Ramsey Classroom Chapter 1 (2022)

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19 Terms

1

Personal Finance

all the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time

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2

Consumer

a person or organization that uses a product or service

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3

Debt

money owed to another person or company

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4

Paycheck to Paycheck

an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

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5

credit

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

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6

Interest Rate

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

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7

Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal

False

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8

Interest

the additional cost a lender charges for borrowing their money

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9

Financial Plan

a plan of action that allows a person to meet not only their immediate needs but also their long-term goals

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10

Net Worth

the amount by which the value of a person's assets exceeds or falls behind the value of their liabilities

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11

Asset

anything that is owned by an individual, including money in the bank or investments

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12

Liability

financial debts or obligations

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13

Positive Net Worth

the dollar value of a person's assets is greater than the dollar value of their liabilities

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14

Negative Net Worth

the dollar value of a person's liabilities is larger than the value of their assets

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15

Net Income

what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

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16

Expense

the cost of goods or services; money paid out

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17

Financial Literacy

the knowledge and skill base necessary for people to be informed consumers and manage their finances effectively

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18

Franklin D. Roosevelt passed the New Deal because of the Great Depression in the 1930s. What was the purpose of this program?

To promote economic recovery and social reform

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19

The Student Loan Marketing Association

In 1972, the association that made borrowing money to attend college much easier

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