click below
click below
Normal Size Small Size show me how
Money Matters Teks
Money Matters Teks Review
Question | Answer |
---|---|
Needs | Things needed for survival, such food, water, clothing, shelter, and medical care. |
Inflation | A steady increase in the general level of prices for goods and services. |
Gross Domestic Product (GDP) | The value of all goods and services produced in a country in a give time period. |
Bank Reconciliation | The process of adjusting the check register and bank statement balances so they agree. |
Rule of 72 | A quick formula for computing how long it will take to double money invested at a given interest rate. |
The Federal Reserve System | The centralized banking system for the United States. |
Gross Pay | Total Salary or wages earned during a pay period. |
Simple Interest | Interest computed on principal once in a certain period of time. |
Financial Plan | A set of personal and financial goals, along with steps and a timeline for reaching them. |
Budget | A spending and saving plan based on expected income and expenses. |
Cash Flow Statement | Shows the movement in the Cash account of a company. List cash inflows and outflows for a period of time. |
Recession | When people slow their buying and are unable to pay high prices. This is a type of economic decline. |
SMART Goal | A goal that is Specific, Measurable, Attainable, Realistic, and Timebound. |
Simple Interest | Interest computed on principal once in a certain time period. |
Opportunity Cost | The value of your next best option - what you are giving up |
Unearned income | Money received from sources other than working |
Demand | The willingness and ability of consumers to buy goods and services. |
W-2 Form | The form used to report table income a worker received during the calendar year. |
Compound Interest | Interest earned on both principal and previously earned interest. |
Equilibrium | The point at which supply and demand are equal |
Market Economy | An economy based on the laws of supply and demand. Also called free enterprise and is the type of economy the US operates under. |
Net Pay | The amount of your paycheck after deductions. |
Risk Transfer | Passing risk to another party. A good example of this is when you buy insurance. |