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Per. Fin. - Ch. 1

Personal Finance - Chapter 1 Terms - Personal Financial Planning

QuestionAnswer
Arranging to spend, save, and invest money to live comfortabaly, have financial security, and achieve goals. personal financial planning
The things you want to accomplish goals
The beliefs and principles you consider important, correct, and desirable. values
A trade off, or what is given up when making once choice instead of another. opportunity cost
The ability to easily convert financial assets into cash without a loss in value. liquidity
A task that a person or a machine performs for you. service
A physical item tha is produced anc can be weighed or measured. good
Goals that take one year or leass to achieve. short-term goals
Goals that take two to five years to achieve. intermediate goals
Goals that take more than five years to achieve. long-term goals
Purchases that you make often and use up quickly. Example - food and toiletries consumable goods
Purchases of expensive items that you do not purchase oftem. Example - cars and appliances durable goods
Things that cannot be touched but are often important to your well-being and happiness. intangivle items
The study of the decisions that go into making, distributing, and using goods and services. economics
Consists of the ways in which people make, distribute, and use their goods and services. economy
The amount of goods and services available for sale. supply
The amount of goods and services people are willing to buy. demand
The central banking organization of the United States. The Federal Reserve
The rise in the prices for goods and services. inflation
A person who purchases and uses goods or services. consumer
The price that is paid for the use of another's money. interest
The increase of an amount of money due to earned interest or dividends. time value of money
The original amount of money on deposit. principal
The amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time. future value
A series of equal regular deposits. annuity
The amount of money you would need to deposit now in orer to have a desired amount in the future. present value
Created by: 1125234467