Personal Finance
Calculate interest
=Principal x Interest Rate x Time
Employee rights
Represented by: Equal Opportunity Employment, Union representation, Safe work environment, and Equal pay
Consumer problems
conditions that cause dissatisfaction in the process of selecting, using, or disposing of goods and services.
Consumer credit advantages
more likely to become repeat customers
good credit
pay your bills on the day due or a few days late will earn you what type of credit rating?
Consumer credit disadvantages
tie up money in accounts receivable, waiting on money you don't have
quality goal
to offer highest quality offering
CD
A certificate of deposit stating money has been deposited for a specific time
Cash flow statement
A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period.
budget
A formal written plan or system of saving and wise spending used to help you meet your personal financial goals.
Financial plan
A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends future financial activities.
Savings account
A safe, low-return investment available from banks. There is generally no minimum deposit for this type of account, making it perfect for kids and teens just starting out.
Opportunity cost
Cost of the next best alternative use of money, time, or resources when one choice is made rather than another, the most desirable alternative given up as the result of a decision