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FIPF CH1

Foundations in Personal Finance Chapter 1

TermDefinition
Personal Finance All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
Consumer A person or organization that uses a product or service
Economy A system by which goods and services are produced and distributed.
Debt An obligation of repayment owed by one party (the debtor) to a second party (creditor) in most cases this includes repayment of the original loan amount plus interest
Loan A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
Financial Literacy The knowledge and skillset necessary to be an informed consumer and manage finances effectively.
Interest A fee paid by a borrower to the lender for the use of borrowed money
Created by: fcswatsons