Unit 1 Vocabulary
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Personal Finance
Last updated 3:35 PM on 10/3/24
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12 Terms
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Personal financial planning
The process of managing to achieve personal economic satisfaction/goals
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Opportunity cost
What a person gives up by making a choice
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Values
Ideas and principles that a person considers correct, desirable, and important
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Economics
The study of how wealth is created and distributed
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Time value of money
Increases in an amount of money as a result of interest earned
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Future value
The amount to which current savings will increase based on a certain interest rate and a certain time period (compounding)
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Present value
The current value for a future amount based on a certain interest rate and a certain time period (discounting)
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Adult life cycle
The stages in the family situation and financial needs of an adult
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Inflation
A rise in the general level of prices
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Bankruptcy
The legal status of a person who is not able to pay debts owed
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Liquidity
The ability to readily convert financial resources into cash without a loss in value
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Financial plan
A formalized report that summarizes your current financial needs and recommends future financial activities
Note 
Flashcards (36)