Financial Literacy Ch 7 Vocabulary Review

The process of making choices that reflect goals by considering all of the pros and cons along with the costs.

• systemic decision making
• financial responsibility
• financial irresponsibility
• buying plan

Being able to meet your financial goals through planned earning, spending, and saving.

• systemic decision making
• financial responsibility
• financial irresponsibility
• buying plan

Failing to live up to your financial obligations to meet your goals and needs.

• systemic decision making
• financial responsibility
• financial irresponsibility
• buying plan

An organized method for making good buying decisions.

• systemic decision making
• financial responsibility
• financial irresponsibility
• buying plan

Standards or rules by which something is judged.

• criteria
• spending limit
• rebate
• extended warranty

The maximum amount you are willing to pay for an item.

• criteria
• spending limit
• rebate
• extended warranty

A refund of part of the purchase price of an item.

• criteria
• spending limit
• rebate
• extended warranty

Additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty period.

• criteria
• spending limit
• rebate
• extended warranty

The ability to borrow money and pay it back later.

• credit
• debt
• credit card
• store account

Money that must be repaid.

• credit
• debt
• credit card
• store account