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Ch1 lesson 2 vocab Flashcards | StudBud
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Ch1 lesson 2 vocab
What is Financial literacy
Positive net worth
Ch1 lesson 2 vocab
17 terms
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1
Positive net worth
If a person or company deciedes to invest everything into new cars
If an individual or company owns assets that are greater than liabilities
If an individual or company who doesnt own assets that are greater.
2
What is Financial literacy
cognitive understanding of financial components and skill such as budgeting
Cognite under standing of to spend your money all at once
Cognitive understanding of financing saving
3
what is a negative net worth
If your liabilities are greater than your assets
If your assets are greater than your liabilities
If your liabilities are not greater than your assets
4
what is credit
the ability of a customer to obtain goods or services before payment.
The abilty to sepnd how much you want without having to pay back.
The abbitly to pay in all cash.
5
What is a net worth
How much money you have in total.
How much you have in your assests
The total wealth of an individual, company, or household,
6
What is debt
Something, typically money, that is owed or due
Money or something that you give to someone as a lone
Money that you want to give away
7
what is expense
The cost required for something; the money spent on something.
The debt required for something; is the money owed to someone.
The Something you want is free
8
Does interest go up over time?
False
True
9
Interest definition
money paid regularly at a particular rate for the use of money lent.
Free money that is given out by the government for being a good citizen
Money taken with nohting to be paid extra
10
What is a financial plan
A plan on how you want to save your money for the future
A plan on how your going to spend your money when you go out tonight
a document that details a person's current financial circumstances,
11
What is asset
property owned by a person or company, regarded as having value.
Property that is neautral in your networth not incearins or decreasing
Property you own that is liable to your networth
12
What is a Liability
Any asset that can lower your networth by going down in cost.
A thing that can get you unlimited food at Mcdonalds
Any asset that can bring your networth up.
13
What is Personal finance
How much you budget for insurance, mortgage, savings and retirement.
How you decide to budget you personal finances
How much you save and spend
How much you spend on Mcdoanlds
14
Net income
describes your earnings after taxes, benefits and other payroll deductions
Tells you how much money you loose and how much money you wont make
Describes how much your make.
15
What is a loan shark?
A moneylender who charges extremely high rates of interest, mostly illegal.
A person who gives you free money under no conditions.
A moneylender who gives money with low rates over time.
16
What is paycheck to paycheck
individuals or households that regularly spend nearly all of their income.
People who are lving lavish and have more money than month
Indivuauls who are well off and can do what ever they want
17
What is a consumer
A person who purchases goods from a company.
A persosn who used product for persoanl use
A person who purchases goods and services for personal use
