PF OBJ 1.00 Vocab

Front

Needs

Back

Goods or services required for survival.

Front

Opportunity cost

Back

Value of the next best alternative forgone due to a decision.

Front

Trade-off

Back

Giving up one thing for another

Front

Value

Back

A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.

Front

Want

Back

Desire for goods/services that enhance quality of life but aren't essential for survival.

Front

Financial goals

Back

Specific objectives achieved through financial planning.

Front

Financial planning

Back

Managing money continuously through life to reach financial goals.

Front

Financial well-being

Back

Managing money to build understanding, competence, and control.

Front

Well-being

Back

Feeling good about one’s life

Front

Goal

Back

Something a person intends to acquire, achieve, or accomplish in the future.