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Finance

TermDefinition
the S in SMART Goal specific
The M in SMART Goal measurable
The A in SMART Goal attainable
The R in SMART Goal realistic
The T in SMART Goal Time-bound
Representative money money or pieces of paper that are not intrinsically valuable themselves, but can be exchanged for a specific commodity
Commodity Money the item was traded had held value. For example the value of a coin depended upon the amount of gold or silver it contained.
Fiat Money similar to Representative money except it can not be redeemed for a commodity, such ad gold or silver.
value something worthwhile, desirable. and important
need something necessary or required for life
want something unnecessary but desired
decision a choice made about things that affect a person's life
routine decisions made on a day to day basis, don't require a lot of thought, they can become a habit in daily life
major desicions have a long term effects on a person's life, should be made very carefully and with a lot of thought
Financial decisions a type of major decision, impacts an individual's or family's well being
goal something a person intends to accomplish
short term goal can be accomplished in less than one year
long term can be accomplished in more than one year
educational goal helps individuals prepare for success in the workplace
financial goal goal that guides financial planning
Created by: 11072