Consumer Skills>Day 5>Buy or Lease a Vehicle

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Last updated 4:41 PM on 8/19/26
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22 Terms

1
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Goal

Something you want to accomplish in the future.

An aim or desired result.

<p>Something you want to accomplish in the future.</p><p>An aim or desired result.</p>
2
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Goal Setting

Developing a plan to help motivate and guide you to obtaining something you want.

<p>Developing a plan to help motivate and guide you to obtaining something you want.</p>
3
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Short-term Goal

Goals you can achieve in less than 1 year.

<p>Goals you can achieve in less than 1 year.</p>
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Mid-Term Goal

Goals you can achieve in 1-2 years.

<p>Goals you can achieve in 1-2 years.</p>
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Long-term Goal

Goals you can achieve in more than 5 years in the future. They require time, planning, and several short term goals.

<p>Goals you can achieve in more than 5 years in the future. They require time, planning, and several short term goals.</p>
6
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S.M.A.R.T. Goal

A goal that is:

Specific

Measurable

Attainable/Achievable

Realistic/Relevant

Time-Bound

<p>A goal that is:</p><p>Specific</p><p>Measurable</p><p>Attainable/Achievable</p><p>Realistic/Relevant</p><p>Time-Bound</p>
7
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Specific Goals

Goals that are clearly defined or identified, with details.

What do you want to do?

<p>Goals that are clearly defined or identified, with details.</p><p>What do you want to do?</p>
8
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Measurable Goals

Being able to track your progress when working on a goal.

How will you know when you have obtained your goal?

<p>Being able to track your progress when working on a goal.</p><p>How will you know when you have obtained your goal?</p>
9
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Attainable/Achievable Goals

A goal that is possible to accomplish, but also requires your effort. Can you do this with the tools and resources you have?

<p>A goal that is possible to accomplish, but also requires your effort. Can you do this with the tools and resources you have?</p>
10
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Realistic/Relevant Goals

Is the goal something that interests you?

Is it important and will it help you reach your other goals?

<p>Is the goal something that interests you?</p><p>Is it important and will it help you reach your other goals?</p>
11
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Timely Goals

A goal that has a start and end date. What date will you reach your goal?

<p>A goal that has a start and end date. What date will you reach your goal?</p>
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Needs

Basic requirements for human survival

<p>Basic requirements for human survival</p>
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Wants

Things that add comfort and enjoyment to your life

<p>Things that add comfort and enjoyment to your life</p>
14
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Mortgage

A loan to purchase a home

<p>A loan to purchase a home</p>
15
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Home Equity

The '$ amount you can sell your home for today' minus the '$ amount owed on the mortgage'

<p>The '$$$ amount you can sell your home for today' minus the '$$$ amount owed on the mortgage'</p>
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Appreciation

An increase in value

<p>An increase in value</p>
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Depreciation

A decrease in value

<p>A decrease in value</p>
18
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Lease

Rental agreement for a fixed period of time while making a regular monthly payment.

<p>Rental agreement for a fixed period of time while making a regular monthly payment.</p>
19
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Loan

Money given to a borrower that must be paid back over a set period of time plus interest.

<p>Money given to a borrower that must be paid back over a set period of time plus interest.</p>
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Interest

the price of borrowing money

<p>the price of borrowing money</p>
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Term

The length of time.

<p>The length of time.</p>
22
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Down Payment

The cash payment made at the beginning of a contract.

<p>The cash payment made at the beginning of a contract.</p>