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Finance
| Term | Definition |
|---|---|
| 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 |
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