PERSONAL FINANCE - CHAPTER 1 VOCABULARY (Coach Moore)

NEEDS

• The process of setting financial goals and developing plans to reach them while meeting financial needs.

• an overview of an individual’s current financial position and strategies to meet future financial aspirations.

• necessities a person must have to survive.

• things that a person desires but can live without

• an individual who purchases goods and services for personal use.

GOODS

• tangible items that can be touched, used and purchased, such as food or clothing.

• intangible activities that another person usually performs for a fee, such as house cleaning or completing tax returns.

• principles and beliefs that a person considers important. They influence the way you live and think as well as your decisions and behavior.

• the overall structure of values and goals that guides a persons behavior and provides a sense of direction in life.

• he moral principles or belifs that direct a person’s behavior.

STANDARDS

• a value or goal that is given more importance than other values and goals.

• an established measure of quality, value or quantity.

• a supply of something that can be used when needed. Tools you use to reach goals.

• an objectiveto be attained in a specific amount of time.

• having the ability to understand basic topics related to finance such as wisely, making, saving and spending money

WANTS

• The process of setting financial goals and developing plans to reach them while meeting financial needs.

• an overview of an individual’s current financial position and strategies to meet future financial aspirations.

• necessities a person must have to survive.

• things that a person desires but can live without

• an individual who purchases goods and services for personal use.

CONSUMER

• The process of setting financial goals and developing plans to reach them while meeting financial needs.

• an overview of an individual’s current financial position and strategies to meet future financial aspirations.

• necessities a person must have to survive.

• things that a person desires but can live without

• an individual who purchases goods and services for personal use.

FINANCIAL PLAN

• The process of setting financial goals and developing plans to reach them while meeting financial needs.

• an overview of an individual’s current financial position and strategies to meet future financial aspirations.

• necessities a person must have to survive.

• things that a person desires but can live without

• an individual who purchases goods and services for personal use.

the amount that is paid for using money.

• INFLATION

• INTEREST

• DEMOGRAPHICS

• CULTURE

• ENTITLEMENT

VALUES

• tangible items that can be touched, used and purchased, such as food or clothing.

• intangible activities that another person usually performs for a fee, such as house cleaning or completing tax returns.

• principles and beliefs that a person considers important. They influence the way you live and think as well as your decisions and behavior.

• the overall structure of values and goals that guides a persons behavior and provides a sense of direction in life.

• he moral principles or belifs that direct a person’s behavior.

PERSONAL FINANCIAL PLANNING

• The process of setting financial goals and developing plans to reach them while meeting financial needs.

• an overview of an individual’s current financial position and strategies to meet future financial aspirations.

• necessities a person must have to survive.

• things that a person desires but can live without

• an individual who purchases goods and services for personal use.

ETHICS

• tangible items that can be touched, used and purchased, such as food or clothing.

• intangible activities that another person usually performs for a fee, such as house cleaning or completing tax returns.

• principles and beliefs that a person considers important. They influence the way you live and think as well as your decisions and behavior.

• the overall structure of values and goals that guides a persons behavior and provides a sense of direction in life.

• he moral principles or belifs that direct a person’s behavior.