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Consumer Math Semester 1 Review Flashcards | StudBud
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Consumer Math Semester 1 Review
Consumer Math Semester 1 Review
40 terms
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Dave Ramsey's Foundations in Personal Finance 1st Term Vocabulary Review
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
a program that allows students to work part time while continuing their academics
FAFSA
grant
work study
branding
2
refers to the opportunity that is given up because you choose to do something else with money
financing
emergency fund
opportunity cost
buyer's remorse
3
temporary borrowing of a sum of money
interest
debt
loan
credit score
4
a form of financial aid not repaid; awarded on basis of academic or athletic achievement
work study
FAFSA
scholarship
grant
5
a summary that shows total income and spending for a given time period
budget
cash flow statement
credit report
loan term
6
An obligation of repayment owedby one party to a secondparty
compound interest
loan
sinking fund
debt
7
a written cash flow plan
cash flow statement
envelope system
budget
emergency fund
8
a form that is completed annually by current and prospective college students to determine aid
credit report
grant
FAFSA
scholarship
9
The granting of a loan and the creation of debt;any form of deferred payment
personal finance
debt
loan
credit
10
an item that is bought without previous planning or consideration
impulse purchase
overdraft
financing
buyer's remorse
11
five hundred dollars in readily available cash to be used only in the event of an emergency
sinking fund
grant
emergency fund
debt snowball
12
to buy an item with credit, paying over time
impulse purchase
financing
loan
credit card
13
the decisions which an individual or a familyis required to make to budget and spend money
economy
personal finance
consumer
financing
14
cost of borrowing money on an annual basis; interest rate and other fees
debt
annual fee
interest rate
annual percentage rate
15
percentage paid to a lender for the use of borrowed money
debt
interest
annual percentage rate
interest rate
16
the five steps to financial success
FAFSA
zero-based budget
five foundations
envelope system
17
a cash flow plan that assigns an expense to every dollar of your income
envelope system
zero-based budget
cash flow statement
budget
18
preferred method of debt repayment; organized from smallest to largest
debt snowball
five foundations
zero-based budget
emergency fund
19
occurs when money is withdrawn from a bank account and the available balance goes below zero
credit report
impulse purchase
overdraft
annual fee
20
charge for borrowed money generally defined as a percentage
interest
interest rate
debt
credit
21
the promotion of a product or service by identifying it with distinct characteristics
brand recognition
marketing
financing
branding
22
a series of envelopes that are divided into categories and are used to store cash for expenses
emergency fund
envelope system
impulse purchase
cash flow statement
23
the knowledge and skill base necessary to be informed consumers and manage finances effectively
personal finance
five foundations
basic math
financial literacy
24
feeling regret or concern after making a large purchase
impulse purchase
depreciation
buyer's remorse
opportunity cost
25
an interest rate charged to a customer during the early stages of a loan
introductory rate
annual percentage rate
loan
interest rate
26
a yearly fee that's charged by the credit card company for the convenience of the credit card
overdraft
annual percentage rate
introductory rate
annual fee
27
the process of communicating the value of a product or service to customers
marketing
financing
branding
loan
28
Saving money over time fora large purchase
loan
personal finance
sinking fund
emergency fund
29
a person or organization that uses a product or a service
buyer
consumer
economy
shopper
30
a measure of an individual's credit risk
cash flow statement
credit score
interest rate
debt
31
tool used to finance a purchase
credit card
loan
sinking fund
credit score
32
a decline in the value of property
depreciation
inflation
sinking fund
deflation
33
a copy of each check you write
carbon check
cash flow statement
credit
credit card
34
to match your bank statement with your checkbook
reconcile
credit report
cash flow statement
budget
35
interest paid on interest previously earned
interest
interest rate
compound interest
annual fee
36
a system by which goods and services are produced and distributed
financial literacy
envelope system
economy
marketing
37
time frame that a loan agreement is in force
financing
grant
interest
loan term
38
refers to the public's ability to recall and recognize a brand by its logo, jingle, etc.
marketing
reconcile
brand recognition
branding
39
a form of federal or state financial aid not repaid - given based on need
work study
FAFSA
scholarship
grant
40
report showing payment history
credit report
budget
credit score
cash flow statement
