Management and Organizational Studies 2277A/B Chapter 1: Chapter 1

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Personal finance - the process of planning your spending, financing, and investing activities, wh taking into account uncontrollable events such as death or disability, in order to optimize your financial situation over time. Per capita debt - the amount of debt each individual in canada would have if total debt (consum debt plus mortgages) was spread equally across the population. Opportunity cost - what you give up as a result of a decision. Financial planning standards council (fpsc) - a npo that was created to benefit the public throu the development, enforcement, and promotion of the highest competency and ethical standard financial planning. Budgeting - the process of forecasting future income, expenses, and savings goals. First step: evaluate your current financial position by assessing your income, expenses, as and liabilities. , while our agement ility nsumer through dards in s, assets, and liabilities. Net worth - the value of what you own minus the value of what you owe.