Chapter 1
The overall structure of vaules and goals that guides a person behavior and provides a sense of direction in life.
what is a vaule system
An overview of an individals current financial postion and strategies to meet future financial aspirations.
What is finanical plan.
The development of a strategy to meet a person's financial needs over the course of a lifetime.
What is a mature financial planning.
A cost that changes both in the amount and time it must be paid.
What is variable expense.
The income received from employment, including self employment.
What is Earned income.
The process of setting finacial goals and developing plans to reach them wile meeting finanical needs.
What is personal financial planning.
Necessities a person must have to survive
What is a needs
A plan for the use of money over time based on goals, expenses, and expected income.
What is a budget.
An amount spent for an item that a person could do without.
What is discretionary.
Payment for work that is usually calculated on an hourly, daily, or piecework basis.
What is wage.
The morals principles or beliefs that direct a person's behavior.
What is Ethics
things that a person desires but can live without.
What is a wants
A software program that formats data in columns and rows and can perform calculations
What is a spread sheet.
An abundance of money and other assets.
What is wealth.
The amount paid for working time in a week that is beyond the standard 40- hour workweek.
What is overtime wage.
A value or goal that is given more importance than other values and goals
What is a priority
An individual who purchases goods and services for personal use.
what is a consumer.
A person who possesses it does not judge other people as less important or competent.
What is Humility
An amount of money that can be easily accesed in case of a job layoff, illness, or unexpected expense.
what is a emergency fund.
A wage based on a rate per unit of work completed,.
What is piecework
An established measure of quality, value, or quantity.
What is a standard.
Principles and beliefs that a person considers important.
What is Values.
A set amount that must be paid each budget period.
What is a fixed expense.
An organization that aids those in need , such as the homeless or victims of natural disasters,
What is charity
A fixed payment for work and is expresserd as an annual figure.
What is salary.