Summary: Econ 101
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Read the summary and the most important questions on ECON 101
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exam 1
This is a preview. There are 87 more flashcards available for chapter 21/02/2017
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How would someone determine their current financial situation?
Form a Balance sheet by taking assets (own/debt)
and determine cash flow statement (income/expenses).
Assets - Debt = Networth -
Which goal(s) is suited for risky investment
>5y (Long term) -
2 main alternatives when comparing your current financial situation to your goals?
1. Change course
2. stay the course -
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 plan -
changes in income, values, and family situation make it necessary to
evaluate and revise your actions -
the financial planning process concludes with efforts to
review and revise your actions -
some savings and investment choices have potential for higher earnings. However, these may also be difficult to convert to cash when you need the funds, this refers to (pg8)
liquidity risk -
the main goal of personal financial planning is
achieving personal economic satisfaction -
the success of a financial plan depends on
1.funds in order to pay for goals
2.sound career planning decisions -
effective career planning requires
1.an understanding of your interests and abilities
2.an ability to ask other people questions that leads to information about career planning activities and employment opportunities
3.an understand of starting salary and expected employment opportunities within the career
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