| A | B |
|---|
| Financial planning | Process used to achieve financial success based upon financial goals and plans |
| Commercial banks | Most common lender option for purchasing an automobile |
| Housing | Largest major expenditure for most people |
| Cosigner | person who guarantees a loan for the original borrower |
| Rent | the cost of using someone else's property |
| Values | Greatest effect on spending decisions |
| Opportunity cost | Something a person gives up to receive another |
| Security deposit | Advance payment for costs beyond normal housing wear and tear |
| Truth in Lending Act | The consumer protection law that defines consumer rights related to automobile loans |
| Credit card balance | Include as a liability on Statement of Financial Position |
| Net worth formula | Assets-liablities=net worth |
| Tangible asset | Personal property that was purchased to create a lifestyle or improve your life |
| Shown in the Statement of Financial Position | Assets, liabilities, net worth |
| Housing | the largest major expenditure for most people |
| Cosigner | guarantees a loan for the original borrower |
| Example of a loan variable | The longer the time period of the loan, the smaller the payments |
| Example of a rental amenity | Internet service |
| Monthly bank statement | Report that lists each monetary transaction and the current account balance |
| Reconcile an account | Balance the checkbook register each month to the balance shown on the statement |
