Unit 1 - Study Guide Goals and Decision Making

Vocabulary flashcards generated directly from the Unit 1 study guide on personal finance, careers, purchasing decisions, consumer protections, and dispute resolution.

Personal Finance

Everything that involves life during our lifespan.

Personal Financial Planning

How we arrange to spend and save and invest money to achieve our goals such as living comfortably and for having financial security.

Goals

Things that you want to accomplish in life, such as saving for a house.

Values

Beliefs and principles that you consider correct, desirable, and important.

Need

Something that you need to survive, such as food.

Want

Something you would like to have but you desire it, such as multiple cars.

Opportunity Cost

What you give up when you choose another option.

Job

Where you work simply for the money.

Career

Working for commitment in a field you enjoy.

Aptitudes

Gifts that people possess naturally, such as being good at math, understanding coding, or solving puzzles.

Interest Inventory

Tests that are taken to try to help you identify the things you like most, including likes and dislikes.

Demographic Trends

Tendencies or trends of people grouped by gender, age, income, ethnicity, etc.

Geographic Trends

Tendencies of people moving from one area of the country to another as financial centers shift location.

Cooperative Education

Programs that let students enhance school learning with part-time work related to their majors.

Resume

Summary of your education, training, experience, and qualifications that is $1$ to $2$ pages long.

Cover Letter

A personal letter that you will present along with your resume.

Main Goal of a Job Interview

To get the employer to be convinced that you are the best fit for the job through how you express yourself.

Thank You Letter

A letter that shows that you are serious and are truly interested in the job and shows that you are thankful for the interview opportunity.

Minimum Wage in Wisconsin

$\$7.25$ per hour.

Overtime Pay Calculation

$$\text{Overtime Pay} = \text{Regular Hourly Rate} \times 1.5 \times \text{Overtime Hours Worked}$$

Down Payment

A portion of the cost that must be paid at once being purchased.

Impulse Buying

Buying items at the spur of the moment.

Unit Pricing

The use of a standard unit of measurement to compare prices of packages or objects of different sizes.

Rebate

A partial refund of the price of a product.

Warranty

A written guarantee from the manufacturer or distributor that states the condition under which the product can be returned, replaced, or repaired.

Implied Warranty

Unwritten guarantees that cover certain aspects of a product or its uses, guaranteeing that a product is fit for its intended uses.

Express Warranty

Warranties that are usually written and come in two forms: full warranty and limited warranty.

Full Warranty

A warranty stating that if a product is defective, it will be fixed or replaced at no charge during a reasonable amount of time.

Limited Warranty

A warranty that covers only certain aspects of the product, such as parts.

Service Contract

A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing a product.

Fraud

Dishonest business practices that are meant to deceive, trick, or gain an unfair advantage.

Mediation

Attempt by a third party to resolve a conflict between a buyer and a business through discussion and negotiation.

Arbitration

Process whereby a conflict between customer and business is resolved by an impartial third party whose decision is legally binding.

Small Claims Court

Court that deals with legal disputes that involve amounts below a certain limit.

Class Action Suit

A legal action on behalf of all people who have suffered the same injustice.