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Personal Finance
Introduction
| Term | Definition |
|---|---|
| Students should learn about personal finance for what reason? | Eliminate financial mistakes and promote huge financial benefits for the future. |
| Key components of financial planning are what? | Detailed plan for accomplishing goals, replace money myths with money truths, regularly monitor and reassess your financial plan. |
| How are Americans being outsmarted by banks and other lenders? | Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being. |
| Personal financial success is primarily the result of what? | Managing your money behavior. |
| Why does income alone NOT determine wealth? | How much money a person makes does not dictate his or her spending and saving behavior. |
| Consequences of spending more than you make are what? | Missed opportunity to save and invest, stress, and a cycle of debt. |
| Managing money is what percentage of knowledge and what percentage of behavior | 20% knowledge and 80% behavior. |
| The widespread financial insecurity of Americans is primarily because of what? | The saving rate of Americans is low and many borrow in order to spend more than they earn. |
| Learning how to read a credit card statement is NOT a factor in becoming what? | money smart |
| The use of credit prior to 1917 was uncommon because why? | Laws prevented lenders from charging high interest rates, borrowing money was not socially acceptable, and lending money to others was not profitable. |
| The most challenging thing in managing your money is what? | Managing your behavior. |
| True financial security is achieved when? | When your money begins to generate an income-your money starts working for you. |
| As a teenager, does it matter what you do now with your money? | Yes, what you do now will effect your financial future. |
| What two things are most Americans NOT these days? | Wealthy and financially secure. |
| What do most Americans use to buy big ticket items? | Credit cards |
| What is one of the most important things to learn when managing your money? | The language of money |
| Debt keeps you from building what? | Wealth |
| A person or business that offers loans at extremely high interest rates. | loan shark |
| A person or business that used a product or service. | consumer |
| 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 |
| Teh knowledge and skillset necessary to be an informed consumer and mange finances effectively | financial literacy |
| A fee paid by the borrower to the lender for the use of borrowed money. | Interest |
| A system by which goods and services are produced and distributed. | economy |
| 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. | recession |
| All of the decisions and activities of an individual or family regarding their money, including spending , saving, budgeting, etc. | personal finance |
Created by:
lbeddow
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