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Foundations Chapters 1,2, and 3 Vocab Flashcards | StudBud
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Foundations Chapters 1,2, and 3 Vocab
Foundations Chapters 1,2, and 3 Vocab
21 terms
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Chapters one, two, and three vocab in the Dave Ramsey Foundations book.
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Answers
1
A person or organization that uses a product or service.
Interest
Credit
Economy
Consumer
2
Saving money over time for a large purchase.
Compound
Sinking Fund
Emergency Fund
Credit
3
All of the decisions and activities of an individual or family regarding their money.
Consumer
Personal Finance
Loan
Credit
4
Five hundred dollars in readily available cash to be used only in the event of an emergency.
Loan
Interest Rate
Emergency Fund
Credit
5
To match your bank statement with your checkbook .
Budget
Reconcile
Envelope System
Carbon Check
6
An item that is bought without previous planning or consideration of the long-term effects.
Consumer
Credit
Budget
Impulse Purchase
7
The five steps to financial success.
Interest
Credit
Five Foundations
Sinking Fund
8
A cash flow plan that assigns an expense to every dollar of your income.
Budget
Zero-Based Budget
Cash Flow Statement
Envelope System
9
Occurs when money is withdrawn from a bank account and the available balance goes below zero.
Overdraft
Carbon Check
Debt
Zero-Based Budget
10
Percentage paid to a lender for the use of borrowed money.
Interest Rate
Interest
Compoud Interest
Compound
11
A written cash flow plan.
Budget
Reconcile
Carbon Check
Overdraft
12
A debt evidenced by a "note".
Debt
Interest
Loan
Credit
13
A fee paid by a borrower to the lender for the use of borrowed money.
Loan
Interest
Credit
Consumer
14
Interest paid on interest previously earned.
Sinking Fund
Compound Interest
Loan
Interest rate
15
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
Debt
Personal Finance
Loan
Financial Literacy
16
Series of envelpes that are divided into categories and used to store cash for planned expenses
Envelope System
Carbon Check
Impulse Purchase
Cash Flow Statement
17
A summary that shows total income and spending for a given time period.
Impulse Purchase
Overdraft
Cash Flow Statement
Carbon Check
18
The granting of a loan and the creation of debt; any form of deferred payment.
Credit
Debt
Loan
Interest
19
An obligation of repayment owed by one party to a second party.
Loan
Debt
Credit
Interest
20
A system by which goods and services are produced and distributed.
Personal Finance
Economy
Interest
Financial Literacy
21
A copy of each check you write.
Budget
Overdraft
Credit
Carbon Check
