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BC Chapter 1

Keys to Financial Success

TermDefinition
Bankruptcy Cannot pay any of your outstanding debt because you don't have the money
Financial Capability having the knowledge, skills, attitude and motivation to make money management decisions
Opportunity Cost The value of what you are giving up when choosing between 2 options.
Needs Essential things
Wants Things we desire
Cash Flow the increase or decrease in the amount of money you have.
Positive Cash Flow More money coming in than going out
Negative Cash Flow More money going out than coming in
Time Value of Money the idea that a sum of money received now is more valuable than the sum received in the future
Compound Interest interest on interest
Principal the amount of money you have in the bank that is earning interest
Caveat Emptor Let the buyer beware
Credit Score a score that represents how well you use credit
High Credit Score better opportunities for credit and lower costs of credit
Low Credit Score fewer opportunities and a higher cost of credit
Account Balance shows what you have and the amount of money you owe
New Worth Assets minus your liabilities
Assets things you own that are worth something
Liabilities people you owe
Emergency Fund money set aside to help cover the financial cost of an unexpected expense
Insurance helps reduce the financial impact when bad thing happen
Budget a plan for spending, saving and investing your money
Fixed Expense expenses that stay the same every month
Variable Expense expenses that change every month
Income money coming in
Expenses money going out
Philanthropy giving back, giving your time, talents and money to causes, organizations or charities
Created by: Nancyp28
 

 



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