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PF Final Review
| Term | Definition |
|---|---|
| Values | Something that is desirable ,worthwhile, and important |
| Need | Something necessary or required for life |
| Wants | Something unnecessary but desired |
| What are some values | Religious faith or beliefs, Social Causes, Friendships |
| How do values influence wants | If being popular or having all of the newest gadgets is valued ,a person may have a lot of wants |
| Goal | Something a person intends to accomplish |
| Short term goals | Be accomplished within three months |
| Intermediate | can be accomplished within 3 months to one year |
| Long term | Can be accomplished in more than one year |
| Specific | Clearly defined end result |
| Decision | A choice that is made about things that affects a persons life |
| Opportunity cost | The cost of choosing one decision over another |
| Satellite decision | When a major decision leads to several smaller decisions |
| Two types of decisions | Routine and Major |
| Factors that affect decision | Age, wants, Family, Time |
| Cash management | Daily routine of handling money to take care of individual or family needs |
| Cash tool Management | A financial accout used to assist with daily cash management |
| Checking account | tool used to transfer funds deposited into account to make a cash purchase |
| Savings account | Account to hold money not spent on consumption |
| Money Market deposit account | A government insured account offered at most depository institutions |
| Depository institutions | Business which offer multiple services in banking and finance |
| Federal reserve bank | is part of the central system i the united states |
| Commercial Banks | Usually the largest depository institutions |
| Regional Banks | depository institution in local communities |
| Credit unions | Non-Profits cooperative depository institution |
| Credit | amount of money or something of value that is loaned on trust with the expectation it will be repaid later to lenders |
| Principle | amount you actually borrow |
| interest | amount you pay to use someones else's money |
| Credit card | Borrow up to a predetermined limit |
| Collateral | asset of valuethat lenders can take if you don't pay |
| Rent | Cost of using some else's property |
| Landlord | Owner of the rental property |
| Home ownership | the buyer has purchased a housing unit as property |
| Rent advantages | Flexiabilty |
| Owning advantages | Have creative control over anything in the house |
Created by:
Dbrame401
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