Chapter 1: Personal Finance

The tools you can use to reach your goals.

You should make sure to cover your wants before you cover your needs.

When prices go up and the value of the dollar declines, we are in a recession

Demographic trends have an impact on the economy and on the financial life of indiviudals

There are 7 steps in the systematic decision-making process

The state of the economy at a given time is known as its economic condition.

Easily identified goals that continually change are referred to as

Globalization gives you access to a diversity of goods and services around the world.

Determination, motivation, and experience are examples of internal resources.

The need to obtain one goal in order to attain another goal is referred to as a(n)

The moral principles or beliefs that direct a person's behavior

Weighing the costs against the benefits of an action is a form of cost-benefit analysis

Action keeps you focused on the final goal and helps you stick with a project to the end.

Goals that include career choices and personal characteristics are referred to as

Weighing the costs against the benefits of an action is a form of cost-benefit analysis.

When you one thing is more important than another, you are establishing a standard.

Technology brings changes to the way you live and deal with financial matters.

In a period of slow or no economic growth, unemployment rises.

To be a good manager, you should identify all available resources.

Items that can be touched, used, and purchased, such as food or clothing are considered

Nonessential things you would like to have

An established measure of quality, value, or quantity is a

The planning phase of management involved identifying goals, obstacles, and resources.

Physical necessities, such as food and shelter.

A value or goal that is given more importance than other value and goals.

Money, time, and equipment are examples of internal resources.

You can get the most from your resources by planning how and when to use them.

An established measure of quality, value, or quantity.

The process of organizing & using your resources to achieve objectives.

An objective that you want to attain.

Marginal analysis is not a powerful decision-making tool in business.

Financial knowledge, basic skills, and the ability to apply knowledge to make financial choices

Items that cannot be touched are considered

Living within your means is the only way to have financial peace of mine.

A structure of values & goals that guides your behavior & provides a sense of direction

Overall structure of values & goals that guides your behavior and gives you direction.

Goals that contain things you might want to accomplish in life are referred to as

It is not necessary to identify your goals or rank them in order of importance

Your personal beliefs about what is important and desirable.

The process of organizing and using your resources to achieve predetermined objectives is