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Personal Finance > Unit 1 > Flashcards

Unit 1 Flashcards

(77 cards)

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1
Q

Agility Skill

A

The ability to adapt in a changing environment to achieve desired results.

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2
Q

Amortization

A

The process of paying off a current loan or debt, such as a mortgage or a car loan, using a series of payments over time.

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3
Q

Amortized Payment

A

A payment of the same amount for a set number of months or years, such as for a car loan or mortgage.

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4
Q

Annuity

A

A series of equal payments.

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5
Q

Appreciating Asset

A

An asset that will increase in fair market value over time.

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6
Q

Argument

A

An independent item that contains data or code, usually set apart using parentheses.

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7
Q

Asset

A

Something of value you own.

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8
Q

Balance Sheet

A

A document to ­organize what you own and what you owe.

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9
Q

Bar Chart

A

A categorical chart with frequency values along the horizontal axis and categories along the vertical axis.

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10
Q

Budget

A

A resource management tool that keeps spending in line by tracking how much you will earn and spend in the future.

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11
Q

Cell

A

An area where you enter data into a spreadsheet.

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12
Q

Column

A

A group of cells aligned vertically in a spreadsheet.

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13
Q

Column Chart

A

A categorical chart with frequency values along the vertical axis and categories along the horizontal axis.

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14
Q

Command

A

A unique word in a computer program directing the computer to perform a task.

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15
Q

Compound Growth

A

Investment gains earned in the first time period are put to work in the second time period to earn additional investment returns.

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16
Q

Consumer Price Index (CPI)

A

Measures the change in the level of consumer goods and services prices over time.

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17
Q

Current Ratio

A

The proportion of current assets to current liabilities.

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18
Q

Debt Ratio

A

A ratio that shows your proportion of total debts to total assets.

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19
Q

Deficit

A

When expenses exceed income.

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20
Q

Deflation

A

Falling prices in the economy that tend to restore purchasing power.

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21
Q

Depreciating Asset

A

An asset that decreases in value over time.

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22
Q

Discount Rate

A

Rate of return you can earn on your savings.

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23
Q

Disounting

A

Process of determining ­the present value from the amount to be paid or received in the future.

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24
Q

Economics

A

The study of how humankind uses its limited resources (such as time, money, goods, and services).

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25
Educational Value
The point where returns through job placements, income, and human capital outweigh the costs of attendance.
26
Equity
The value of the asset less any debt associated with that asset
27
Expense
Something you spend money on.
28
Fair Market Value
The price someone would realistically pay to buy an asset.
29
Financial Plan
A future-oriented process that is designed to help an individual or family achieve financial goals.
30
Financial Ratio
A formula that tells you how well you are progressing financially by comparing your current situation to a preestablished benchmark.
31
Financial Risk Tolerance
Your willingness to engage in a risky behavior that entails the possibility of a financial loss.
32
Fixed Expense
A regular or recurring expense like utilities or rent.
33
Formal Network
Interpersonal relationships that connect you with people in professional, recreational, leisure, and social communities.
34
Formula
An expression that tells a computer program which math processes to perform.
35
Frequency Table
A table that lists items and the number of times the item is counted.
36
Future Value (FV)
The amount to be earned at the end of a specific period of time.
37
Future Value of a Lump Sum
An estimate of the value of a single dollar amount at some future date given a known interest rate and number of periods.
38
Future Value of an Annuity
The sum of all the payments (receipts) plus the accumulated compound interest on the payments.
39
Gross Income
Total income before taxes and other deductions.
40
Human Capital
Your ability and willingness to work, learn, earn, and make wise decisions about how to save and invest money.
41
Income
A broad term used to describe all sources of money obtained by individuals and households that can be spent or saved.
42
Inflation
Rising prices in the economy that tend to erode purchasing power.
43
Informal Network
The interpersonal relationships you form with your family and close friends.
44
Interest
The amount paid to the lender for the use of their money. How much it costs to borrow is determined by the interest rate charged on the loan.
45
Liability
Debts and other legal obligations that are owed to others.
46
Long-Term Liability
Debts that are intentionally structured to be paid off over time periods that are greater than one year.
47
Net Worth
Assets minus liabilities.
48
Number of Periods (N)
The amount of compounding periods used in time value of money calculations.
49
Operation
A math process applied to two or more numbers. The most common operations are addition, subtraction, multiplication, and division.
50
Opportunity Cost
The loss of a benefit that you would have received by choosing another option.
51
Pareto Chart
A column chart or bar chart that lists frequency values from largest to smallest, or vice versa.
52
Percent
A fraction with 100 in the denominator.
53
Personal Finance
Deciding how to allocate your personal resources to best support yourself and your family.
54
Pie Chart
A categorical chart that shows each frequency value as a proportion of a circle.
55
Pixel
Short for picture element
56
Present Value (PV)
An estimate of the current value of a lump-sum amount and/or a series of payments given a known discount rate (or interest rate) and number of periods.
57
Present Value of a Lump Sum
The value now of a given amount to be paid or received in the future, assuming compound interest.
58
Principal
The amount of money you borrow (the loan) that must be repaid.
59
Problem Solving Skill
The ability to define problems clearly, explore ideas, and create effective, ethical, and evidence-based solutions.
60
Productivity Skill
The ability to strategize, organize, and plan to best manage your priorities and time.
61
Projection
The amount you think you will receive or spend in any given category of a budget.
62
Rate of Return (I)
The amount you can earn on your money each year.
63
Risk
The uncertainty associated with any physical, social, emotional, environmental, labor market, or financial activity.
64
Risk-taking
Doing something that involves the possibility of a gain and/or a loss.
65
Row
A group of cells aligned horizontally in a spreadsheet.
66
Scarcity
Limitation or the gap between limited resources and excessive wants and needs.
67
Sheet
A single page within a spreadsheet
68
Short-Term Liability
Debts that should be repaid within one year.
69
Social Capital
Personal and professional connections with other people.
70
Spreadsheet
A computer software program used to organize and manipulate data
71
Stacked Chart
A column chart that has two or more frequency values associated with each category.
72
Supply and Demand Graph
A fundamental building block of modern economics showing how prices increase when supply decreases and demand increases.
73
Surplus
The money left over after all expenses have been paid.
74
Technology Skill
The ability to confidently and efficiently use technologies to complete goals and tasks and maintain a competitive advantage.
75
Time Value of Money (TVM)
Formulas and calculations that allow you to specifically consider financial goals in terms of money, time, and interest.
76
Trade-Off Decision
When we choose one activity as more valuable than another.
77
Variable Expense
An expense that can change over time like an auto repair.

Personal Finance (4 decks)

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