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Unit 4: Personal Fin

TermDefinition
need mandatory expense you cannot live without (food, shelter, etc.).
want Optional expense that you can live without (vacation, cable or streaming service).
finance the management of large amounts of money.
Personal Values Your central beliefs or the priorities that guide your actions.
Budget: A plan for saving and spending
S.M.A.R.T. goal Specific, Measurable, Attainable, Realistic, and Timely.
Automated Teller Machine (ATM): allows you to make electronic deposits and withdrawals from your bank accounts
Fixed Expense: bill frequency & amount that does not change much or at all. Examples include rent or mortgage payment, car note, and insurance.
Variable Expense: Frequency and amount changes or fluctuates depending on usage. Examples include utility bills, food, and entertainment.
Fluctuate: Increase and decrease irregularly in number or amount.
. Discretionary expenses: nonessential spending (wants like entertainment, clothes, etc.).
50/30/20 Budgeting Rule: allot 50% of your after-tax income toward needs, 30% toward wants, and 20% toward savings.
Self-discipline: Willpower; the ability to control one's feelings and overcome weaknesses, & pursue what one thinks is right despite temptations to abandon it.
Interest the cost of borrowing money, where the borrower pays a fee to the lender for the loan.
Compound interest: he addition of interest to the principal sum of a loan or deposit; interest on principal plus interest.
Principal the original sum of money borrowed in a loan or put into an investment.
Sustainable Manufacturing Creation of manufactured products through economically-sound processes that minimize negative environmental impacts while conserving energy and natural resources.
Unit Rate number of units of one quantity per one unit of the second quantity. The value of the ratio is the unit rate.
Created by: user-1581671
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