Foundations of Personal Finance Unit 1 Review

The knowledge and skill set necessary to be an informed consumer & manage finances effectively

Describe the financial reality of most Americans.

The single most important factor in winning with money is

A system by which goods and services are produced and distributed.

A person or organization who buys goods or services

All decisions/activities of an individual/family re their $, including spending, saving, etc

The granting of a loan and the creation of debt; any form of deferred payment

Which of the following is needed to be money smart?

Which of the following is required to be 'money smart?'

A debt evidence by a 'note' which specifies principal amount, interest rate, & repayment date

Fill in the blanks: Winning with money is _% head knowledge and _% behavior.

A fee paid by the borrower to the lender for the use of money

An obligation of repayment owed by one party to another

A person or business that offers loans at extremely high interest rates