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Provides valuable information and resources for managing personal finances, including budgeting, investing, and debt management, to achieve financial goals.
Typically earns no or very low interest but allows complete liquidity on demand.
Resources that can be used to create income, decrease expenses, or store wealth as an investment.
Factors that affects personal financial concerns:
A special kind of annuity that goes on forever.
Figuring out where you are or assessing the current situation involves understanding what your present situation is and the choices that it creates.
Part of the planning process is evaluating the possible future results of a decision. Since those results will occur sometime from now, it is critical to understand how time passing may affect those benefits and costs not only the probability of their occurrence, but also their value when they do.
When incomes are larger than expenses, there is a budget surplus.
__ is where your income for a period is greater than the expenses.
__ is where labor is traded through hiring or employment.
It may be used to directly transfer funds at the time of purchase, money is also withdrawn from an account and transferred to the payee's with one quick swipe at checkout.
Three ways to deal with budget deficits:
It generally occurs after the business cycle peaks, but before it becomes a trough.
It is more efficient and fair in the consumption that reflects in the income.
Offers minimal interest or a bit more interest with minimum deposit requirements.
Income statement summarizes incomes and expenses for a period of time.
It also offers ratings and reviews and also provides data on frequency of repairs and annual maintenance costs.
Middleman is also called as....
Which of the following is the third step in budget process?
Exist in markets where they can add value to your purchasing process, either by providing information in the prepurchase stage or by providing convenience during the purchase.
Patterns that are developed by the price action experience by all securities.
__ are costs for items or resources that are used up or consumed in the course of daily living.
Covers your injuries if the accident is caused by someone with insufficient insurance or by an unidentified driver.
Items with economic value that can be converted to cash are ______.
Personal Finance is a process of management and planning that anticipates or keeps abreast with changes.
S.M.A.R.T stands for…
__ is where cash and assets are traded, most commonly in the form of stocks and bonds.
When the value of a currency decreases, an economy has ________.
__ is a part of capital market.
An amount payable by the insured before any expenses are assumed by the insurer.
A part of the capital market, capital is loaned and borrowed rather than bought and sold.
Deductibles an amount payable by the insured before any expenses are assumed by the insurer.
The cost of simply making the trade.
Income from employment or self- employment is __.
It insures that the rights of ownership conferred upon you when you purchased your property will remain intact.
The value-added tax (VAT) or goods and services tax (GST) is widely used outside the United States. It is a consumption tax, but differs from the sales tax, which is paid only by the consumer as an end user.
The cost of delayed consumption is largely derived from a subjective valuation of whatever is consumed, or its utility or satisfaction
It means working either for someone else for you. Income comes in the form of a paycheck. Total compensation may include other benefits, such as retirement contributions, health insurance, or life insurance.
It t is about managing the financing for consumption and investment.
__ is valuable, and an asset affects its value: all things being equal, the more liquid an asset is, and the better.
A process of management and planning the anticipates or keeps at least with changes.
Income remaining after the deduction of living expenses and debt obligations, or __, is cash available for capital expenditures or investment.
It is the rate that usually not difficult to forecast the timing and amounts of future cash flows.
A transaction cost is the cost of simply making the trade.
The higher the income or the more to be taxed, the greater the tax rate.
A budget covering all aspects of financial life will include a projection of recurring incomes and expenses and of nonrecurring expenditures.
Labor is traded through hiring or employment.
Consumer Reports also offers ratings and reviews and also provides data on frequency of repairs and annual maintenance costs.
A comprehensive budget is a compilation of an __ for short-term goals involving recurring items.
Financial management is about managing the financing for consumption and investment.
Affect your financial planning, especially through educational requirements, income potential, and characteristics of the occupation or profession you choose.
__ is valuable, and it is an asset affects its value
A budget covering all aspects of financial life- will include a projection of recurring incomes and expenses and of nonrecurring expenditures.
Covers the costs of damage to your own property.
If the asset is worth more when it is resold than it was when it was bought, then you have earned a _________.
Selling capital means trading in the capital markets, which is a sellers’ market. You can do this only if you have a budget deficit, or too little cash to provide for your wants or needs.
What the fundamental ways of earning income in a market- based economy?
__ is a matter of organizing personal financial information into summaries that can clearly show different and important aspects of financial life.
__ are resources that can be used to create income, decrease expenses, or store wealth as an investment.
Covers the costs to other people’s property from damage that you cause.
Borrowing is renting someone else’s money for a period of time, and the result is…
If the rate of GDP increases the expansion is _______.
Estate taxes are taxes on specific consumption items such as alcohol, cigarettes, motor vehicles, fuel, or highway use.
__ is long-term credit, or the ability to delay payment over several periods.
When there are regular payments at regular intervals and each payment is the same amount, that series of cash flows is an __.
When income for a period is greater than expenses, there is a __.
"PV" stands for.....
Which of the following is now a factor that affects a Personal Financial Concern?
The percentage of income that is paid in tax increases as income rises. Those income categories are called __.
Financing assets through equity means not sharing ownership and whatever gains or losses that brings.
Refers to the financial losses of people in the other car that are injured in an accident you cause, including their medical expenses, loss of income, and your legal fees.
A comprehensive budget is a compilation of an operating budget for short-term goals involving recurring items.
