Personal Finance - LE

A fee paid by a borrower to the lender for the use of borrowed money

interest

A system by which goods and services are produced and distributed

economy

The knowledge and skillset necessary to be an informed consumer

financial literacy

All the decisions and activities of an individual regarding spending, savings, etc.

personal finance

A period of economic decline during which trade and industrial activity are reduced

recession

The granting of a loan and the creation of debt

credit

A debt evidenced by a note which specifies the principal amount, interest, and date or repayment

loan

A person or business that offers loans at extremely high interest rates

loan shark

An obligation of repayment owed by one party to a second party

debt

A person or organization that uses a product or service

consumer

Personal finance is a result of:

managing behavior

Which is not a key component of financial planning

planner to make money decisions