things you want to accomplish
the beliefs and principles you consider important, correct, a…
what is given up when making one choice instead of another
personal finance planning
arranging to spend, save, and invest money to live comfortabl…
goals
the things you want to accomplish
43 terms
Personal Finance Unit 1 Review
Budget
Carbon Check
Cash Flow Statement
Compound Interest
A written cash flow plan
A copy of each check you write
A summary that shows total income and spending for a given ti…
Interest paid on interest previously earned; credited daily,…
Budget
A written cash flow plan
Carbon Check
A copy of each check you write
Personal Finance Unit 1 & 2
Bankruptcy
Liquid Asset
Opportunity Cost
Personal Finance
A legal process in which a court takes over some of the finan…
Something owned that can be rapidly converted to cash without…
The opportunity lost to do something with money when an indiv…
Financial issues that can affect an individual.
Bankruptcy
A legal process in which a court takes over some of the finan…
Liquid Asset
Something owned that can be rapidly converted to cash without…
13 terms
Unit 1 Personal Finance Vocabulary
Financial Goals
Financial Planning
Financial Well-Being
Well-Being
specific objectives that are accomplished through financial p…
Managing money continuously through life in order to reach yo…
Managing money in ways that build a sense of understanding, c…
Feeling good about one's life
Financial Goals
specific objectives that are accomplished through financial p…
Financial Planning
Managing money continuously through life in order to reach yo…
13 terms
Personal Finance Unit 1
Financial goals
Financial planning
Goal
Short-term goals
Specific objectives that are accomplished through financial p…
Managing money continuously through life in order to reach yo…
Something a person intends to acquire, achieve, or accomplish…
Goals set for the very near future, typically less than 1 year
Financial goals
Specific objectives that are accomplished through financial p…
Financial planning
Managing money continuously through life in order to reach yo…
48 terms
Personal Finance Unit 1
When a single seller is in control of…
The desire for profit motivates people…
The value of a nation's currency can b…
When the federal reserve follows a "ti…
Monopoly
False
True
False
When a single seller is in control of…
Monopoly
The desire for profit motivates people…
False
25 terms
Personal Finance Unit 1
Occupational Outlook Handbook
Upgrading
Networks
Salary
Provides in-depth job descriptions and information about job…
Advancing to a higher level of skill to increase your usefuln…
Informal groups of people with common interests
Amount of monthly or yearly pay
Occupational Outlook Handbook
Provides in-depth job descriptions and information about job…
Upgrading
Advancing to a higher level of skill to increase your usefuln…
22 terms
Personal Finance Unit 1
Buyer's remorse
Rational buying choice
Needs
Wants
The regret you feel after an impulse purchase or a porly made…
A choice made in an organized logical mannar
Things you can't live without
Things you would like but can live without
Buyer's remorse
The regret you feel after an impulse purchase or a porly made…
Rational buying choice
A choice made in an organized logical mannar
21 terms
Personal finance unit 1
Health insurance and profit sharing
personal payment of clothing and other…
poses more risks but is very rewarding
bls.gov and salary.com.
What are the 2 positives features of employment?
what are 2 negative features of employment?
what is one benefit of being an entrepreneur
Where are two places that you can find information about a ca…
Health insurance and profit sharing
What are the 2 positives features of employment?
personal payment of clothing and other…
what are 2 negative features of employment?
74 terms
Personal finance unit 1
Federal trade comission(FTC)
Consumer product safety commission(CPSC)
United States department of agricultur…
Food and drug administration(FDA)
Enforce laws agains dishonest advertising. It also helps prot…
Works to protect the public against unreasonable risks and to…
Inspects and sets standards for meat, poultry, and canned fru…
Enforces laws and regulations in food purity, quality, labeli…
Federal trade comission(FTC)
Enforce laws agains dishonest advertising. It also helps prot…
Consumer product safety commission(CPSC)
Works to protect the public against unreasonable risks and to…
74 terms
Personal Finance Unit 1
Consumer
Credit
Emergency Fund
Interest Rate
A person or organization that uses a product or service.
The granting of a loan and the creation of debt, any form of…
Five hundred dollars in readily available cash to be used onl…
Percentage paid to a lender for the use of borrowed money (in…
Consumer
A person or organization that uses a product or service.
Credit
The granting of a loan and the creation of debt, any form of…
12 terms
Personal Finance Unit 1
Financial goals
Financial planning
Financial well‐being
Well‐being
Specific objectives that are accomplished through financial p…
Managing money continuously through life in order to reach yo…
Managing money in ways that build a sense of understanding, c…
Feeling good about one's life
Financial goals
Specific objectives that are accomplished through financial p…
Financial planning
Managing money continuously through life in order to reach yo…
21 terms
Personal finance unit 1
personal financial planning
goals
values
need
arranging to spend, save, and invest money to live comfortably.
the things you want to accomplish.
what is important to you
you must have to survive
personal financial planning
arranging to spend, save, and invest money to live comfortably.
goals
the things you want to accomplish.
