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Personal Finance Ch

Consumer A person or organization that uses a product or service
Credit The granting of a loan and the creation of deb, any form of deferred payment
Debt and obligation of replacement by 1 party ( the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the orginial loan amount plus interest
Economy A system by which goods and services are produced and distributed
Financial Litetacy The knowledge and skills necessary to be an informed consumer and manage finances effectively
Intrests A fee paid by a borrower to the lender for the use of borrowed money; typically interests is calculated as a percentages of the principal (original loan amounts)
Loan A debt evidenced by a "note", which specifies the principal amount, interests rate and date of repayment
Personal Finance All the decisions and activities of an individual or family regarding this money, including spending, saving, budgeting, etc.
why should students learn about personal finance to manage your money, Eliminates future financial mistakes and promotes financial benefits
what are the key elements of financial planning - Right out a detailed plan for accomplishing goals - Replace money myths with money truths - Set Money Goals - Execute your plan
how are Americans being outsmarted by banks and other lenders credit is marketed to the U.S.
how does one have success with their personal finance
Created by: 17esmith