Money Matters - FINAL EXAM

Front

A person or organization that buys/uses goods or services

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Consumer

Front

The knowledge and skillset necessary to be an informed consumer and manage finances effectively

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Financial Literacy

Front

The granting of a loan and the creation of a debt: any form of deferred payment

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Credit

Front

A debt evidenced by a “note,” which specifies the principal amount, interest rate and the date of repayment

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Loan

Front

An obligation of repayment owed by one party (debtor/borrower) to a second party (creditor/lender)

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Debt

Front

A fee paid by a borrower to the lender for the use of borrowed money

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Interest

Front

A fee paid by a borrower to the lender for the use of borrowed money

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Interest

Front

A system by which goods and services are produced and distributed

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Economy

Front

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc

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Personal Finance

Front

What are the five steps to financial success? Options: Emergency Fund, The Five Foundations, Interest Bearing Account, Sinking Fund

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The Five Foundations