Terms
Method of weighing the costs against the benefits of an action, a purchase, or a financial decision.
What is the Cost-benefit analysis?
What is a standard?
Established measure of quality, value, or quantity.
What is Personal information management (PIM)?
System used to acquire, organize, maintain, retrieve, and use information.
Items that can be touched, used, and purchased are considered to be _____.
tangible items
A(n) _____ goal relates to an endless list of things you want to accomplish, while a(n) _____ goal changes continually, depending on what you need and want.
Short-term, Flexible
Value of the option you give up.
What is Opportunity cost?
What are Marginal Analysis?
Measures the added benefit, versus the added cost, of one more unit of a product.
What are needs?
Necessities a person must have to survive.
The choice(s) you make when you give up one choice over another is a(n) _____.
tradeoff
_____ is the possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to make informed, responsible financial choices.
Financial literacy
Government program that provides financial benefits to eligible citizens based on their legal rights.
What is Entitlement?
What is management?
Process of organizing and using resources to achieve predetermined objectives.
What are ethics?
Moral principles or beliefs that direct a person’s behavior.
Things that a person desires but can live without are _____.
wants
The _____ is the change in total cost of using one more unit.
Marginal cost
Application of science and research to human life and environments.
What is Technology?
What is a resource?
Tools you can use to reach your goals.
What is personal finance planning?
Process of setting financial goals and developing plans to reach them while meeting financial needs.
The beliefs, behaviors, and other characteristics common among a group or society is their _____.
culture
In the _____ stage of management, you assess your progress in order to develop better ways of using resources to reach goals in the future.
Evaluation
Objective to be attained in a specific amount of time.
What is a Goal?
What are values?
Influences the way you live and think as well as your decisions and behavior.+What are values?
What is Law of diminishing marginal utility?
States that the marginal benefit of using an additional unit of something decreases as the quantity used increases.
Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of _____.
services
A person’s _____ is the overall structure of values and goals that guides his or her behavior and provides a sense of direction in life.
Value system