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personal finance

quarter 1 1st 9 weeks review final exam flash cards

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
Created by: zjhicks