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Business weaver
| Question | Answer |
|---|---|
| Personal Financial Planning Definition | Managing spending, saving & investing to live comfortably & reach goals. |
| Personal Financial Planning Benefits | Better control of money, Avoid debt & dependence, Stronger relationships, Freedom from financial stress |
| Six steps to determining your current financial situation and what they involve | Determine current situation, Develop goals, Identify alternatives, Evaluate alternatives, Create & use plan, Review & revise. |
| Types of financial goals | Short-term: ≤1 year, Intermediate: 2–5 years, Long-term: 5+ years. Consumable: used up (food), Durable: lasts (car, tools), Intangible: non-physical (education, health). |
| Guidelines for setting goals | Realistic, Specific, Time-bound, Action-oriented. |
| Life Situations/Personal Values | Career, college, family, independence—all affect spending/saving. |
| Economic Factors/ Economic Conditions | Economic Factors: Market forces, Financial institutions, Global influences. Economic conditions: Inflation, Consumer spending, High interest. |
| Time Value of Money | Money is worth more now than the same amount in the future because of its potential to earn interest. |
| Principal | The original amount of money deposited or invested. |
| Future Value | The amount your original deposit will grow over time with interest. |
| Annuity | A series of equal, regular deposits. |
| Present Value | How much you need to deposit now to reach a future goal. |
| Financial Opportunity Costs | The cost of choosing how to spend, save, or invest money. |
| Personal Opportunity Costs | The cost of choosing between personal options, like going to a concert versus studying. |
| 8 Financial Strategies to achieve your financial goals | Obtain, Plan, Spend Wisely, Save, Borrow Wisely, Invest, Manage Risk, Plan for Retirement. |
| Career | Your field of work that is interesting and fulfilling. |
| Job | Work you do to earn money. |
| Potential Earning Power | The amount of money you can earn over time. |
| Demographic Trends | Patterns in population (age, gender, education, income) that affect job opportunities. |
| Geographic Trends | Shifts in population location that influence earning levels and job availability. |
| Service Industries | Businesses that provide services for a fee, like healthcare, education, hospitality, and professional services. |
| What careers are selected to reflect | Interests, values, goals |
| Three things to consider when considering a career | Aptitude, interests, and fit. |
| Six stages of career planning | Assess personal goals, abilities, and interests. Develop a resume and cover letter; apply for jobs. Interview and improve interviewing skills. Consider job offers and accept a position. Plan and implement long-term career development. |
| External factors and opportunities | Social influences, economic factors, trends in industry. |
| Internship | A position where you receive training by working with experienced professionals; can lead to permanent employment. |
| Networking | Making and using contacts to get job information, advice, or potential opportunities. |
| Resume | Summary of your education, training, experience, and qualifications. |
| Cover Letter | Personal letter that explains why you are interested in and qualified for a position. |
| Mentor | Experienced employee who guides, teaches, and advises a less-experienced person. |
| How to Obtain Employment Experience | Part time work, volunteering, internships, after school activities. |
| Career information sources and what they contain | Libraries, Mass Media, Internet, School Guidance, Contacts, Networking. |
| How to identify job opportunities | Job advertisements, Job fairs, employment agencies, direct outreach. |
| Applying for a Job | Application, resume, cover letter, interviews. |
| Things to consider when considering a job offer | Work environment, salary, employee benefits, |
| Long-term career development- things to do to help your career succeed | Training opportunities, career paths & advancement, changing careers. |
| Personal financial statement | Shows your current financial position; summarizes income and spending. Determine what you own owe, track progress toward financial goals, organize and monitor financial activities, measure overall financial situation. |
| Personal Balance Sheet | Financial statement showing what you own and what you owe. |
| Net Worth | Difference between assets and liabilities. |
| Assets | Items of value you own (cash, real estate, personal possessions, investments). |
| Liabilities | Debts you owe (current: short-term; long-term: over a year). |
| Cash Flow | Movement of cash in and out of your accounts. |
| Cash Flow Statement | Summary of cash inflow (income) and outflow (expenses) over a period. |
| Take-Home Pay | Income after taxes and deductions. |
| Cash Outflow | Total money spent (expenses). |
| Balance sheet- Steps/parts to it | Determine Assests, Determine Liabilities, Calculate Networth, Evaluate Financial Situation. |
| How to calculate net worth | Net Worth=Total Assets−Total Liabilities |
| Cash flow statement- Steps/parts to it | Record income, record expenses, calculate net cash flow. |
| Calculate Net Cash Flow | Net Cash Flow=Total Income−Total Expenses |
| Positive Net Cash Flow | Surplus; spend extra money or save it. → Increases net worth. |
| Negative Net Cash Flow | Deficit; spent more than earned. → Decreases net worth. |
| Budget | Plan for spending and investing money to meet wants and needs; helps you live within your income. |
| Budget Variance | Difference between the budgeted amount and what was actually spent (surplus if less, deficit if more). |
| Fixed Expenses | Costs that stay the same each month (rent, car payment, insurance, student loans). |
| Variable Expenses | Costs that can change month to month (food, medical bills, transportation, utilities). |
| Steps to Creating a Budget | Set financial goals, estimate income, budget for unexpected expenses, record expenses. |
| What makes a successful investment | Carefully planned and tied to your goals, Practical and flexible, Easily accessible for regular updates. |
| Savings Accounts – How They Can Help | Pay for expensive items or repairs, Fund retirement or long-term expenses (college, big purchases), Provide a cushion for emergencies. |
| Ways to Increase Your Savings | Pay yourself first, payroll savings, spend less to save |
| Unit Pricing | Shows the cost per standard unit (like per ounce or per pound) to compare products. |
| Implied Warranty | Unspoken guarantee that a product will work as expected. |
| Express Warranty | Written or spoken guarantee from the seller. |
| Labels | Information on products about ingredients, care, safety, or origin. |
| Marginal Cost | Additional cost of producing or buying one more unit. |
| Marginal Benefit | Additional satisfaction or benefit from one more unit. |
| Factors That Influence Buying Decisions | Personal preferences, economic factors, social factors, cultural factors, marketing. |
| Four phases of consumer purchasing | Recognizing needs or wants, gathering information, making the purchase, post-purchase evaluation. |
| Smart Buying Strategies | Compare prices, read labels carefully, check warranties, consider costs and benefits, and shop wisely, and seek reliable sources. |
Created by:
Jitendra12
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