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Personal Finance.

Exam Flash Cards

QuestionAnswer
Price at a point where the amount supplied equals the amount demanded. Equilibrium Price
Consumers will generally buy less of a product at a higher price than a lower price; consumers are demanding. Law of Demand
The higher the price of a product the more they'll supply & the lower the price the less they'll supply. Law of Supply
Basic economic decisions are based on the actions of the buyers & sellers. Market Economy
Amount of money given or asked for when goods & services are bought or sold. Price
Temporary under-supply of an item. Shortage
Over-supply of an item. Surplus
Things you own that have value. Assets
Statement listing your assets, liabilities, & net worth. Balance Sheet
Two part statement listing cash income, cash expense, cash saving, & cash deficit. Cash Flow Statement
Negative cash flow in which monthly cash incomes are less than monthly cash expenses. Deficit
Cash expenses that stay relatively stable. Fixed Expenses
Amounts you owe to others. Liabilities
Total assets minus total liabilities. Net Worth
Cash expenses that can change a lot from month to month, by choice. Variable Expenses
A natural talent. Aptitude
Activities of an individual or group involved in producing and distributing goods & services to customers. Business
Can be physically weighed & measured. Goods
Necessary wants; things we must have in order to survive. Needs
Cost of choosing one things over another. Opportunity Cost
Anything that people can use to make or obtain what they want or need. Resource
Tasks that people or machines perform. Services
Things we wish we could have. Wants
All items, other than natural, used to produce goods & services. Capital Resources
Set of rules by which a nation decides how to distribute its resources to satisfy people's wants. Economic System
The initiation to combine natural, human, & capital resources to produce goods & services. Entrepreneurship
People who contribute the physical & mental energy to the production process. Human Resources
Another term for human resources. Labor
Cannot be replaced. Nonrenewable Resources
Can be replaced by themselves or by the efforts of others. Renewable Resources
Lack of something that can be used to satisfy the wants of an individual or group; always exists. Scarcity
Consists of nothing more than your signature. Blank Endorsement
Restricts the use of the check so it must be deposited into your account. Restrictive Endorsement
Used to transfer a check to another person. Endorsement in Full
Any checks that are written but not cleared. Outstanding Checks
To balance your checkbook. Reconcile
Amount of time it will take for your money to double when place in a savings account at a given interest percentage. Rule of 72
How quickly and conveniently you can retrieve your money from an investment. Liquidity
Money received by you. Income
Period of severe economic decline. Recession
Very severe recession that lasts for several years. Depression
First economic indicator; dollar value of all final goods & services produced in the United States in a single year. GDP (Gross Domestic Product)
Second economic indicator; prolonged rise in the level of prices for goods & services that reduces the purchasing power of money. Inflation
Third economic indicator; percentage of the unemployed work force looking for jobs. Unemployment Rate
Replaced by GDP; not only the United States. GNP (Gross National Product)
Most economic resources & business are owned by individuals or groups rather than public businesses. Private Enterprise System
Contest between businesses to win customers. Competition
Amount of money left over after a business pays for the cost of producing goods & services. Profit
Businesses act in a responsible & fair way toward their employees & society. Social Responsibility
If there are so few firms selling one kind of product, there is no competition. Monopoly
Receives a monthly statement, accessible through ATM's, low interest rates, & easily accessible. Statement Savings Account
Certifies that you loaned money to the government or a corporation & outlining the terms of payment; are IOU's. Bonds
Professionally managed portfolio's made up of stocks, bonds, & other investments. Mutual Funds
Represents ownership of a corporation; stockholders own shares & are entitled to a share of the profits. Stocks
Retirement plan that allows you to contribute to a savings plan from your pre-tax earnings that your employer may match. 401 (k)
Earnings on the account are tax free after five years. Roth IRA
Gaining an amount as a return on an investment. Yield
Government charge on earnings or other sources of income. Income Tax
Money raised through this fund is used to pay retirement benefits. Social Security Tax (FICA)
Money is used for health & hospital insurance; people 65 and over. Medicare
Hidden or built in tax that is a certain percentage of the price. Excise Tax
Tax on imported goods that are collected by the federal government. Tariff
All individuals pay this on wages & salaries; withheld from your check. Federal Income Tax
Different branch of government gets your money. State Income Tax
Goes to the city you live in. City Income Tax
Varies from state to state; doesn't affect the price of food. General Sales Tax
Local government gets most of the money for items owned by people or businesses. Property Tax
Left at the time of someone's death. Estate & Inheritance Tax
Tax on things you receive from others; can't give money away without being taxed. Gift Tax
Impose a higher percentage rate of tax on people with higher incomes. Progressive Tax
Item or activity that is the source of the tax. Tax Base
Property offered & pledged to secure repayment of a loan & subject to seizure should the borrower default. Collateral
Measure of your financial worth. Capital
Income available to make repayment. Capacity
Involves your honesty & reliability in meeting financial responsibilities. Character
Protection against inflation; more in the past. Real Estate
Restricted access to your money, withdrawal penalty if passed expiration date, no risk, no fees, higher interest, & simple. Certificate of Deposit (CD)
Legal process to get out of debt when you can no longer make all of your required payments. Bankruptcy
Profit from sale of capital assets such as stocks, bonds, & real estate are tax deferred. Capital Gain
Calculated on the combined total of the original sum borrowed & the interest it has already accrued. Compound Interest
Created by: Carly. on 2011-05-10



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