Financial Math Semester Review

Front

What is a consumer?

Back

A person or organization that uses a product or service.

Front

True or False: Most Americans today are wealthy and will have financial security when they retire.

Back

False

Front

What is a key component of financial planning?

Back

Regularly monitor and reassess your financial plan.

Front

What are the five steps to financial success called?

Back

Five Foundations.

Front

What is a common reason people don’t save money?

Back

They lack discipline, do not live on a budget, and lack focus.

Front

What is financial planning?

Back

The process of setting goals, developing a plan to achieve them, and regularly monitoring progress.

Front

Define budgeting.

Back

Budgeting is the process of creating a plan to spend your money, ensuring you have enough for necessary expenses.

Front

What is the purpose of an emergency fund?

Back

To provide financial security in case of unexpected expenses.

Front

What does it mean to live within your means?

Back

Spending less than or equal to your income.

Front

What is the difference between a creditor and a debtor?

Back

A creditor is someone who lends money, while a debtor is someone who owes money.