Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

FPF Ch 2&3

Foundations in Personal Finance Chapter 3 Terms

TermDefinition
Budget A cash flow plan. Every dollar you make is assigned to a specific category / expense at the beginning of each month or pay period.
Cash Flow Statement A summary that shows total income and spending for a given time period
Carbon Check Checks that have a second copy behind them made of special paper which makes a copy of each check as you write them.
Envelope System A series of envelopes, divided into pre-determined categories; works great for managing spending on things that don't normally have a fixed monthly expense, like eating out, entertainment and buying clothes
Impulse Purchase To buy an item without thinking about it.
Overdraft Occurs when money is withdrawn from a bank account and the available balance goes below zero; a sign of crisis living and lazy money habits
Reconcile To match your bank statement with your checkbook, preferably within 72 hours of receiving the statement.
Zero- based budget Cash flow plan that assigns an expense to every dollar of one's income: (total income) - (total expenses) = zero; best method of budgeting
ATM Automated Teller Machine card which allows you to make transactions in Automated Teller Machines.
Currency Another name for Money
Debit Card A type of card (often backed up by a major credit card company) that is issued by a bank and used to make purchases. Unlike a credit card, the money comes directly out of the user's checking account. (Also called a "Check Card".)
Discipline Self-control used in directing behavior. The key to wealth building is being consistent (self-disciplined) over time.
Persistent Refusing to give up.
Hoarding Collecting unneeded items or much more than necessary and then guarding them.
Checking and Savings Two accounts that should be kept separate in order to prevent "dipping" into your savings" and to alert you that you've reached your spending limit
Fixed Expenses Costs (expenses) that do not change from month to month
Variable Expenses Expenses that can change each month like money spent on eating out or entertainment.
withdraw to take money out of your bank account
Income Money earned from working and investments.
Compound Interest Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually.
Emergency Fund Five hundred dollars in readily available cash to be used only in the event of an emergency; the goal of the First Foundation.
Interest Rate Percentage paid to a le4nder for the use of borrowed money (in debt); percentage earned on invested principal (in investing).
Five Foundations The five steps recommended by Dave Ramsey to achieve to financial success.
Sinking Fund Saving money over time for a large purchase; divide the total amount of money needed by the number of months (when the money is needed)
Foundations 1 Save a $500 emergency fund.
Foundations 2 Get out of debt.
Foundations 3 Pay Cash For car
Foundations 4 Pay Cash for college
Foundation 5 Build Wealth and Give
Three things to save for: Emergency fund, Purchases, and Wealth Building.
Emergency Unexpected life events that will happen and cost money to fix.
Inflation Inflation is a persistent rise in the price of goods and services over a period of time or the persistent decline in purchasing power of money.
Interest Building Account an account that earns interest on the balance available in the account; An account that pays you interest.
Principal The original amount borrowed
Created by: fcswatsons