PF Chapter 1 Lesson 1-6 Review

Person or entity that charges borrowers interest rates above an established legal rate

What is The First Foundation?

The % of principal charged by the lender for use of its money.

Financial decisions an individual or family must make in order to earn, budget, save, spend, & give money over time

Money owed to another person or company

Anything that is owned by an indivdual,including money in the bank or investments

Financial debts or obligations

An important money principle to consider is that you should__ and___ your money.

A ____ financial goal takes up to two years to reach.

The granting of a loan and the creation of debt

In 1972, what association made borrowing money to attend college easier than it had been?

Being a spender has many more positives than being a saver.

The cost of goods or services; money paid out

Personal finance is 20% ___ and 80% _____.

Making the right choices with managing your money- involves knowing how...

A money principle to keep in mind is to live on __ you make.

To gain an understanding of your personal finances, you should know...

The additional cost a lender charges for borrowing their money

Your money personality impacts...

After WWI, the demand for products increased, and people began getting credit w/out loan sharks. Because this, credit...

Personal finance is all the financial decisions a __ must make in order to earn, budget, save, spend, and give money

A person or organization that uses a product or service

FDR passed the New Deal because of the Great Depression in the 19302. What was the purpose of this program?

Assets exceeds liabilities

What are The Five Foundations?

The knowledge and skill base necessary for people to be informed consumers and manage their finances

To know your net worth, subtract your liabilities from your ____

Without any debt, you can be outrageously _____.

Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.

Avoiding debt can lead to financial freedom and hope

You should always make sure you have a

A plan of action that allows a person to meet not only their immediate needs but also their long term goals

Liabilities are greater than assets

If your assets total more than your liabilities, you will have a ____ net worth.