Intro to Personal Finance: Semester Summative Study Guide

Front

What is the definition of 'Savings'?

Back

The amount of money set aside for future use.

Front

What are 'Wants' in personal finance?

Back

Non-essential expenses that enhance quality of life

Front

Define 'Needs' in the context of personal finance.

Back

Essential expenses required for basic living.

Front

What is a 'Budget'?

Back

A financial plan for a defined period

Front

What is a 'Financial Emergency'?

Back

A situation where a government is unable to meet its financial obligations.

Front

What are 'Emergency Savings'?

Back

Funds set aside for unexpected expenses

Front

Which of the following best describes 'Short-Term Goals' in personal finance?

Back

Goals that can be achieved within a year or less.

Front

What are 'Mid-Term Goals'?

Back

Goals set to be achieved in a medium time frame, typically 1-5 years.

Front

What are 'Long-Term Goals' in personal finance?

Back

Financial objectives set for a period of five years or more

Front

What is a 'Savings Account'?

Back

An account that earns interest on deposited funds.