Unemployment Rate is a measure of an economy’s shortcomings because it shows the proportion of people who want to work but don’t because the economy cannot provide them jobs.
The sense of regret after having made a purchase. It is frequently associated with the purchase of an expensive item such as a vehicle or real estate is called buyer's remorse.
A budget covering all aspects of financial life.
A __ for long-term goals involving nonrecurring items.
Help with financial planning, such as accountants, investment advisors, tax advisors, estate planners, or insurance agents.
. There are __ factors that affect Personal Financial concerns.
Costs for items or resources that are used up or consumed in the course of daily living are called __.
The process of selling risk to someone who then assumes the risk and its consequences.
Covers your losses from anything other than a collision, such as theft, weather damage, acts of nature, or hitting an animal.
Transactions are recognized only when cash is exchanged.
It is a snapshot of what you have and what you owe at a given point in time.
According to a popular model, to be truly useful, goals must be __.
Understanding the calculations is not so important in understanding the relationships between time, risk, opportunity cost, and value.
Sunk Cost is the return of a foregone option less than the return on your chosen option.
Tax Brackets means the higher the income or the more to be taxed, the greater the tax rate.
A financial statement is any item with economic value that can be converted to cash.
Capital Gain is the investment that has not only stored wealth but also increased it.
__ provide a look at the potential results of financial decisions. They can also be used as a tool to plan for certain results
A comprehensive budget is a compilation of a __ for long-term goals involving nonrecurring items.
__ is usually earned and received in a given period.
__ is one of the factors where in you should include some protection against the risk of chronic illness, accidents, pregnancy and birth in your personal financial planning.
Capital expenditures are usually part of a ____________ plan of building an asset base.
Unlike price tag, opportunity cost is obvious.
__ is loaned and borrowed rather than bought and sold.
__ and Sunk Cost are hidden expenses that affect financial decision making.
The process of gathering and analyzing financial data to develop a set of strategies that form an integrated plan to help people achieve their financial goals.
Capital Loss is costs that have been spent; that is, whatever resources you traded are gone, and there is no way to recover them.
Speculative Risks Risks that offer a chance of loss or gain, such as developing a “killer app” that may or may not sell or investing in a corporate stock that may or may not provide good returns.
__ is a process of management and planning that anticipates or keeps abreast with changes.
It is the cost of simply making the trade.
__ is the process where you gather and analyze financial data to develop a set of strategies that form an integrated plan to help people achieve their financial goals
Actual Cash Value Estimate the actual market value of the item at the time of loss, so it accounts for the original cost less any depreciation that has occurred.
The rate at which time affects value is the rate at which value grows, or the rate at which your value compounds, it is called__.
It is an absolute law of gravity in business.
Is a long-term rental agreement with a buyout option at maturity.
The higher the income or the more to be taxed, the greater the tax rate. It is called __.
Having not enough cash to provide your wants and needs is called __.
It is what people use as their primary means of managing cash flows for daily living.
Seller must have good title free of “Clouds on title.”
Certificates of deposit (CDs) offer a higher price for liquidity but extract a time commitment enforced by a penalty for early withdrawal.
Some assets not only store wealth but also create income.
It is what you earned or received in a given period.
Refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
It will allow you to stay on track , and to make a deliberate decisions that will allow you to get closer to your goals.
When the economy tends to be cyclical, usually expanding but sometimes contacting it is called Business Cycle
Whatever the type of asset you choose, investing in assets or selling capital can be more profitable than selling labor.
A lower unit price for a higher volume purchased, may be available for customers buying larger quantities, although sometimes the opposite is true, that is, the smaller package offers a smaller unit price.
Derives from the Latin verb credere (to believe).
Marital status and dependents, such as children, parents or siblings are under the __.
The method of accounting universally used in business today is known as…
A flexible savings account is used to supplement your basic coverage. It is offered by employers and funded by employees: you may have a tax-exempt deduction made from your paycheck to your flexible spending account.
The asset can create income, reduce expenses, and store wealth.
It is where you assess the current situation, or where you figure out where you are at present.
Estate taxes are taxes on the transfer of wealth from the deceased to the living. Estate taxes are usually imposed on the very wealthiest based on their unusual ability to pay.
Unlike a price tag, opportunity cost is obvious.
That depends on the cost of its not being liquid today, or on the opportunity costs and risks created by not having liquidity today.
Coinsurance is shared payments of expenses by insured and insurer.
Selling an asset can result in a capital gain or capital loss.
It is insurable due to its probabilities that can be calculated precisely enough for the risk to be quantified, means it can be priced, bought, and sold.
Financial plans are expected to happen in the future, so financial decisions are based on values some distance away in time.
__ is a way to make an investment that could not otherwise be made, to buy an asset that you couldn’t buy without borrowing.
__ is income from employment or self- employment; interest is earned by lending; a dividend is the income from owning corporate stock; and a draw is income from a partnership.
Shows how successful an economy is at creating opportunities to sell labor and efficiently using its human resources.
CPA means...
Employment Rate is a measure of an economy’s shortcomings, because it shows the proportion of people who want to work but the economy can’t provide jobs.
The method of accounting universally used in business today.
Cash flows from income may be less frequent than cash flows for expenses.
An debit card offered by a bank allows for convenient access to the cash in your accounts through instant cash withdrawals.
__ sources of income in both the labor market and the capital markets is the best hedge against risks in any one market.
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