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for Finals

Autocratic Leadership

a leadership style that involves making decisions without consulting others

Laissez-Faire Leadership

Hands-off; leader gives minimal guidance to the group and allows group members to work with little or no structure

Money Management

planning how to get the most from your money

Assets

Things that have a monetary value that someone owns

Net worth

Assets minus liabilities

Budget

Estimate of income and expenditure

Balance sheet

a financial statement that reports assets, liabilities, and owner's equity on a specific date

Liabilities

the debts that you owe

Gross

the entire amount of income before any deductions are made

Median

The middle number in a set of numbers that are listed in order

Profit

Total revenue minus total cost

Revenue

Money generated by sales

Marketing

Promoting or selling products or services

Mark-up

Increase in price

Target audience

Target audience describes a particular market segment selected as being the most appropriate for a certain advertising campaign.

Supply

The amount of goods and services that producers are able and willing to sell.

Demand

The quantity of a good or service that consumers are willing and able to buy

Market economy

an economic system based on the free market

Thesis statement

A sentence that identifies the topic of your paper and the main ideas you will present

Income tax

Tax paid to the state, federal, and local governments based on income earned over the past year.

Sales tax

A tax on the items that you purchase

Stock

A piece of the corporate pie. Entitles the holder to a share of the company's assets and earnings

Bonds

Buying these means you are buying the governmen'ts debt.

Compound interest

Interest earned on both the principal amount and any interest already earned.
A=P(1+(r/n))^n*t

Simple interest

interest paid on the principal alone. I=PRT

Mutual Fund

fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets

Saving

putting aside money for later use

Investing

Spending money to achieve a profit

Microfinance

Loaning poor people money to start busineses

Payday Loan

A loan where a borrower gets a cash advanced based on his paycheck. These loans generally must be repaid on the next payday.

Credit

A company's trust that you will pay them back.

Federal Reserve

The central bank of the US

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