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