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Chapter 1 and 2 vocabulary Flashcards | StudBud
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Chapter 1 and 2 vocabulary
Chapter 1 and 2 vocabulary
13 terms
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StudBud Administration
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Dave Ramsey financial literacy
Flashcards
13 cards
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Answers
1
What is interest?
The principal amount, interest rate, and date of repayment.
Skillset used to be an informed consumer and mange finances.
Fee paid by borrower to lender for the use of borrowed money
2
What is sinking fund?
Saving money over time for a small purchase.
The five steps to financial sucess.
Saving money over time for a large purchase.
3
What is a loan?
Fee paid by borrower to lender for the use of borrowed money
A person or organization that uses a product or service.
Debt evidenced by a "note".
4
What is credit?
Goods and services are produced and distributed by a system.
The principal amount, interest rate, and date of repayment.
The granting of a loan and the creation of debt.
A person or organization that uses a product or service.
5
What is compound interest?
Interest paid on interest previously earned.
The goal of First Foundation.
Interest on debt.
6
What is personal finance?
Skillset used to be an informed consumer and mange finances.
A person or organization that uses a product or service.
Decisions of an individual or family regarding money.
7
What is a consumer?
The granting of a loan and the creation of debt.
A fee paid by a borrower for the use of borrowed money.
A system by which goods and services are produced.
A person or organization that uses a product or service.
8
What is debt?
The principal amount, interest rate, and date of repayment.
Obligation of payment owed by borrower to a lender.
A system by which goods and services are produced.
9
What is interest rate?
Saving money over time for a large purchase.
Fee paid by borrower to lender for the use of borrowed money
Percentage paid to a lender for the use of borrowed money.
10
What is an economy?
Skillset used to be an informed consumer and mange finances.
Goods and services are produced and distributed by a system.
Fee paid by borrower to lender for the use of borrowed money
11
What is Five Foundations?
The five steps to fiancial success.
Fee paid by borrower to lender for the use of borrowed money
The seven steps to financial success.
12
What is an emergency fund?
The goal of the First Foundation.
Saving money over time for a large purpose.
Five hundred dollars in cash to be used only in an emergency
13
What is financial literacy?
A person or organization that uses a product or service.
Skillset used to be an informed consumer and mange finances.
The principal amount, interest rate, and date of repayment.
