Personal Finance: Final Review

Money that comes from customers, not employers.

What you own.

You submit a claim, the insurer will pay you the cost of replacing the damaged or lost property

The process of forecasting future expenses and savings.

Money paid by banks and other financial institutions to people who deposit money in accounts.

The uncertainty surrounding the potential return on an investment.

The skills, abilities, and ideas learned over time in preparation for a job.

The value of the best alternative not chosen.

What is determined by supply and demand?

A lack of the resources needed to satisfy everyone’s needs.

The regular compensation people receive for their work.

The distribution of wealth among descendants after a family member dies.

Process of earning interest on interest

Your way of living, and your decisions about how to spend money affects that lifestyle.

Results in a monetary gain—more money or higher returns on an investment.

T or F: Is liquidity the ability to access funds to cover any short-term cash deficiencies?

Personality traits are: