Personal Finance
A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends a direction for your financial activities is a(n)
Financial Planning
Inflation
A rise in the general level of prices. Is the most harmful ro people living in a fixed income. It also affects lender of money.
A question associated with the saving component of financial planning is:
Do you have an adequate emergency fund?
Value
Ideas and principles that a person considers correct, desirable and important
An advantage of personal financial planning is:
Increased control of your financial situation
Attempts to increase income through employment, investments, or ownership of a business are part of the _____________ component of financial planning.
Obtaining
Changes in personal, social, and economic factors make it necessary to
Review and revise your plan.
Economics
The study of how wealth is created and distributed
Rule of 72
To see how fast prices will double you use the rule of 72. Just divide 72 by the annual inflation or interest rate.