Chap 1_Foundations Review_MM

Everyone should have the same, well thought-out financial plan.

The granting of a loan and the creation of debt, any form of deferred payment.

A debt evidenced by a NOTE which provides the specifics of the transaction. (int. rate, etc)

TO create a personal financial plan, you must assess and calculate...

An obligation of repayment owed by one party (debtor) to a second party (creditor).

When it comes to managing money, success is ___% knowledge and ____% behavior.

Financial stress has emerged as one of the major indicators in suicide in males.

A fee paid by the borrower to the lender for the use of borrowed money.

Building wealth is a _____ it is NOT a _______. Discipline is the key.

The financial insecurity of Americans is caused by the low savings and high debt of our culture

The knowledge and skill-set necessary to be an informed consumer and managed finances wisely.

Any system by which goods and services are produced and distributed.

To be money smart, you must ...

All the decisions and activities of an individual or family regarding their money.

Which of the following statements best explains why income alone does not determine wealth?

Learning the language of money is not important in determining your money personality.

The FDIC (Federal Depositors Ins. Corp)

A person/organization that buys/uses goods or services.

A persons income determines his/her level of wealth.

The three basic financial levels are SURVIVAL, COMFORT and SECURITY.

The saving rate of Americans is very low and many borrow in order to spend more than they earn.

Consequences of spending more than you make are...

Specialized marketing groups create an environment where

Personal Financial Responsibility and Success starts with the man in the mirror.

Clever marketing can affect your decisions when it comes to spending your money.