personal finance Flashcards
_ weighs the cost against the benefits of an action, purchase, or financial decision
Cost-benefit analysis
A(n) is a period of slow or no economic growth
Recession
An objective to be attained in a specific amount of time is a(n)
Goal
A(n) is an established measure of quality, value, or quantity.
Standard
Moral principles or beliefs that direct a person’s behavior are
Ethics
____ gives you access to a vast diversity of goods and services through worldwide markets
Globalization
Ethical behavior calls for honesty. Which of the following actions could be considered ethical?
Studying for a test with a friend
A(n) is the choice you give up when you make one choice over another.
Trade-off
Social Security, Medicare, and Medicaid are examples of what?
Entitlement
The process of choosing one course of action after evaluating available information and weighing the
costs and benefits of alternative actions and their consequences is
Decision making
What is the first step of systematic decision-making?
Identifying the problem
The process of setting financial goals and developing plans to reach them while meeting financial needs
is
Financial planning
Forms of communication designed to reach a large number of people refers to _____
Media
A(n) system is one that individuals can use to acquire, organize, maintain, and use information
PIM
Food, clothing, and shelter are examples of
Basic Needs
The correct order for the three stages of management are _____.
Planning, Taking Action, Evaluation
Tangible items that can be touched, used, and purchased are _____
Goods
A(n) is an individual who purchases goods and services for personal use
Consumer
A(n) shows that it is in your interest to take an action or make a purchase only if the benefits are at
least as great as the costs
Cost-Benefit Analysis
Which of the following is an example of a human resource?
Knowledge
Money paid for the use of money is .
Interest
? are principles and beliefs that a person considers important
Values
When one goal must be achieved in order to achieve another goal, the two goals are ____
Interdependent
The beliefs, behaviors, and other characteristics common among members of a group or society is
Culture
The change in total cost of using one more unit is the
Marginal Cost
