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POB SprTeks Review

POB Spring Teks Review Study Guide

Definition Term
A form of debt that is paid off over an extended time frame that exceeds one year in duration is called a Long-term loan; an example would be a Mortgage Payments
A personal check for which a bank has guaranteed payments is called a Certified Check
Writing “For Deposit Only” above the signature on the back on a check is called Restrictive Endorsement
Consumers can use a debit card to make ATM transactions
Typically e-banking services do not allow customers to Print new checks
The FDIC insures all accounts in the same name at each bank up to an amount of $250,000
Expenses that can go up and down during a budget period is called Variable Expense; an example would be Groceries
The amount of money your recieve when you cash your paycheck is called Take-home pay
The difference between your personal assets and your liabilities is called Your Net Worth
Pays the amount of an insurance policy upon the death of the insured Life Insurance
The amount a policyholder must pay for insurance coverage is called the Premium
An insurance policy states The conditions to which the insurance company and the policyholder has agreed.
Employers must make matching contributions to FICA (Social Security and Medicare) Taxes
Total Revenue – Total Expenses = Net Income
what a company owns is called their Assets
The first step of the budgeting process is Prepare a list of each type of income and expense that will be part of the budget.
A business will make a profit if Revenue is greater than expenses
Credit can be denied for the following reasons High Debt Ratio (Capacity to pay), Low Income, and Poor Credit History.
A notice that requires information about all costs of borrowing be given to the borrower by the creditor is called Truth-in-Lending Disclosure
A loan that is backed by collateral is called Secured Loans
The total amount it costs you for a loan, including interest and fees is called Finance Charge
One of the first things a creditor considers before lending you money is Your capacity to pay
A type credit is used by people for personal reasons Consumer Credit
Refers to an agreement to get money, goods, or services now in exchange for a promise to pay in the future? Credit
A business that buys products from wholesalers or directly from producers and sells them to consumers to make a profit is called Retailers
A store claims it is out of an advertised item and tries to get you to buy a more expensive is an example of Bait and Switch
The Marketing Mix Consist of Product, Price, Place, and Promotion
The function of marketing involved moving goods from one place to the end user Distribution
The process of dividing the market into smaller groups based on different variables is called Market Segmentation
Product - Anything that can be bought or sold. Price- Money requested or exchanged for a product. Place- Getting goods and services to customers. Promotion- Process of communicating with potential customers; to influence buying behaviors. The 4 P's of Marketing
The dynamic activities that identify, anticipate, and satisfy customer demand while making a profit is called Marketing
An assessment of an employee's job performance and the progress made toward achieving set goals is known as Performance Appraisal
Payment made to an employee for work performed including wages or salaries, incentives, and benefits. Compensation
The process of hiring, training, and developing employees is known as Human Resource Management
Marketing to a larger group of people who might buy a product is known as Mass Marketing
A business that purchases large amounts of goods directly from manufacturers to resell in smaller quantities is called Wholesalers
Created by: mrstephens



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