PF 1.00 Vocabulary

Goods or services that are required for survival

• Wants
• Needs
• Goals
• Values

Managing money continuously through life in order to reach your financial goals

• Financial Goals
• Goals
• Financial Planning
• Needs

A goal that will be attained in less than one year

• Long term goal

• Short Term goal

• Goal

• Wants

The desire for goods and services that  are not absolutely necessary for our survival

• Need
• Goal
• Well-Being
• Want

Specific objectives that are accomplished through financial planning

• Financial Planning
• Well Being
• Values
• Financial Goals

Well‐being is defined as...

• Goods or services that are required for survival
• Feeling good about one’s life

Something a person intends to acquire, achieve, or accomplish 

• Value
• Short term goal
• Long term goal
• Goal

Values are...

• Giving up one thing for another
• A fundamental belief about what is important to an individual

Opportunity cost is NOT the value of the next best alternative?

• True
• False

The value of the next best alternative that must be forgone as a result of a decision

• Need
• Want
• Trade off
• Opportunity Cost