26 terms
Personal Finance Unit 1
Consumer
Ralph Nadar
Decision Making Process
Mediation
A person who purchases goods and services for personal use
Most influential consumer advocate in US history
1 Before you shop... 2 Weighing the alternatives... 3 Making the pu…
Help of a neutral third party; accept or reject; not legally…
Consumer
A person who purchases goods and services for personal use
Ralph Nadar
Most influential consumer advocate in US history
36 terms
Personal Finance Unit 1
Money
Denominations
coins
£5
can be defined as anything that is generally accepted as a me…
the different value of each coin and note.
£2, £1, 50p, 20p, 10p, 5p, 2p, 1p
Elizabeth Fry
Money
can be defined as anything that is generally accepted as a me…
Denominations
the different value of each coin and note.
27 terms
Personal Finance- Unit 1
Personal Finance
Budget
Credit Score
W2 Form
Personal finance defines all financial decisions and activiti…
A budget is an estimation of the revenue and expenses over a…
A credit score is a statistical number that depicts a person'…
The W-2 form is the form that an employer must send to an emp…
Personal Finance
Personal finance defines all financial decisions and activiti…
Budget
A budget is an estimation of the revenue and expenses over a…
15 terms
Personal Finance Unit 1
Career
Job
Salary
Wage
Level of employment that typically serves long term goals and…
Level of employment typically meant to be short term and may…
Payment in exchange for employment typically based on a fixed…
Hourly rate at which a worker is paid.
Career
Level of employment that typically serves long term goals and…
Job
Level of employment typically meant to be short term and may…
29 terms
Personal Finance Unit 1
Account
Account Statement
Auto Insurance
ATM (automated teller machine)
Arrangement with a bank or credit union letting you deposit a…
List of financial transactions you made iver a given period
Protects against losses to property and injuries to people in…
Used to withdraw cash from a checking account
Account
Arrangement with a bank or credit union letting you deposit a…
Account Statement
List of financial transactions you made iver a given period
20 terms
Unit 1 - Personal Finance
Specific
Goal
Financial Planning
Financial Goals
State exactly what is to be done with the money involved
the end result of something a person intends to acquire, achi…
managing money continuously through life in order to reach fi…
specific objectives (or goals) that are accomplished through…
Specific
State exactly what is to be done with the money involved
Goal
the end result of something a person intends to acquire, achi…
25 terms
Personal Finance -Unit 1
short term goal
long terms goal
smart goal
specific
goal accomplished by 12 months
long time to achieve
specific, measurable, attainable, realistic, time bound
what do I want to accomplish? Why do I want to accomplish thi…
short term goal
goal accomplished by 12 months
long terms goal
long time to achieve
13 terms
Personal finance Unit 1
5 steps used to create a financial plan
Two economic factors that affect finan…
Opportunity costs
8 strategies you can apply to achieve…
Set smart goal... Analyze information... Create a plan... Implement th…
Interest rates and inflation
What you give up when you make one choice instead of another
Obtain financial resources... Plan how youll spend your money... Sp…
5 steps used to create a financial plan
Set smart goal... Analyze information... Create a plan... Implement th…
Two economic factors that affect finan…
Interest rates and inflation
68 terms
personal finance unit 1
canceled
cashiers
certified
collective bargaining
a check that has been processed and cleared by the bank
a check written by a bank on its own funds
a personal check that the bank guarantees to be good
the process of negotiating a work contract for union members
canceled
a check that has been processed and cleared by the bank
cashiers
a check written by a bank on its own funds
16 terms
Personal Finance Unit 1
Value
Need
Want
Goal
Beliefs and principles you consider important
Basic things we must have to survive
Can live without but makes life fun
Something you aim for
Value
Beliefs and principles you consider important
Need
Basic things we must have to survive
31 terms
Personal Finance Unit 1
Financial Planning
Need
Want
Value
Arranging to spend, save, and invest money to live comfortabl…
basic things we must have to survive
can live without but make life fun
beliefs and principles you consider important, correct and de…
Financial Planning
Arranging to spend, save, and invest money to live comfortabl…
Need
basic things we must have to survive
13 terms
Personal Finance Unit 1
Spending log
Delayed Gratification
Instant Gratification
Needs
record of everything you spend money on
waiting until you can afford something to buy it
You want something you buy it right away
Things essential to your health and security
Spending log
record of everything you spend money on
Delayed Gratification
waiting until you can afford something to buy it
17 terms
Personal Finance - Unit 1
Interest
Future Value
Present Value
Personal Balance Sheet or net worth st…
Time value of money ... -cost of money borrowed or lent... -based o…
-aka compounding... -yield the amount to which a current sum wil…
-aka discounting... -yeilds current value of a future sum based…
-snapshot of finances at particular point in time... -lists valu…
Interest
Time value of money ... -cost of money borrowed or lent... -based o…
Future Value
-aka compounding... -yield the amount to which a current sum wil…
72 terms
Personal Finance Unit 1
Hard skills
Soft skills
Demand
Supply
Measurable physical and mental abilities that allow you to co…
Nontechnical skills needed by most workers for success on the…
The willingness and ability of consumers to buy goods and ser…
The quantity of goods and services that producers are willing…
Hard skills
Measurable physical and mental abilities that allow you to co…
Soft skills
Nontechnical skills needed by most workers for success on the…
36 terms
Personal Finance Unit 1
Financial Planning
Need
Want
Value
Arranging to spend, save, and invest money to live comfortabl…
Things we must have to survive
Things we can live without but make life fun
Beliefs you consider important
Financial Planning
Arranging to spend, save, and invest money to live comfortabl…
Need
Things we must have to survive
30 terms
Personal finance unit 1
Opportunity cost
Inflation
Liquidity
Annuity
Trade off when you make one choice over another
Rise in cost of good and services over time
Ability to easily convert financial resources into cash quick…
A series of equal deposits
Opportunity cost
Trade off when you make one choice over another
Inflation
Rise in cost of good and services over time
24 terms
Personal Finance Unit 1
financial planning
need
want
value
arranging to spend, save, and invest money to live comfortabl…
basic things needed to survive
can live without, but make life more fun
beliefs and principles you find important, correct, and desir…
financial planning
arranging to spend, save, and invest money to live comfortabl…
need
basic things needed to survive
26 terms
Personal Finance Unit 1
Long Term Goal
Short Term Goal
Specific, Measurable, Attainable, Reas…
Helped pass safety laws
A goal that lasts longer than a year.
