FL Category 1
A loan requiring fixed payments over a set period of time to pay off
What is an Installment Plan?
The price of a product or service divided by a standard measure, such as ounce or hour.
What is Price-Per-Unit?
An objective, unbiased source of information; it provides evidence to support information and is often respected for the information it provides.
What is Credible Source?
Making a purchase based on an immediate want or due to the pressure of advertising
What is Impulse Buying?
Setting aside money for savings prior to paying monthly expenses.
What is Pay Yourself First?
Plans that can be accomplished within three months to a year.
What are Short-Term Goals?
Plans that take a year or more to accomplish.
What are Long-Term Goals?
Healthy financial practices, including having a budget, paying yourself first (saving), using credit wisely, and spending within your means.
What is Financial Responsibility?
Money back a buyer receives after a purchase, usually after performing a required task.
This is the literal handing over of money.
What is Medium of Exchange?
A decision-making process where you decide on how to save and spend your money to make your goals and dreams come true.
What is Financial Decision Making?
Strategies retailers use to make purchases look cheaper than they actually are.
What are Add-On Fees?
Temporary sales and advertising deals such as "on sale, today only" or other limited time events.
What is Time Sensitive?
Electronic method of moving money from one account to another.
What is a Wire Transfer?
A bank account used to pay bills and access funds using checks, debit cards, and electronic payments.
What is a Checking Account?
In retail, expensive products, products with a higher profit margin, or products that the store wants to sell more are often located more prominently, or in a way that makes the products stand out from the rest.
What is Product Placement?
A person's beliefs and ideals.
What are Values?
Groups of expenses in a plan for spending or saving within a certain period of time.
What are Budget Categories?
A financial plan that summarizes an individual's planned income, spending, saving, and investing over a specific time period.
What is a Budget?
Money earned or received, including wages or gifts.
What is Income?
Goods or Services that people cannot survive without, such as water, food, shelter, and clothing.
What are Needs?
Sometimes retailers bundle items and offer it as a "better deal," but it is only a better deal if you would actually purchase all of the items individually and use them, or purchase enough to make up for the bundle price.
What is Bundling?
This means that money continues to be worth something as long as you keep it.
What is Store of Value?
Freelance or project-based employment performed by an independent worker.
What is Gig Work?
An account that usually earns interest and is often used to hold money that is not needed right away.
What is a Savings Account?