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Personal Finance 1

Vocabulary Unit 1

TermDefinition
Need Goods or services that are reqired for survival
Opportunity Cost The value of the next best alternative that must be forgone as a result of a decision
Trade-off giving up one thing for another
Value A fundamental belief or practice about what is desirable, worthwhile and important to an individual
Want The desire for goods and services that can increase our quality of life but are not absolutely necessary for out survival
Goal Something a person intends to acquire, achieve, or accomplish in the future.
Financial Goals Specific objectives that are accomplished through financial planning
Short-term Goal A goal that will be attained in less than one year
Financial Planning Managing money continuously through life in order to reach your financial goals
Long-term Goal A goal that will be attained in more than one year
Specific Clearly defined end result
Measurable write exactly when you know the goal is met
Attainable Make a step-by-step plan, outlining how the goal can be reached.
Realistic For the goal to be pssible
Time Bound State when the goal must be reached
Created by: samantha.parks