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Foundations in Personal Finance Ch. 1-3 Flashcards | StudBud
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Foundations in Personal Finance Ch. 1-3
Foundations in Personal Finance Ch. 1-3
33 terms
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Consumer-Personal Finance, Saving, Budgeting
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
Knowledge to be an informed consumer and manage finances effectively
Financial Literacy
Credit
Loan
Consumer
2
To match your bank statement with your check register.
reconcile
cash flow statement
impulse purchase
budget
3
Divided into categories used to store cash for monthly expenses.
overdraft
envelope system
budget
impulse purchase
4
What is NOT one of the 3 factors of being money smart?
Basic Math
Language of Money
Manage Behavior
Sinking Fund
5
Item bought without planning.
cash flow statement
budget
impulse purchase
reconcile
6
Assigns an expense to every dollar of your income
impulse purchase
budget
carbon check
zero-based budget
7
Rise in the price of goods and services
inflation
compound interest
interest baring account
emergency fund
8
Written cash flow plan.
impulse purchase
budget
reconcile
carbon check
9
Percent paid to lender for the use of borrowed money
The Five Foundations
Interest Rate
Compound Interest
Sinking Fund
10
Saving money over time for large purchase
Interest Rate
The Five Foundations
Sinking Fund
Compound Interest
11
Person/organization that uses a product/service
Loan
Credit
Consumer
Financial Literacy
12
System by which goods and services are distributed/produced.
Consumer
Loan
Interest
Economy
13
Debt evidenced by a note; specifies the specific amount, interest rate, and date
Debt
Consumer
Loan
Credit
14
Interest paid on interest previously earned.
Sinking Fund
compounding
Compound Interest
Interest Rate
15
All of the decisions an individual makes regarding money
Interest
Personal Finance
Economy
Consumer
16
This is a level of financial well-being where you live paycheck to paycheck.
Comfort
Survival
Accomplished
Secure
17
All of the decisions an individual makes regarding money
Economy
Consumer
Personal Finance
Interest
18
Account that generates interest income on available balance
interest baring account
compound interest
inflation
profile account
19
This is a level of financial well-being where wealth generates income.
Comfort
Accomplished
Secure
Survival
20
Granting of a loan; any form of deffered payment
Financial Literacy
Credit
Loan
Consumer
21
What is a consequence of spending more than you make?
Interest
Debt
Saving
Money Smart
22
Money is drawn from an account and the balance goes below zero.
budget
overdraft
envelope system
impulse purchase
23
How can you achieve personal financial success?
Managing money well
Budgeting
Over Spending
Saving
24
Your behavior with money; your strengths and weaknesses
Consumer
Financial Literacy
Money Personalities
Economy
25
Obligation of repayment owed by one party to another party.
Consumer
Debt
Loan
Credit
26
Fee paid by a borrower to the lender for the use of borrowed money.
Debt
Interest
Loan
Credit
27
What are components of financial planning
spend lots of money
write a plan
access your financial situation
execute a plan
28
Copy of each check you write
envelope system
overdraft
carbon check
budget
29
This is a level of financial well-being where you are slowly building wealth.
Secure
Survival
Accomplished
Comfort
30
5 steps to financial success
The Five Foundations
Interest Rate
The Five Sinking Funds
The Five Compound Interest
31
Shows total income plus spending.
cash flow statement
impulse purchase
reconcile
envelope system
32
$500 in cash for emergencies
interest baring account
inflation
compound interest
emergency fund
33
When it comes to managing money, success is about___% knowledge and ___% behavior.
20,80
30,70
70,30
80,20
