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What is Personal Finance?
Money management, including saving and investing.
What are hard skills?
Specific teachable abilities that can be defined and measured.
What is an asset?
a useful or valuable thing, person, or quality.
What is opportunity cost?
When you decide on a possible need and want.
What are soft skills?
Personality - oriented interpersonal skills such as teamwork, flexibility, willingness to give extra and communication skills.
What does a budget include?
Summary of income and expenditures.
What is a cashiers check?
A check guaranteed by a bank drawn on the bank’s own funds and signed by a cashier.
Define spending habits.
The level of spontaneity or patience you exhibit when making financial decisions.
What is a budget?
A summary of income and expenditures.
Name 7 or more soft skills
Leadership, teamwork, communication, problem solving, work ethic, flexibility/adaptability, interpersonal skills.
What is PACED an acronym for?
Problem Alternatives Criteria Evaluate Decision
What are the 5 guidelines needed to create an effective Resume
Complete Address
Education
Work Experience
Work Skills
Goals
What can money be used for?
Pay for goods and services.
List the price of goods.
Save and pay debt over time.
What is a fixed expense?
A predictable cost month to month.
Name 3 advantages or more of being an Entrepreneur?
Nobody to boss you around, you get to see the world, you make a lot of money.
How can you calculate unit price?
Divide the total price by the number of units
What are the 5 factors that establish and maintain credit scores?
Payment history
Amount owed
Link of credit history
New credit
Types of credit used
What does it mean when you default on a loan?
Failure to pay a loan when a payment is due.
What is a variable expense?
A cost that can change from month to month.
What are the two types of credit?
Revolving credit and open-end credit.
What are three types of savings accounts?
Regular Savings Account
Certificate of Deposit (CD)
Money Market Account
What is a FICO score?
A score between 300-850 indicates you ability to repay a lone.
What is debt consolidation?
A process of combining debts into one loan or repayment plan.
What is the rule of 72?
A formula used to estimate the number of years required to double the invested money at a given annual fixed interest rate.
What is an installment loan?
Loans that are repaid with a fixed interest rate or payments of equal amount, such as an auto loan.