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CONCLUSION:
What is debt?
(Money owed to a person or business.)
What is credit?
(Credit is an agreement to receive cash, goods, or services now and pay for them at a later date.)
What is the advantage of buying goods and services with credit?
(The ability to buy goods and services when a person doesn't have the money and to pay for them at a later date.)
What is a disadvantage of buying with credit?
(The debt must be paid off with future income.)
What is saving?
(Income not spent in the present.)
What is a disadvantage of saving?
(Inability to get goods and services immediately.)
What is an advantage of saving?
(To have money for emergencies, to have the ability to buy goods and services without borrowing, to earn interest in an interest-bearing savings account.)
Give examples of times when you might want to borrow and times when you should wait and save.
Congratulations you have completed this work. You must have complete knowledge of Personal Finance concepts.
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