Personal Finance - Chapter 1 Terms - Personal Financial Planning
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each of the black spaces below before clicking
on it to display the answer.
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| Arranging to spend, save, and invest money to live comfortabaly, have financial security, and achieve goals. | personal financial planning
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| The things you want to accomplish | goals
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| The beliefs and principles you consider important, correct, and desirable. | values
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| A trade off, or what is given up when making once choice instead of another. | opportunity cost
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| The ability to easily convert financial assets into cash without a loss in value. | liquidity
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| A task that a person or a machine performs for you. | service
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| A physical item tha is produced anc can be weighed or measured. | good
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| Goals that take one year or leass to achieve. | short-term goals
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| Goals that take two to five years to achieve. | intermediate goals
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| Goals that take more than five years to achieve. | long-term goals
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| Purchases that you make often and use up quickly. Example - food and toiletries | consumable goods
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| Purchases of expensive items that you do not purchase oftem. Example - cars and appliances | durable goods
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| Things that cannot be touched but are often important to your well-being and happiness. | intangivle items
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| The study of the decisions that go into making, distributing, and using goods and services. | economics
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| Consists of the ways in which people make, distribute, and use their goods and services. | economy
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| The amount of goods and services available for sale. | supply
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| The amount of goods and services people are willing to buy. | demand
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| The central banking organization of the United States. | The Federal Reserve
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| The rise in the prices for goods and services. | inflation
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| A person who purchases and uses goods or services. | consumer
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| The price that is paid for the use of another's money. | interest
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| The increase of an amount of money due to earned interest or dividends. | time value of money
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| The original amount of money on deposit. | principal
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| The amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time. | future value
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| A series of equal regular deposits. | annuity
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| The amount of money you would need to deposit now in orer to have a desired amount in the future. | present value
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