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Per. Fin. - Ch. 1
Personal Finance - Chapter 1 Terms - Personal Financial Planning
| Question | Answer |
|---|---|
| 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 |
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