| A | B |
|---|
| Culture | refers to a person’s beliefs, values, and practices. |
| SMART Goals | specific, measureable, Achievable, Results-focused, Time-bound |
| Short term goal | a goal you expect to achieve in the near future, ie day, week, few months |
| Medium-term goal | goals that can take longer than a few months, but not necessarily years |
| Long-term goal | a goal you expect to achieve over a longer period, usually a year or beyond. |
| Needs | things that are essential for survival; food, shelter; clothing |
| Wants | things you might wish to have, but not having them will not threaten your existence. |
| Scarcity | limited resources such as time and money. |
| Economy | the science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources. |
| Standard of living | a term used to describe the level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area. |
| Personal Finaincial Plan | strategy for how you will spend, save, and invest your money today and into the future. |
| Ethics | refers to moral principles of conduct. |
| Personal responsibility | holding yourself accountable for decisions you make. |
| Assets | things you own that have value |
| Liabilities | what you owe |
| Net worth | the total value of all your assets, minus your liabilities |
| Monetary assets | assets which are easily convertible into a fixed amount of cash |
| Non-monetary assets | assets that are more difficult to convert to cash, and their value depends on economic conditions. |
| insurance | a way to transfer the risk of loss |
| Savings | the amount of money you put aside for future use |
| Retirement | when you withdraw yourself from an active working life. |
| Estate Planning | planning for what to do with one's assets in the event of death. |
| Emergency fund | consists of enough money to offset three to six months of expenses. |
| Financial Planner | a professional who can help you plan and manage your financial future. |
| Dependent | someone relying on another for financial support. |
| Opportunity Cost | an economic concept that represents the benefits you could have received by choosing the alternative. |
| Product | anything that can be bought or sold to meet a customer's want or need |
| Goods | tangible items that are produced and sold |
| Services | the performance of a particular tasks in exchange for money |
| Consumers | people who purchases the goods and services businesses have to offer. |
