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Personal Finance
Review for 9 Week Exam
| Word | Description |
|---|---|
| Bartering | trading of goods and services without money |
| Well-Being | the state of being happy or prosperous |
| Routine Decision | choice made without much thought |
| Financial Goal | involves financial planning |
| Value | something you find desirable |
| Goal | something you wish to achieve |
| Long Term Goal | a goal that lasts more than 1 year |
| Short Term Goal | a goal that lasts less than 1 year |
| Education Goal | a goal that effects your education |
| S in SMART | Specific |
| M in SMART | Measurable |
| A in SMART | Attainable |
| R in SMART | Realistic |
| T in SMART | Time-Bound |
| Specific | Goals should be simplistically written and clearly define what you are going to do. |
| Measurable | Goals should be measurable so that you have tangible evidence that you have accomplished the goal. |
| Attainable | Goals should be achievable; they should stretch you slightly so you feel challenged, but defined well enough so that you can achieve them. |
| Realistic | Goals should be able to be accomplished, not made up |
| Time-Bound | Goals should be linked to a time frame that creates a practical sense of urgency, or results in tension between the current reality and the vision of the goal. |
| Decision | a choice being made |
| Major Decision | a choice that has a long term affect |
| Decision Process | steps to take when decide something |
| Define the Problem | the decision being made |
| List Alternatives | pros and cons |
| Decide | the best choice after viewing consequences |
| Evaluate the Results | outcome of your choice |
Created by:
Laughing Jack
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