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Prin of Entr Final
FInal Review
| Term | Definition |
|---|---|
| Odd Pricing | This is the same as psychological pricing |
| Direct Check | When you compare the invoice with the actual count as soon as your order arrives to the business |
| Creditor | The person who sells the credit or makes the loan |
| Credit Bureau | Keeps financial on people, based on facts of credit history not value judgements |
| Equifax | One of the three main credit bureaus |
| Debtor | Anyone who buys on credit or receives a loan from a lending institution |
| Credit worthy | You have established a record that shows you are a good loan risk |
| Revolving charge account | Credit limit, pay a minimum balance each month, interest is paid on any unpaid balance |
| Credit | The privilege of using someone else's money for a period of time |
| Credit statement | Received monthly, tells previous balance, charges, credits, returns, current balance, and when payment is due |
| Charecter | When applying for a loan they check your reputation, honesty, and promptness in paying your current and past bills |
| Equal Credit Opportunity Act | Prohibits discrimination due to race, religion, sex, marital status, or age |
| Capacity | The ability to earn money, having to do with your current job |
| Productivity | The amount of output created by a worker in a certain amount of time |
| Truth in lending | Requires strict disclosures of rates, terms, lengths, and other cost of credit |
| GDP | Total money output of a nation for a one-year period. This includes all newly produced goods and services\ |
| Opportunity Cost | What you must give up when you choose one item over another |
| Stock Turn | How many times does your inventory turn over in a year? |
| Logo | The identifiable symbol of any business |
| Liabilities | The amount you oew to others such as: balances on loans or credit cards |
| Capital goods | The machines, buildings, and equipment used to make goods and services. |
| Factors of Production | Natural Resources, labor, and capital all work together |
| Inflation | When there is an increase in the overall price levels of our economy, it is a |
| Per Capita Output | This measures production of each person by dividing the GDP by the total population |
| Balance Sheet | This reports your assets, liabilities and owner's equity on a given date |
| Gross Profit | The difference between the selling price and the cost of goods sold |
| Net Profit | The money left over after all expenses have been paid |
| Owner's Equity | The difference between a person's assets and liabilities, if you liquidated or sold all assets and paid all debts, this is what you would claim for yourself |
Created by:
dwalkinshaw
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