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Money Matters Teks

Money Matters Teks Review

TermDefinition
Needs Things needed for survival, such food, water, clothing, shelter, and medical care.
Inflation An 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.
Created by: mrstephens