Decision Making Process
Define problem
Identify options
Make Decision
Evaluate results
Decision Making Process
100
Money put aside for short term purposes and earns interest
Savings Accounts
100
1. Influences interest rate on loans
2. Money coming from personal checking account
Credit and Debit
100
Pay before taxes
Gross Pay
100
Evaluation of financial risks and identifying procedures to minimize their impact.
Risk Management
200
Amount that individuals spend on goods and services at a certain frequency
Spending Habits
200
72 divided by interest rate percent
Einstein Rule of 72
200
Capacity
Character
Capital
Conditions
Collateral
5 C's of Credit
200
Not taking advantage of increasing your skills after high school.
Lost Opportunites
200
Interest on Interest
Compound Interest
300
Process of budgeting, saving, investing, spending or otherwise in overseeing the cash usage
Personal Money Management
300
Putting aside money automatically from your paycheck
Pay yourself 1st
300
Fee when you spend more money that's in your bank account
Overdraft Fees
300
Amount needed to pay out of pocket before insurance will cover excess expenses.
Deductible
300
Person pretending to be a bank to gain personal info electronically
Phishing
400
Desires vs. Survival
Wants vs. Needs
400
Savings Methods
Prioritize Needs
Don’t give into your wants
Find good deals at stores/coupons
Only spend the money you have
^ARE ALL EXAMPLES OF WHAT?
Savings Methods
400
Regulate money in America
Federal Reserve
400
Has taxes taken out at the end when you withdraw
401K
400
Tricking investors by promising them that you'll make them more money, really are keeping it for yourself
Ability to put off something mildly fun or pleasurable now, in order to gain something that is more fun, pleasurable, or rewarding later.
Delayed Gratification
500
Breaks payments down into principles and interest
Amortization
500
Define W-2, W-4, and I-9
W-2: Tax info on how much they paid in taxes and how much they made
W-4: What taxes you want taken out when applying for a job
I-9: Legal right to work form