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