Principles of Financial Planning Flashcards
1
Q
budget
A
a plan that balances available resources and expenses
2
Q
income
A
the money a person earns from providing a service or selling goods
3
Q
opportunity cost
A
the principle that one opportunity must be given up in order to consume or produce another
4
Q
personal finances
A
an individual’s assets and management of them
5
Q
risk
A
the change or possibility of loss
