Personal Finance
The study of personal and family resources considered important in achieving financial success.
What is Personal Finance?
The concept of putting aside money over time.
What is saving?
Process by which the economy grows and contracts over time.
What is The Business Cycle?
A paper or electronic document used to record both planned and actual income and expenditures over a period of time.
What is a budget?
The achievement of financial aspirations that are desire, planned, or attempted, as defined by the person who seeks it.
What is Financial Success
Interest paid on interest previously earned.
What is compound interest?
The preferred stage of the economic cycle.
What is The expansion phase?
What are the three types of financial goals you should establish before setting your budget.
What is an short-term, Intermediate-term, and long-term?
A fee paid by a borrower to the lender for the use of borrowed money. Usually applied when the lender fails to pay their debts in time.
What is interest?
persistent rise in the price of goods and services over a period of time
What is inflation?
The end of an expansion phase and the beginning of a contraction in the business cycle
What is Peak?
The difference between amount budgeted and actual amount spent or received.
What is a budget variance?
What is a credit card?
The value of money changes from today to the future.
What is the time value of money?
What is it called in the business cycle when the economy is falling?
What is contraction?
Illustrates variation in income and spending throughout the year.
What is a Cash Flow Calendar?
A fund in which there should be at least $500 set aside for emergencies.
What is an emergency fund?
The end of a contraction and the beginning of an expansion in the Business Cycle
What is a trough?
Projected dollar amounts to receive or spend in a budgeting period.
What is budget estimates?