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Dave Ramsey Chap. 1

Foundations in Personal Finance Middle School Edition

TermDefinition
Anything of value that is owned by an individual Asset
A monthly plan for how you are going to save and spend your income Budget
Interest paid on an investment and on any interest previously earned Compound Interest
A person or organization that purchases a product or service Consumer
The granting of a loan and the creation of debt Credit
An obligation to repay borrowed money Debt
The cost of goods or services Expense
The charge for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest Interest
Money put into an account intended for growth Investments
Anything you owe; a debt Liability
The total value of a person's assets ( things owned) minus their liabilities (things owed); may be a positive or negative dollar amount Net Worth
A federally recognized, tax-exempt organization such as a church, hospital, charity, or school that serves the public in some capacity Nonprofit Organization
All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future Personal Finance
Interest paid only on the principal investment Simple Interest
An unlimited amount of wants but limited resources Scarcity
First Foundation Save a $500 emergency fund
Second Foundation Get out of debt
Third Foundation Pay cash for your first car
Fourth Foundation Pay cash for college
Fifth Foundation Build wealth and give
Personal finance is about 80% ____________ and it's only 20% ________ _________. behavior, head knowledge
Becoming money-smart involves what four things? Work, Spend, Save, and Give
Debt is ___________ ______________ to anyone for any reason owing anything
Whenever you receive money as a gift or for work what should you do with some of it? Put it away for savings
What are the three basic reasons to save money? Emergency Fund, Purchases, Wealth Building
Interest on credit is a _______ you pay on top of the money your already __________. fee, owe
Investments are things that are purchases with an expectation that they will grow in _________ or produce ___________ over time value, income
Needs are thing you (want or have) to have? have
Wants are fun but not _________________ to survive necessary
It's important to have a ______ for what you're going to do with your money plan
The plan for your money is called a ___________ budget
What kind of card allows you to use the money your already have in the bank? debit card
What kind of card means you use debt to buy stuff? credit card
What is the average personal debt using a debit card? $0
What is the average personal debt using a credit card? $4,878
What is the only thing a debit card won't do? put you in debt!
_______________ people are not fun to be around Selfish
When you become the opposite of selfish, you become _____________. Selfless
More than money....You can give by giving of your _________. time
Created by: NancBradl