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Argyll PF3
| Question | Answer |
|---|---|
| Things you want to accomplish | Goals |
| Arranging to spend, save, and invest money to live comfortably, have financial security and achieve goals. | Personal Financial Planning |
| Approximate calculation of | Estimate |
| Money you owe to others | Debts |
| Beliefs and principles you consider important, correct and desireable | Values |
| Things you have to have to survive | Needs |
| First step of financial planning | Determine your current financial situation |
| Five types of financial risks | Inflation, Interest rate, income, personal, liquidity |
| Ability to easily convert financial assets to cash | Liquidity |
| Last step of financial planning | Review and revise your plan |
| Goals of less than a year | Short term |
| Goals from two to five years to achieve | Intermediate |
| Goals that take longer than five years to achieve | Long Term |
| Something performed for you | Service |
| A physical item you have or purchase | good |
| Goods you use up quickly | Consumable |
| Expensive goods which last years | Durable |
| Purchases you cannot touch | Intangible |
| Four guidelines when setting financial goals | Realistic, specific, clear time frame, help you decide what type of action to take |
| Person who purchases or uses goods and services | Consumer |
| Supply and demand are this type of force | Market Force |
| These are economic conditions that affect personal finance decisions | Prices, spending and interest rates |
| The increase of an amount of money due to earned interest or dividends | Time value of money |
| Original amount of money (investing or borrowing) | Principal |
| The amount your original deposit will be worth in the future based on earning a specific interest rate over a specific time | Future Value |
| A series of equal regular deposits | Annuity |
| The amount of money you would need to deposit now in order to have a desired amount in the future. | Present value |
| Eight strategies to avoid common money mistakes. | Obtain information, plan, spend wisely, save, borrow wisely, invest, manage risk and plan for retirement |
| This means you are going to consider your opportunity costs | Weigh |
| Three economic factors in personal financial planning | Market forces, financial institutions, global influences |
| Four sources of personal finance information | Internet, financial institutions, media (newspaper, magazines), financial specialists (financial planners, lawyers, tax preparers) |
Created by:
rholloway
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