| A | B |
|---|
| learning about personal finance early in a student's life can help do this | eliminate financial mistakes and promote huge financial benefits for the future |
| The person who should be in charge of your financial planning | YOU |
| we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being | credit |
| key to personal financial success | managing your money behavior |
| a person's spending and saving behaviors determine this | wealth |
| consequences of spending more than you make | debt, stress, missed opportunity to save and invest |
| has changed significantly from 1917 to present day | credit industry |
| successful money management relies on ___% knowledge, and ___% behavior | 20%, 80% |
| low savings rate and people spending more than they earn has caused this | financial insecutiry |
| steps to being money smart | basic math skills, learn basic money language, manage behavior with money |
| understanding your money personality allows you to | grow and develop a financial plan that works |
| Laws prevented lenders from charging high interest rates,Borrowing money was generally not socially acceptable,Lending money to others was not profitable | reasons people did not borrow $ prior to 1917 |
| True or False-The use of credit is not socially accepted in the United States today. | FALSE |
| came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that Consumer credit could be profitable | New Deal policymakers |
| is achieved when your money begins to generate an income-your money starts working for you | financial security |
| MOST Americans today DO NOT have this | financial security /wealth |
| Most Americans use this when it comes to buying big-ticket items | credit |
| having ______ keeps you from building wealth | debt |
| structured to accomodate a state of uncertain employment and income instability, utilizing high interest rates and fees to turn huge profits | American credit system |
| When developing a personal financial plan, one of the first things you should do is assess | income, assets, and liabilities |
| what you do now with money will have __________effect on your financial future | signficant |
| A person or business that offers loans at extremely high interest rates | loan shark |
| A person or organization that uses a product or service | consumer |
| An obligation of repayment owed by one party to a second party | debt |
| The granting of a loan and the creation of debt; any form of deferred payment | credit |
| The knowledge and skillset necessary to be an informed consumer and manage finances effectively | financial literacy |
| A fee paid by a borrower to the lender for the use of borrowed money. | interest |
| A system by which goods and services are produced and distributed | economy |
| A debt evidenced by a "note," which specifies the principal amount, interest rate and date of repayment | loan |
| A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP) | recession |
| All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc. | personal finance |
