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Personal Finance Ch
| Question | Answer |
|---|---|
| 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
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