A goal that is shorter than a year.
Parts of a SMART goal
What did Ralph Nadar do?
Long Term Goal
A goal that lasts longer than a year.
Short Term Goal
A goal that is shorter than a year.
25 terms
Personal Finance Unit 1
Economics
Opportunity Cost
Scarcity
Factors of Production
The study of decisions that go into making, distributing, and…
Something you want to give up to get something else.
Economic principle requiring that people decide which goods a…
Resources needed to produce goods and services.
Economics
The study of decisions that go into making, distributing, and…
Opportunity Cost
Something you want to give up to get something else.
31 terms
Personal Finance Unit 1
Value
Need
Want
Goal
Principles and beliefs that you feel are important and correct
Something required in order to help the person live (food, wa…
Something not required in order to help the person live (musi…
The end result for a person to get, accomplish, achieve somet…
Value
Principles and beliefs that you feel are important and correct
Need
Something required in order to help the person live (food, wa…
622 terms
Personal Finance Unit 1
Your financial Plan
Inflation
Principal amount, length of time, annu…
Long term goals
Your life situation, personal values and economic factors inf…
A rise in the general level of prices is called....?
To calculate time value of money, the following items are nee…
When people first begin planning for retirement, saving for a…
Your financial Plan
Your life situation, personal values and economic factors inf…
Inflation
A rise in the general level of prices is called....?
47 terms
personal finance unit 1
interest
debt
consumer
loan
a fee paid to a borrower to the lender for the use of borrowe…
an obligation of repayment owed by one party (debtor/borrower…
a person or organization that buys/uses goods or services
a debt evidenced by a "note," which specifies the principal a…
interest
a fee paid to a borrower to the lender for the use of borrowe…
debt
an obligation of repayment owed by one party (debtor/borrower…
21 terms
Personal Finance Unit 1
personal finance planning
goals
values
liquidity
arranging to spend, save, and invest money to live comfortabl…
things you want to accomplish
the beliefs and principals you consider important, correct, a…
ability to easily convert financial assets into cash without…
personal finance planning
arranging to spend, save, and invest money to live comfortabl…
goals
things you want to accomplish
22 terms
Unit 1 Personal Finance
personal financing plan
Goals
Values
Need
Arranging to spend, save, and invest money to live comfortabl…
The things you wish to acomplish
The beliefs and principles you consider important, correct, a…
Something you must haveto survive, such as food, shelter
personal financing plan
Arranging to spend, save, and invest money to live comfortabl…
Goals
The things you wish to acomplish
20 terms
Personal finance unit 1
job
career
standard of living
trends
what you do to earn money
a hobby that interests you but can also earn you money
the measure of quality of life be due to the amount of things…
developments that change a particular area
job
what you do to earn money
career
a hobby that interests you but can also earn you money
9 terms
Personal Finance unit 1
Job market
Skill Set
Hard Skill
Soft skill
The job openings that are available when you are ready to go…
The unique skills and abilities that you bring to the job mar…
Measurable physical and mental abilities that allow you to co…
Nontechnical skills needed by most workers for success on the…
Job market
The job openings that are available when you are ready to go…
Skill Set
The unique skills and abilities that you bring to the job mar…
23 terms
Personal Finance unit 1
economy
economic system
economics
gift economy
range of economic activity in a country, region, or community
structure within a society that organizes the production, dis…
study of the ways in which money is created and used in society
goods and services exchanged without an expected/immediate re…
economy
range of economic activity in a country, region, or community
economic system
structure within a society that organizes the production, dis…
75 terms
Unit 1 Personal Finance
Government tries to control the amount…
Globalization refers to the
International trade affects nations' e…
In international trade, the balance of…
true
ever-growing interconnection of economies among all the count…
false
an account of the flow of goods, services, and money coming i…
Government tries to control the amount…
true
Globalization refers to the
ever-growing interconnection of economies among all the count…
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