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Ball State FIN 101 Exam 1 (Olga) | Questions And Answers Latest {} A+ Graded | 100% Verified
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Ball State FIN 101 Exam 1 (Olga) | Questions And Answers Latest {} A+ Graded | 100% Verified
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Ball State FIN 101 Exam 1 (Olga) | Questions And Answers Latest {2024- 2025} A+ Graded| 100% Verified
Personal Finance planning - The process of organizing and planning your income, expenses and savings
to accomplish significant long-term goals
Importance of Investing Early - Earlier you start and the higher earning interest will accumulate the most
money!
Time Value of Money (TVM) - addresses the concept that a dollar today is better than a dollar tomorrow
due to inflation
goals of investing money - long term, specific, and measurable
the first step of financial planning - financial assessment
retirement and retirement planning - most important financial goal and the most expensive long-term
goal you have to set
earnings of a college graduate - 3 times more than high school graduate
net worth - assets minus liabilities
Assets vs. Liabilities - What you own vs what you owe
net worth problem - (if your assets/liabilities increase or decrease and its impact on your net worth)
cost of living - general increase in the cost of goods and services due to inflation
college graduates potential earnings vs high school graduate - college graduate earn an average three
times more than a high school graduate over a lifetime
, personal budget - An individual plan for spending
personal finance plan - a plan that specifies your financial goals and describes the spending, financing,
and investing plans that are intended to achieve those goals
cash flow - personal budget refers to when and how much money received in your bank account
Paying yourself first - The concept of setting aside a portion of your income for savings before spending
any of it
emergency cash reserve - a supply of cash in bank products for emergencies
- should be available immediately available
- don't invest the funds in the stock market
Compounding Interest - Earning interest on interest
variable expenses and examples - examples are food, gas, electric, etc..
fixed expenses and examples - rent, mortgage, car payment
discretionary expenses - cover items and services that aren't necessary for maintaining your home or life
budgeting problem: income vs expenses - expenses should not exceed income
Tracking expenses - write down each transaction manually
Traditional vs online bank - credit unions do not offer as many products
Onlinee banks offer many
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