MMW FINALS (p1)

0.0(0)
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/25

flashcard set

Earn XP

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

26 Terms

1
New cards
Financial literacy
the confident understanding of concepts including saving, investing, and debt that leads to an overall sense of financial well
2
New cards
Mandell (2009) FL
the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security.
3
New cards
1. Understanding
2. Use
2 elements of Financial literacy according to Huston (2010)
4
New cards
Cent
a word with Latin and French origin that means "hundred,"
5
New cards
"percent"
means "per hundred."
6
New cards
EMERGENCY SAVINGS
A fund that protects you from financial shocks such as major injuries, long
7
New cards
RETIREMENT SAVINGS
Can you imagine anything more depressing than going broke in your old age and living on the scraps of Social Security System (SSS) or waiting (or worst, requiring) your son/daughter to give you a monthly allowance?
8
New cards
PERSONAL or SHORT TERM GOALS
There’s nothing wrong with taking a two
9
New cards
IRREGULAR EXPENSES
Some expenses are inevitable, but they don’t hit you every single month. For example, if your homeowner's insurance or car insurance bills you annually or semiannually, rather than monthly, you should budget for it every month. Birthday gifts, Christmas presents, etc.
10
New cards
PERSONAL GROWTH SAVINGS
The greatest investment wherein you can profit more than 100% is Investing in yourself. This fund can be used to learn a new skill, attend a seminar, subscribe to a company/site which will provide you with more knowledge.
11
New cards
Traditional banks
are known as Brick
12
New cards
Digital banks
are those that are purely online. This innovation has convinced a lot of business owners and financially
13
New cards
License
Both digital and traditional banks are covered by the PDIC up to P500k per depositor, and both must have a license from the Bangko Sentral ng Pilipinas. By knowing this information, we can safely say that a certain bank is legit.
14
New cards
traditional bank
It has different branches located across the country where it operates. You have to go to the nearest bank to make a deposit and withdraw money. These traditional banks also have their own ATMs where their clients can withdraw money instantly. They also offer online and phone banking.
15
New cards
Digital banks
they have no physical branches since they are purely online. Anything you need can be done at home in your underwear. smile That includes opening an account and depositing a check.
16
New cards
Lender or creditor
person (or institution) who invests the money or makes the funds available.
17
New cards
Borrower or debtor
person (or institution) who owes the money or avails of the funds from the lender
18
New cards
Origin or loan date
date on which money is received by the borrower.
19
New cards
Repayment date or maturity date
date on which the money borrowed or loan is to be completely repaid
20
New cards
Time or term (t)
the amount of time in years the money is borrowed or invested; length of time between the origin and maturity dates
21
New cards
Principal (P)
the amount of money borrowed or invested on the origin date
22
New cards
Rate(r)
annual rate, usually in percent, charged by the lender, or rate of increase of the investment
23
New cards
Interest (I)
the amount paid or earned for the use of money
24
New cards
Simple Interest (Is)
interest that is computed on the principal and then added to it
25
New cards
Compound Interest (Ic)
interest is computed on the principal and also on the accumulated past interests
26
New cards
Maturity value or future value (F)
amount after t years that the lender receives from the borrower on the maturity date