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PF: Chapter 1

Chapter 1: Personal Finace Planning in Action

QuestionAnswer
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.
Created by: 531742212