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Personal Finance Ch1

Foundations in Personal Finance Ch. 1 Intro to Personal Fin.

QuestionAnswer
Explain why high school students should learn about personal finance. Learning to manage money at a young age can eliminate financial mistakes and promote huge financial benefits for the future.
When it comes to personal finance, the math is easy. What's challenging is managing your behavior
Why was the use of credit uncommon prior to 1917? Laws prevented lenders from charging high interest rates, borrowing money was not socially acceptable, lending money was not profitable.
During the Great Depression, New Deal policymakers came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that consumer credit could be profitable.
A debt evidenced by a "note," which specifies the principal amount, interest rate, and date of repayment loan
A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP) recession
A person or business that offers loans at extremely high interest rates loan shark
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting personal finance
A system by which goods and services are produced and distributed economy
Personal financial success is primarily the result of managing your money behavior
Explain why income alone does not determine wealth. The amount of money a person makes does not dictate his or her spending and saving behavior.
Name some consequences of spending more money than you make Stress, a cycle of debt, missed opportunities to save and invest
A person or organization that uses a product or service consumer
A fee paid by a borrower to the lender for the use of borrowed money interest
The knowledge and skillset necessary to be an informed consumer and manage finances effectively financial literacy
An obligation of repayment owed by one party to a second party debt
The granting of a loan and the creation of debt; any form of deferred payment credit
The widespread financial insecurity of Americans is primarily because the saving rate of Americans is low and many borrow in order to spend more than they earn
When it comes to managing money, success is about ___% knowledge and ___% behavior. 20, 80
Created by: gcowing
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