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Personal Finance
Key Terms 2.01
21
Finance
12th Grade
02/29/2012

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Term
Lifestyle conditions
Definition
The typical way of life that one has to endure on a regular basis.
Term
age
Definition
A set of consecutive ages that trend to have similar incomes, need, and expenses.
Term
dependents
Definition
People who rely on one another for financial support, such as children.
Term
economic outlook
Definition
The state of the economy, whether favorable or ungavorable, as measured by economic indicators, including interest and unemployment rates
Term
education level
Definition
The highest grade in school or degree completed.
Term
employment status
Definition
A person's work circumstances, wheter employed or unemployed, full-time part-time, self-or other-employed.
Term
health condition
Definition
A person's health factors, wheter sick or well, able or disabled, injured or not.
Term
marital status
Definition
Whether married or single, divorced, separated, etc.
Term
Financial Life Cycle
Definition
Typical stages of wealth a person accumulates during the life cycle.
Term
wealth
Definition
The sum total of assets belonging to one person-including money, property, personal possessions.
Term
basic wealth protection
Definition
The stage during which most people form a family, begin to work and earn money
Term
wealth accumulation
Definition
The stage that includes the peak earning years, giving money to oneself
Term
wealth distribution
Definition
The stage of retirement and wealth consumption, money given to chosen ones.
Term
Individual and Family Life Cycles
Definition
Typical stages of life for individuals and families.
Term
beginning family
Definition
A family of young adults who marry; newlyweds
Term
expanding family
Definition
A child-bearing family; has one or more young children
Term
parenting family
Definition
A developing family, with children growing into middle childhood and early teens.
Term
launching family
Definition
A family with middle-age parents and children leaving home for cllege, etc.
Term
mid-years family
Definition
A pre-retirement family, no children at home
Term
aging family
Definition
A family of elderly adults, usually retired
Term
variations
Definition
Families tahat do not follow the typical life cycle stages
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