Planning your future
The possession of a body of financial knowledge, a set of basic skills
What is Financial literacy?
The difference between what is owned and what is owed. An asset is an item of value that is owned, such as cash, stocks, bonds, real estate, and personal possessions
What is net worth?
payment for work that is usually calculated on an hourly, daily, or piecework basis
What is wage?
The process of setting financial goals and developing plans to reach them while meeting financial needs
What is Personal financial planning?
The cost of goods and services purchased. Generally, expenses will be either fixed or variable
What is expense?
Necessities a person must have to survive, things that a person desires but can live without
What are needs and wants?
a plan for the use of money over time based on goals, expenses, and expected income
What is budget?
principles and beliefs that a person considers important
What is values?
abundance of money and other assets
What is wealth?
a value or goal that is given more importance than other values and goals
What is priority?
behaving with sensitivity to social, environmental, and economic issues
What is social responsibility?