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Personal Finance

Personal Finance & Decision/Goals Review

QuestionAnswer
What is a Financial Decision A decision that can affect a family's or an individual's well-being
S stands for.. Specific
M stands for.. Measurable
A stands for.. Attainable
R stands for.. Realistic
T stands for.. Timebound
What type of decisions are there? Major, Routine, and Financial
How many steps are in the decision making process? 4 steps
What is the first step to the decision making process? Identify
What is the second step to the decision to the decision making process? List Alternatives
What is the third step to the decision making process? Decide
What is the fourth step to the decision making process? Evaluate Results
What is a routine decision? A decision made on a daily basis
What is a major decision? A decision that requires quite some thought
What is a goal? A specific act or location that you want to achieve
What are all of the types of goals? Educational, SMART, and Financial
What is an educational goal? A goal that involves your education and/or college
What is a SMART goal? A SMART goal is a 5 word checklist that bases on your goals importance and reality.
What is a decision? A chosen option
What is a need? Something that you require
What is a want? Something of your desire
What is a value? Something important, worthwhile, and desirable to you
How do values affect your needs? If you value your needs first, you will most likely be successful
How do values affect your wants? If you value your wants rather than your needs, you will most likely be a failure
What affects your values? Where you live, your traditions, your parents, and your friends
Why are values important to have? So that you can have something you can rely on or look up to
Why would you set goals in life? So that you can reach your destination in life
What is a budget? The amount of money in your grasp
What is bankruptcy? An official paper saying that you cant pay your bills
What is money? The official trading utencil of a country or continent
Why is money important? Because it is what buys your needs and want
Why would you save your money? So that you don't lose your money
Where would you save your money at? In a bank account or vault
What is the #1 cause of greed? Money
List an example of a educational goal: Going to college, getting an A+, etc.
List an example of a financial goal: filing bankruptcy, saving your money, etc
What is stock? The capital raised by a business or corporation through the issue and subscription of shares
What is a stock market? a stock exchange
Why is stock important? It gets you money and it provides an easy money maker.
What is bull market? A market in which share prices are rising, encouraging buying.
Who is on the one dollar bill? George Washington
Who is on the five dollar bill? Abraham Lincoln
Who is on the one-hundred dollar bill? Benjamin Franklin
What is commodity money? Commodity money consists of objects that have value in themselves as well as value in their use as money.
What is representative money? Representative money is an item such as a token or piece of paper that has no intrinsic value, but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco.
What is fiat money? in-convertible paper money made legal tender by a government decree.
What is bear market? a market in which prices are falling, encouraging selling.
Who was the first to make change (coins)? The Lydians
Who were the first to make paper money? The Chinese
What was the European currency in the mid 1400's? The Spanish Reale
What was the first american currency called? Continental currency
What is commodity money? Commodity money consists of objects that have value in themselves as well as value in their use as money.
What is representative money? Representative money is an item such as a token or piece of paper that has no intrinsic value, but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco.
What is fiat money? in-convertible paper money made legal tender by a government decree.
What is bear market? a market in which prices are falling, encouraging selling.
Who was the first to make change (coins)? The Lydians
Who were the first to make paper money? The Chinese
What was the European currency in the mid 1400's? The Spanish Reale
What was the first american currency called? Continental currency
Created by: 318820