What a person earns after payroll taxes and other deductions are taken out

When someone's income is devoted to expenses with little to no savings

A plan that allows a person to meet immediate needs and long-term goals

When the value of someone's assets outweighs the value of their liabilities

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

the additional cost a lender charges for borrowing money

The percentage of principal charged by the lender for the use of its money

studbud

Chapter 1: Intro to Personal Finance

17 termsStudBud Administration26 plays

Imported from external platform

Flashcards17 cardsFPractice quizPHost liveL

Questions 17

Answers

1
The cost of goods or services
Debt
Credit
Expense
Take-home pay
2
Net Income
Financial debts or obligations
The additional cost a lender charges for borrowing their money
Anything owned by an individual
What a person earns after payroll taxes and other deductions are taken out
3
The granting of a loan and the creation of debt
Credit
Loan shark
Positive net worth
Personal finance
4
All the financial decisions an individual/family must make in order to earn, budget, save, and spend money over time
Financial Plan
Financial Literacy
Paycheck-to-Paycheck
Personal Finance
5
Paycheck-to-Paycheck
All the financial decisions a person must make to make ends meet
Money owed to a company
The cost of goods or services
When someone's income is devoted to expenses with little to no savings
6
Money owed to another person or company
Take-home pay
Debt
Interest
Consumer
7
Financial Plan
What a person earns after taxes are taken out
An entity that charges interest rates above established legal rates
When the value of someone's liabilities outweighs the value of their assets
A plan that allows a person to meet immediate needs and long-term goals
8
Positive Net Worth
When the value of someone's liabilities outweighs the value of their assets
When the value of someone's assets outweighs the value of their liabilities
9
Financial Literacy
The additional cost a lender charges for borrowing their money
Any form of deferred payment
Financial debts or obligations
The knowledge and skill base necessary for people to be informed consumers
10
Financial debts or obligations
Negative Net Worth
Expense
Liability
Personal Finance
11
Interest
money owed to another person or company
the additional cost a lender charges for borrowing money
anything owned by an individual including money in the bank and investments
the percentage of principal charged by the lender for use of its money
12
The dollar value of a person's liabilities is larger than the value of their assets.
Negative Net Worth
Credit
Positive Net Worth
Help Me I Don't Know!
13
The amount by which the value of a person's assets exceeds or falls behind the value of their liabilities
Credit
Net Income
Financial Literacy
Net Worth
14
Interest Rate
The percentage of principal charged by the lender for the use of its money
the additional cost a lender charges for borrowing money
Anything owned by an individual in the bank
Money owed to another person
15
A person or entity that charges borrowers interest rates above an established legal rate
Expense
Negative Net Worth
Liability
Loan Shark
16
A person or organization that uses a product or service
Asset
Interest rate
Loan shark
Consumer
17
Anything that is owned by an individual, including money in the bank or investments.
Net worth
Asset
Liability
Credit

Chapter 1: Intro to Personal Finance Flashcards | StudBud