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personal finance
quarter 1 1st 9 weeks review final exam flash cards
Term | Definition |
---|---|
goal | something a person intents to accomplish |
short term goal | can be accomplished in less than 1 year |
long term goal | can be accomplished in more than 1 year |
SMART goal | specific measurable attainable realistic time bound a goal that explains exactly how you want to do something |
education goal | helps individuals reach success in the work place |
financial goal | a goal that guides financial planning |
decision | a choice made that can affect yourself or other people |
routine decision | a decision that you make without even thinking |
major decision | a decision that requires thinking about |
financial decision | how you spend your money |
value | something that is worth something to you |
well being | state of mind sanity |
identify the problem | know the problem before searching for answers |
list alternatives | brainstorm pros and cons for all possible solutions |
decide | make the best choice after thinking about all the consequences |
evaluate the results | this will help you with making better decisions in the future |
need | something that you can't live without |
want | something that you prefer to have but you can live without it |
fiat money | money like cash or coins |
representative money | paper that is not worth any value it self but can be exchanged for gold or silver (checks are similar to it) |
bartering | trading one good for another |
commodity money | type of precious medals in a coin |