Personal Finance
Essential for maintaining life regardless of your financial situation
What is a Need
The foundation of financial planning
What is Earning Income
The practice of analyzing different options when buying something
What is Comparison Shopping
Central bank of the U.S. that has significant economic responsibility
What is The Fed (Federal Reserve System)
Established with 3-6 months of living expenses for use in periods of unexpected financial difficulty
What is an Emergency Fund
Ideas and principles that a person considers important
What are Values
Takes more than 5 years to achieve
What is a Long-Term Goal
A fake email pretending to be your bank to steal login details is an example of what type of scam
What is Phishing
Savings plan requiring a certain amount be left on deposit for a stated time period to earn a specified interest rate
What the a Certificate of Deposit (CD)
The first step in the budgeting process
What is Setting Financial Goals
Key aspects include budgeting, saving and managing debt
What is Financial Literacy
The amount to which current savings will increase based on an interest rate and time period
What is Future Value
Your total earnings before taxes or deductions
What is Gross Pay
Check that has been written out but not yet cashed or deposited by the payee
What is an Outstanding Check
The 50/30/20 rule divides your budget to spend 50% on _____.
What is Needs
The rise in the general level of prices
What is a Inflation
The interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods
What is Compound Interest
Cash outflows that will fluctuate by household situation, time of year, health, and economic conditions
What are Variable Expenses
Extension of credit from a financial institution to an account holder that has insufficient funds to cover a transaction
What is an Overdraft
PYF stands for
What is Pay Yourself First
Represents the cost of money influenced by forces of supply and demand
What is Interest Rates
What you give up when making a choice often called a trade-off
What is Opportunity Cost
Guarantee from a manufacturer that gives conditions under which a product can be returned, replaced or repaired
What is a Warranty
Protects money you deposit in member banks up to $250,000 per depositor per bank
What is the Federal Deposit Insurance Corporation (FDIC)
The difference between the amount budgeted and the actual amount received or spent
What is Budget Variance