Mid term review Davron Bates (2)

Personal Finance
Mid-Term Review

Dav’Ron Bates

The plan for our lives & Lifetime Planning

Personal Finance is and how it’ll teach me to
use my money the right way.We also learned
the importance of Financial Planning.

Earned Income & Skill Demand & Supply

Earned income is skill demand. I learned that earned income
is any income that is generated by working. Unearned
income is any income that you do not physically work for
you.

The Consumer Life Cycle & Income Over the Life Cycle

The life cycles are Alpha, Bravo, Charlie, Delta, Echo, &
Foxtrot. We also learned about the 12 stages in the Human
Life Cycle.

Property & Unearned Income from Financial Assets & Transfer
Payments

Income earned from assets we own. A
non-physical asset such as security,
certificates, or bank balance.

Federal Income Taxes & Other Deductions from Pay

I learned how to keep track of my expenses
and budget. I learned that,what you take in is
what you take out,Builds discipline and
organization,forces you to think

Paying for What We Buy Budgeting

Earned Income is any income that is generated by
working.Unearned Income is any income that you do not physically
work for ( investments, etc.)Portfolio Income is any income
generated by selling an investment at a higher price than you paid
for it.Passive Income is money you get from assets you have
purchased or created.

Renting vs. Buying

With renting you can be mobile with moving
house to house, with buying you have to stay
with the house for a certain amount of time such
as a lease.

Vacation & Leisure

Food Spending Determinants is a level of
preparation,tradeoffs between value & time,clothing cost
by age, climate gender,states & sales tax on food &
clothing,Regressive tax,Online purchase tax vary