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PF Unit 2 JCHS

PF Money Management

TermDefinition
Value a fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Want the desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Need goods or services that are required for survival
Trade-Off giving up one thing for another
Opportunity Cost the value of the next best alternative that must be forgone as a result of a decision
Goal the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future
Financial Planning managing money continuously through life in order to reach financial goals
Financial Goals specific objectives (or goals) that are accomplished through financial planning
Asset Everything a person owns with monetary value
Liabilities A debt or obligation owed to others
Spending Plan An income and expense statement sometimes referred to as a budget which records both planned and actual income and expenses over a period of time
Depository Institution businesses that provide financial services
FDIC Insures banks and other types of institutions other than credit unions; up to $250,000 per depositor for each account ownership type
NCUA Insures credit unions for same amount as FDIC
Interest the price paid for using someone else’s money
Interest Rate An annual percentage rate used to determine interest earned or charged
Checking Account Provides quick access to funds for transactions
Savings Account An account for money not intended to be used for daily expenses; access is more limited than a checking account
Overdraft Fee Charged if you withdraw more money from your account than is available
ATM Fee Charge for using an ATM that belongs to another depository institution
Minimum Balance Fee Some accounts have a minimum account balance; fee charged if you go below that balance
Check 21 Act Shortens the time that money is taken out of an account
Created by: C.Westcott