Personal Finance Word Scramble
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Term | Definition |
Goal | Something a person intends to accomplish |
Short-term Goal | Can be accomplished in one year |
Long-term Goal | Can be accomplished in more than one year |
Financial Goal | Goals accomplished through financial planning |
Educational Goal | Goals that help you achieve success in the workplace |
SMART Goal | A better worded goal that is more helpful |
Smart | Specific. Your goal should be descriptive. |
sMart | Measurable. Your goal should be able to be measured in some unit. |
smArt | Attainable. Determine steps to reach the goal. |
smaRt | Realistic. Do not set goals for something unrealistic. |
smarT | Time Bound. State when the goal will be. |
Decision | A choice that is made about things that affect a person’s life |
Routine Decision | Are made on a day-to-day basis, don’t require a lot of time to think through. |
Major Decision | Have long-term effects on a person’s life, should be made very carefully and with a lot of thought |
Financial Decision | A type of major decision, impacts an individual’s or family’s well-being |
Wellbeing | the state of being happy, healthy, and prosperous |
Decision Making Process | guides individuals to think through all components of making a good decision |
Decision Making Process Step 1 | Identify the problem |
Decision Making Process Step 2 | List alternatives |
Decision Making Process Step 3 | Decide |
Decision Making Process Step 4 | Evaluate the results |
Benefits of Good Decision Making | When decision making skills improve, quality of life is enhanced. Making better choices to your decisions results in better use of time, money and other resources. |
Values | fundamental beliefs or practices about what is desirable, worthwhile, and important |
Influences Values Have on Decision Making | People have different values that influence the decisions they make |
Influences on Values | family, friends, teachers, coaches, television, and movies |
Need | something necessary or required for life |
Examples of Needs | Food, water, clothing and shelter |
Want | something unnecessary but desired |
Examples of Wants | MP3 player, Play Station, designer clothes |
How Values Influence Wants | If being popular or having all of the newest gadgets is valued, a person may have a lot of wants |
How Values Influence Financial Decisions | If an individual values helping others, he may decide to give money to a church or other charitable groups |
Barter | the exchange of resources or services for mutual advantage |
Intaglio Printing | what gives the U.S. currency its distinctive look |
Microprinting | appears as just a thin line to the naked eye, but can be easily read upon magnification. |
FINE LINE ENGRAVING | Fine circular lines appear around the portrait of the bill. The clarity and detail of these lines are difficult for scanners and photocopiers to reproduce. |
Serial Number | The serial number is especially important for banks which handle large amounts of cash. No two serial numbers are the same. |
Commodity Money | Coins containing precious metals |
Fiat Money | Money that can not be redeemed for commodity |
Representative Money | Tokens or pieces of paper that have no value themselves |
What goals do | Provide direction Focus on the important things Keep the end result in mind |
Examples of Short Term Goals | Improving grades at school Making the basketball team Saving money to buy a new MP3 player |
Examples of Long Term Goals | Attending college Getting a great job Buying a new car |
How to set goals | In order to set goals effectively, they need to be well written |
Examples of Education Goals | Earning an A on an upcoming quiz Attending college Participating in extra-curricular activities |
Example of a SMART goal | Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school. |
How setting goals affect decisions | Making decisions is easier when financial goals have been set |
Example of a SMART financial goal | I plan to save $100 for a new iPod by saving $20 from each |
How can setting SMART education and financial goals help a person reach future success? | SMART goals provide direction SMART goals allow a person to focus on important things SMART goals help people keep the end result in mind |
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