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PF: Chapter 1
Chapter 1: Personal Finace Planning in Action
| Question | Answer |
|---|---|
| Attitudes | Opinions and psychological differences between people that affect their decisions. |
| Consumer Price Index (CPI) | A U.S. government index that tracks prices of a representative basket of goods and services. |
| Economic cycle | A pattern of ups and downs experienced by the U.S. economy. |
| Expansion | Periods characterized by increased business investment and employment opportunities. |
| Federal Reserve Bank | The central bank that controls the money supply in the United States. |
| Federal funds rate | The rate banks charge each other for short-term loans. |
| Inflation | The change in general price levels over time. |
| Interest rate | A cost of money, expressed as a percentage. |
| Marginal reasoning | A strategy that takes into account the change in outcome or additional benefit resulting from a decision. |
| Opportunity cost | What you have to give up in order to do something. |
| Personal finance | A specialized area of study that focuses on individual and household financial decisions, such as budgeting, saving, spending, insurance, and investments. |
| Personal financial planning | The process of developing and implementing an integrated, comprehensive plan designed to meet financial goals, to improve financial well-being, and to prepare for financial emergencies. |
| Recession | A low point in the business cycle. |
| Sensitivity analysis | Consideration of how an outcome changes with changes in other variables. |
| Values | Fundamental beliefs about what is important in life. |
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