Key Terms 1
An unlimited amount of wants but limited resources.
Scarcity
29.7 Divided by 3.3
9
Anything you owe.
Liability
Round to the nearest Hundredths place
0.71854
0.72
All the money decisions a person or family makes including earning, budgeting, saving, spending, and planning for the future.
Personal Finance
Round to the nearest tenths place.
12.37814
12.4
The cost of goods or services.
Expense
Round to the nearest thousandths place
5.8395
5.840
The charge for borrowed money generally defined as a percentage.
Interest
$1.50 +$1.50 -$1.05
$1.95
A monthly plan for how you are going to save and spend your income.
3.3 x 11.5
37.95
A federally recognized , tax-exempt organization such as a church , hospital, charity, or school that serves the public in some capacity.
Non Profit Organization
The total value of a person's assets minus their liabilities.
Net worth
Interest paid only on the principal investment.
simple interest
Money put into an account intended for growth.
Investments
The granting of a loan and the creation of debt.
Credit
12.4 Divided by 6.2
2
A person or organization that purchases a product or service.
Consumer
$5.25 + $5.25 + $5.25
$15.75
Anything of Value that is owned by an individual
Assest
What is Mr. Schmersahls Daughters name?
Adley
Interest paid on an investment and on any interest previously earned.
Compound Interest
What is Mr. Schmersahls dogs name?
Merle
An obligation to repay borrowed money.
Debt