4.1 CFU Intro to Consumer Credit

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What is consumer credit?

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Consumer credit is the ability to borrow money or access goods and services with the understanding that payment will be made in the future.

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What is the total cost of the gaming system Josh wants to purchase?

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$1,500.00, taxes included.

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If Josh saves $125 each month, how long will it take him to save $1,500?

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12 months.

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How much must Josh save each month to purchase the gaming system in 4 months?

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$375 each month.

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What is the formula to calculate the time needed to save a certain amount?

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Time (months) = Total Amount / Monthly Savings.

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What is the importance of budgeting when planning a purchase?

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Budgeting helps individuals allocate their income towards savings and expenses, ensuring they can afford their desired purchases.

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What does it mean to have a savings goal?

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A savings goal is a specific target amount of money that a person aims to save within a certain timeframe.

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What is the difference between saving and investing?

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Saving is setting aside money for short-term goals, while investing involves using money to purchase assets with the expectation of generating a return over time.

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What is an example of a short-term savings goal?

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Saving for a new gaming system or a vacation.

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What is an example of a long-term savings goal?

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Saving for a college education or a house.