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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 |