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Intro to Business
Second Semester Study Guide Terms
| Question | Answer |
|---|---|
| Balance of Trade | The difference between the total value of what a country imports and the total value of what it exports. |
| Bankruptcy | A legal process in which some or all of the assets of a debtor are distributed amoung creditors. |
| Benefits | Special services provided by a company for their full-time employees. |
| Big Ticket Item | A costly item, such as a large home appliance or car, that is often bought on credit. |
| Boycott | Refusing to buy goods as a way of expressing an opinion about a business or its products. |
| Capitalist economy | A market economic system in which individuals and companies own and idrect most of the resources used to produce goods and services, including land, capial, and labor. |
| Career Ladder | The method of progressing from one level in a field to another. |
| Command economy | An economic systeminfluenced by the commands or directives, of a central authority consisting of one person or a small group who controls others in the society. |
| Commission | A form of payment in which workers earn a percentage of the value of their sales. |
| Communism | An economic structure in which the government makes decisons concerning the commonly owned natural and capital resources. |
| Consumer advocates | A champion of consumers' rights. |
| Co-signer | A person who agrees to make the payments on a loan if the borrower cannot make them. |
| Credit bureaus | An agency or firm that collects and maintains information about paying habits of consumers. |
| Creditor | One who lends money or probides credit. |
| Developed nations | A nation with a relatively high standard of living and an economy based more on industry than on agriculture. |
| Dividends | The return on an investment, the size of which depends on how much profit a company has made. |
| Embargo | A method used by a government to stop the import or export of goods. |
| Employee | A person working for another person or a business firm for pay. |
| Employer | A person or business that employs one or more people, esp. for wages or salary. |
| Employment agency | An organization set up to help people find jobs. |
| Equity | The difference between the value of property and the amount owed on the mortgage. |
| Fixed rate | A type of investment that yields an unchaning return. |
| Garnishment | A practice that allows the creditor to take part of the borrower's wages if a payment is missed. |
| Global Marketplace | World trade, foreign trade, and international trade all identify the system or process by which nations exchange goods and services. |
| Gross pay | The total amount of money a person earns for a specific period. |
| Insurance claim | Requests for payment to voncer dinacial losses. |
| Insurance premium | The amount of money charged by the insurance company for protection during a certain period of time. |
| Job benefits | Financial compensation other than wages, salaries and incentives. Such as health benefits, paid days off, insurance, exc. |
| Labor market | The number of job seekers and the number of openings in a geographical area. |
| License | A legal permit for doing business; a permit form the state that gives a person the legal right to conduct business or practice profession. |
| Moderate command system | This economy calls for government ownership of major industries including railroads and the steel and iron industries but also provide oprotunities for private ownership. |
| Net pay | A persons gross pay minus deductions. |
| Overtime | The amount of time someone works beyond normal working hours |
| Post secondary education | Higher education. College/Universtity etc. |
| Proceeds | The money paid to survivors after a policyholder dies. |
| Reference | A person a potential employer can contact to find about a job applicant's work, skills and character. |
| Signature card | A card the bank uses to verify your identity. |
| Strike | A work stoppage by members of a labor union. |
| Trade deficit | The situation that exists when a country's imports exceed its exports. |
| Trade surplus | A favortable situation that exists when a country's exports exceed its imports. |
| Trading partner | Any of the countries with which the United States exchanges goods. |
| Traditional economy | An economic system in which people do things the way they have always been done. |
| Union | Or labor union is an organization that is formed specifically to represent the workers. |
| Unit pricing | Using a standard measurement as a basis for pricing a particular product. |
| Usury laws | A law restricting the amount of interest that can be charged for credit. |
| Variable rate | A type of investment whose rate of return changes depemdimg on the average yield of the investment. |
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