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78 terms

Intro To Business Final

STUDY
PLAY
Factors of production
land ; labor ; capital ; enterprise
Economic Indicators
GDP ; standard of living ; unemployment rate ; rate of inflation ; National Debt
Downsizing
company downsizes to save $ & lay off workers
Budget Surplus
When government's revenue exceeds its expenditures using one year period
OSHA (Occupational Saftey & Health Admin.)
Enforces work-related health and safety rules.
FDA
Government agency that protects consumers from dangerous or falsely advertised products.
Entrepreneur
a person who starts up and takes on the risk of a business
Trade Barriers
Quota, Tariff, Embargo
Fiscal Year
accounting period in business of one year
Credit
agreement to get money, goods, or services now in exchange for a promise to pay in the future
Charge accounts
common type of short/medium credit. You have certain amount of time to pay in full
Five C's
Capacity ; Character ; Credit History ; Capital ; Collateral
Finance Charge
Total amount it costs to finance loan stated in dollars and cents.
Marketing Mix
Product ; place ; price ; producion
Assets
any property or item that your business owns
Income Statement
Report of net income or net loss over an accounting period
Balance sheet
Report of the financial state of your business on certain dates
Owner's Equity
Claim on the assets by the owner
assets = owner's equity + liability
Budget Variance
Difference between how much you planned to spend and how much you actually spent
Expenditures
Food, clothing, shelter
Virtual Business or Dot.com
business that operates on the internet
Profit
amount of money leftover after paid for cost of producing goods + services
Canceled/Outstanding Checks
- cashed checks
-not cashed checks
Bodily injury
covers injuries to someone else MUST
100/300
Day Trading
Buying and selling stock, based on minute by minute changes in the price of the stock. (risky)
Coupon rate
Rate of interest on a bond.
Bond Types
Federal Bonds, (EE, I) Municipal Bonds, and Corporate Bonds.
Claim
Request for payment from an insurer for any damages covered by a policy.
Fire Insurance Policy
Ensure damage due to fire or lightning
Demographics
Facts about population in terms of age, gender, location, income, and education.
Code of Ethics
set of guidelines for maintaing ethics in workplace.
Repossess
The creditor's right to take back a collateral.
Consolidation Loan
Combines all debts into one loan with lower payments.
-high interest - start charging again
Capital Loss/Gain
Selling stock less than what you paid for.
Selling stock more than what you paid for.
Debtor
One who borrows money or uses credit.
Travel and Entertainment Credit Card
Must be paid full each month. Accepted World Wide.
Down Payment
Portion of total cost paid at the time of a purchase.
Small Business
Independently owned business that has owner as the manager.
Exchange Rate
Prie of which one currency can buy another currency
Marketing Concept
Businesses need to know their customers wants and needs in order to make a profit.
Retailer
Sells goods directly to the customer
Budget
Written plan of what you income and expenses are going to be over a certain period of time.
Credit Limit
Maximum amount you can charge or spend on credit account.
Fair Credit Billing Act
Requires creditors to correct billing mistakes brought to their attention.
Collection Agent
Person or business that has the job of collecting overdue bills.
Usury Law
Restricts amount of interest charged for Credit.
Consumer Credit Protection Act
Consumers must know the disclosure of costs/items.
Lost/stolen credit cards
Demand Deposit
Checking account - each check is an order to release funds
Broker
Dealer who specializes in buying and selling stock
Corporate Bonds
Bonds issued by corporations
Endorsement
Signature of payee on the back of the check
Money Market Fund
Kind of Mutual fund, or pool of money put into a variety of short term debt by business or government
Net Income
Total earnings that are greater than its total expenses
Installment Loans
Loans repaid in regular amounts over a period of time
Cosigner
Person responsible for a loan if you don't make payments
Capital Gain/Loss
Selling stock for more than what you paid for
Selling stock for less than what you paid for
Preferred Stock
Stock that gives its holders certain privledges
Renters Insurance
Covers any loss or damage to your personal possessions includes liability
Personal Property
Consists of possessions that can be move
Pre Existing Condition
serious health condition diagnosed before a person obtained health insurance
Savings
Money put aside for the future
Income
Actualy amount of money you earn or receive during period of time
Fixed Expenses
Expenses that occur regularly and are regularly paid.
Variable Expenses
Expenses that fluctuate
Gross Pay
the total amount you earn before any deductions are subtracted
Net Pay
Take home pay is gross pay minus deductions
Withholdings
Subtracting taxes from paycheck to be forwarded to government state, local
Cash Advance
Borrow money on credit rather than use it to make purchase
FDIC
Federal Deposit Insurance Corporation
Ensures bank accounts
Mutual Fund
Fund created by an investment company that raises money from many shareholders and invests it in a variety of stocks.
Bond Discount
Difference between amount you pay for bonds and face value.
Liability Insurance
Protects you from claims of injury or property damage to others in case your held responsible for an accident.
Comprehensive Insurance
Covers damage to policy holder's vehicle caused by other things other than an accident.
Eleven Perils
Most coming cause of property damage or loss
-fire, windstorm, vehicles, theft, glass breaking
Term Insurance
Covers a person for a specific period of time.
Trade Deficit
When country imports more than is exported
Medicare
A major health insurance program set up by the federal government
Medicaid
Another government health care plan for certain groups of citizens. Provides people unable to pay.