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Personal Finance


Students should learn about personal finance for what reason? Eliminate financial mistakes and promote huge financial benefits for the future.
Key components of financial planning are what? Detailed plan for accomplishing goals, replace money myths with money truths, regularly monitor and reassess your financial plan.
How are Americans being outsmarted by banks and other lenders? Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being.
Personal financial success is primarily the result of what? Managing your money behavior.
Why does income alone NOT determine wealth? How much money a person makes does not dictate his or her spending and saving behavior.
Consequences of spending more than you make are what? Missed opportunity to save and invest, stress, and a cycle of debt.
Managing money is what percentage of knowledge and what percentage of behavior 20% knowledge and 80% behavior.
The widespread financial insecurity of Americans is primarily because of what? The saving rate of Americans is low and many borrow in order to spend more than they earn.
Learning how to read a credit card statement is NOT a factor in becoming what? money smart
The use of credit prior to 1917 was uncommon because why? Laws prevented lenders from charging high interest rates, borrowing money was not socially acceptable, and lending money to others was not profitable.
The most challenging thing in managing your money is what? Managing your behavior.
True financial security is achieved when? When your money begins to generate an income-your money starts working for you.
As a teenager, does it matter what you do now with your money? Yes, what you do now will effect your financial future.
What two things are most Americans NOT these days? Wealthy and financially secure.
What do most Americans use to buy big ticket items? Credit cards
What is one of the most important things to learn when managing your money? The language of money
Debt keeps you from building what? Wealth
A person or business that offers loans at extremely high interest rates. loan shark
A person or business that used a product or service. consumer
An obligation of repayment owed by one party to a second party debt
The granting of a loan and the creation of debt any form of deferred payment credit
Teh knowledge and skillset necessary to be an informed consumer and mange finances effectively financial literacy
A fee paid by the borrower to the lender for the use of borrowed money. Interest
A system by which goods and services are produced and distributed. economy
A debt evidenced by a note which specifies the principal amount, interest rate, and date of repayment. loan
A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in gross domestic product. recession
All of the decisions and activities of an individual or family regarding their money, including spending , saving, budgeting, etc. personal finance
Created by: lbeddow