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Financial Planning > Chapter 1: Personal Financial Overview - Test Review > Flashcards

Chapter 1: Personal Financial Overview - Test Review Flashcards

1
Q

Financial Planning

A

Helps you reach important goals and financial security over your lifetime

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2
Q

Helps you reach important goals and financial security over your lifetime

A

Financial Planning

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3
Q

The ability to meet essential needs without taking on more debt than you can repay

A

Financial Security

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4
Q

Possessing and applying financial knowledge to make informed and responsible financial choices

A

Financial Literacy

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5
Q

Using your resources to achieve predetermined objectives

A

Management

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6
Q

Tangible items that can be purchased

A

Goods

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7
Q

Intangible activities that another person usually performs for a fee

A

Services

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8
Q

Things that are considered necessities

A

Needs

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9
Q

Things you would like but they are not essential

A

Wants

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10
Q

Your beliefs about what is important and desirable

A

Values

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11
Q

The overall structure of values and goals that guides your behavior

A

Value System

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12
Q

The moral principles or beliefs that direct a person’s behavior

A

Ethics

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13
Q

An objective you want to attain

A

Goal

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14
Q

A value or goal that is given more importance than other values and goals

A

Priority

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15
Q

An established measure of quality, value, or quantity

A

Standard

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16
Q

Tools you can use to reach goals

A

Resources

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17
Q

Weighing the costs against the benefits of an action, purchase or financial decision

A

Cost-benefit analysis

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18
Q

The change in total benefit of using one additional unit

A

Marginal benefit

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19
Q

The change in total cost of using one more unit

A

Marginal cost

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20
Q

The choice you give up when you make one choice over another

A

Trade-off

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21
Q

The value of the option you gave up

A

Opportunity cost

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22
Q

A process of choosing a course of action after evaluating information and the costs and benefits of alternative actions

A

Systematic decision-making

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23
Q

The state of the economy at a given time

A

Economic conditions

24
Q

Period of slow or no economic growth

A

Recession

25
Q

Period of rising prices

A

Inflation

26
Q

The statistical characteristics of the population

A

Demographics

27
Q

The beliefs, behaviors, and other characteristics common among members of a group or society

A

Culture

28
Q

The application of science and research to human life and environment

A

Technology

29
Q

Refers to worldwide markets, links and communications

A

Globalization

30
Q

Examples of needs

A

Food, clothing, shelter

31
Q

Be able to give examples of unethical behavior

A

1 example: Lying to your boss about why you were out sick

32
Q

Be able to give examples of To Be goals

A

Example: To be a teacher, to be happy

33
Q

Be able to give examples of To Do goals

A

Examples: To go to a concert, to exercise everyday

34
Q

Be able to give examples to To Have goals

A

Examples: To have the latest iphone, to have lots of money

35
Q

The marginal benefit of using each additional unit of something tends to decrease as the quantity used

A

Increases

36
Q

Be able to identify examples of a trade-off

A

Example: If you buy a new cell phone, the trade-off is the other ways you could have used that money

37
Q

Identify the 5 steps of the systematic decision-making process

A
  1. Define the decision to be made
38
Q

What are the 3 parts of the management process

A
  1. Planning
39
Q

During inflation prices go up while the value of the dollar

A

goes down

40
Q

What are examples of (demographic) vital statistics

A

births, deaths, marriages

41
Q

What are examples of (demographic) social statistics

A

age, sex, race, geographic distributions and growth rates

42
Q

What are examples of (demographic) social -economic statistics

A

education levels, income levels, employment, religion

43
Q

What are ways that outsourcing affects the economy

A

lower incomes for workers, loss of jobs for workers

44
Q

Examples of government entitlements are:

A

Medicaid, Medicare, Social Security

45
Q

Keeps you focused on the final goal

A

Determination

46
Q

Helps you adjust to new and unexpected situations

A

Flexibility

47
Q

Financial security is the ability to purchase everything you

A

Need

48
Q

Goals are closely related to

A

Values

49
Q

You should be able to _____________ progress toward achieving a goal

A

Measure

50
Q

Your possessions can be ___________ that help you achieve a goal

A

resources

51
Q

The panning phase of management involves:

A
  1. identifying goals
52
Q

____________ can be touched, used, and purchases

A

Goods

53
Q

Long term goals may take

A

3 or more years

54
Q

Medium term goals may take

A

1 - 3 years

55
Q

Short terms goals may take

A

under 1 year

56
Q

During a recession, consumers tend to spend ___________ money

A

less

Financial Planning (5 decks)

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