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FCS 340 Money Management 1st Unit Assessment Questions and answers.
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FCS 340 Money Management 1st Unit Assessment Questions and answers.
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FCS 340 Money Management 1stUnit Assessment Questions and
answers
What are the keys to financial success? - answer Consuming less, paying
off credit cards, saving, investing more
Personal finance - answer Study of personal and family resources,
important to achieving financial success
Financial literacy - answer knowledge of facts, concepts, principles, and
tech tools that are fundamental to being smart about money
Financial responsibility - answer accountable for financial well-being-
strive to make wise decisions
Financial success - answer achievement of financial aspirations
Financial security - answer comfortable feeling
Financial happiness - answer satisfied with money matters
5 step financial planning process - answer 1. evaluate 2. define goals 3.
develop plan of action 4. implement plan 5. review progress
consumption - answer spending on goods and services
standard of living - answer where I'd like to be
level of living - answer where I'm at
, economic growth - answer increasing production & consumption ,
increases national income
economy - answer system of managing and employment, resources of
county, state, or community
business or economic cycle - answer expansion, peak, contraction, trough
deleveraging - answer credit use shrinks in an economy instead of
expanding like normal
recession - answer period of decline in total output, income, employment
& trade 6 mo to 1 year
Great recession - answer Dec 2007 to 2009 18 months longest since WWII
took 4 years to recover 2013
How long does a business cycle last? - answer 6 years
Keynesian - answer increase demand with stimulus spending
economic indicators - answer statistics such as unemployment, GDP, or
inflation rate suggesting how well economy is doing now & in future
GDP - answer Gross domestic product, broadest measure of economic
health
Pro-cyclic indicator - answer moves in same direction as economy, retail
sales, industry production, new orders for durables, GDP, etc.
Consumer spending - answer 70% of total U.S. economy
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