Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Munk Bus. Ess Final
Bus. Ess Final
| Question | Answer |
|---|---|
| 2009 CARD Act | to receive a credit card, consumers must be at least 21 years of age or older and interest rates on existing balances can’t be raised until past due days. |
| Allowances | used to determine the amount of taxes withheld from a paycheck |
| Amiable personalities | people that are friendly and outgoing. |
| Analytical personalities | people that want to know the facts and aren’t interested in what other people think. |
| APR | cost of credit expressed as a yearly interest rate |
| Body | the purpose of the business letter. |
| borrower | the person or organization that is receiving the money from the lender. |
| Intrastate commerce | business transactions involving companies that do business only in one state. |
| Capitalism | means that economic resources are usually privately owned by individuals rather than by the government. |
| Career | a lifetime journey of building and making good use of your skills, knowledge and experiences |
| Closed | end credit – a one time loan that is for a specified in application |
| Comparison shopping | planned buying or rational buying with careful consideration of the product, features, buying, and quality |
| Complimentary closing | the closure of a business letter |
| Compound interest | you receive interest not only on the amount, but on the interest as well. |
| Contract | an agreement to exchange goods or services for something of value. |
| Copyright | protects the creative work of authors, composers and artists for life plus 50 years after death. |
| Credit | when goods, services or money is received in exchange for a promise to pay a definite sum of money at a future date |
| credit card | credit that can be used for the purchase of goods and services now and payment of them later |
| credit limit | the maximum dollar amount loaned |
| credit report | a record of a consumer’s credit history that includes information about credit card use as well as the use of other types of credit, and personal information. |
| Credit sale | when a customer receives a product or service from a business and agrees to pay later |
| Credit score | a number that summarizes an individual’s credit record and history and is a numeric “grade” of a consumer’s financial reliability. |
| creditworthiness | is an individuals ability and willingness to pay the money back |
| Customer loyalty | faithfulness or devotion to a business. |
| Customer service | making sure the customers are satisfied and will continue to buy products or services of a company. |
| Debit card | plastic card which looks like a credit card, but is electronically connected to the cardholder’s bank account |
| Deductions | amount of money subtracted from the gross pay earned for mandatory systematic taxes, medical benefits, or retirement benefits |
| Demand | amount of goods that consumers are willing to purchase. |
| Dependent | a person who relies on the taxpayer for financial support |
| Direct deposit | employers directly deposit employee’s paycheck into the a authorized employee’s depository institution. |
| Driver personalities | people who want fast results. |
| Durables | consumer goods that will last longer than three years. |
| Educational goals | help individuals prepare for success in the workplace |
| Expressive personalities | people that like being the center of attention. |
| Final goods | goods and services sold to consumer. |
| Financial goal | specific objectives to be accomplished through financial planning enable individuals to prepare for future success in the workplace |
| Fixed costs | costs that will remain the same no matter if you sell many products or none. |
| Form I 9 | used to verify the eligibility of individuals to avoid hiring undocumented workers or others who are not eligible to work in the US. |
| GDP | is the basic measure of natural economic output of all final goods/services produced in a year. |
| Goal | end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future |
| Goods | things we can use, touch, and see |
| Gross pay | total amount of money earned during a pay period before deductions |
| Hard job skills | are specific to a particular job and include knowledge about job. |
| Impulse Buying | unplanned buying or emotional buying with little consideration of the product |
| Inflation | the prices that causes the purchases power of a nation to fall and causes goods to be more expensive over time. |
| Inside address | the recipients name, company name, and address on a business letter. |
| interest | price of money when referring to credit, interest is the charge for borrowing money |
| Intermediate goods | are things that are produced and then used up in the production of goods and services. |
| Interstate commerce | business transactions involving companies in more than one state |
| Invoice | a form issued to a customer during a credit sale that allows both the business and the customer to know how much they owe |
| IRS | collects federal taxes, issues regulations, and enforces tax laws written by the US Congress. |
| Job | work role within a specific organization, may be paid or unpaid |
| Late payment fees | is a charged when a cardholder does not make the minimum monthly payment by due date. |
| lender | person or organization who has the resources to provide the individual with a loan |
| long term goals | specified as more than one year |
| Market | the future customers for your product or service |
| Marketing strategy | way in which a product or service is sold to the target market. |
| Medicare | nation’s health care program for the elderly and disabled |
| Minimum payment | required to make at least each money on your credit card. |
| Monopoly | exists when a business has control over a market for a product or service. |
| Need | essential items required for life |
| Net pay | amount of money left after all deductions have been withheld from the gross pay earned in the pay period |
| Nondurables | goods expected to last less than three years. |
| Occupation | wide category of jobs with similar characteristics. |
| open end credit | revolving credit, a credit extended in advance that may be used for a variety of purposes |
| Over the limit fee | charged if the account balance goes over the set credit limit. |
| Patent | gives the inventor the exclusive right to make, use, or sell the item for 17 years. |
| Pay period | the length of time for which an employee’s are calculated |
| Paycheck | payment given with a paper check with a paycheck stub attached. |
| Paycheck stub | a document included each pa period which outlines paycheck deductions |
| Payroll card | payment electronically loaded onto plastic card for payroll. |
| Percent profit margin | a useful figure for comparing businesses by dividing net profit by costs and multiplying by 100%. |
| Proactive approach | requires you to anticipate potential problems and takes steps to minimize or prevent complaints |
| Profit | the amount you get when you subtract costs from the money collected from your customer’s sales. |
| Quotation | form issued to a potential customer showing the cost of certain items that the customer wants to buy. |
| Reactive approach | is when you wait for problems to arise and then work on a fix. |
| Receipt | a form issued to a customer when they pay cash for a product or service. |
| Resources | the things used in running your business |
| Return address | is the address of the letter writer. |
| Revenue | money that is collected y the government from taxes and tariffs |
| Salutation | is the greeting of a business letter. |
| Services | are activities people do for us |
| short term goals | specified as less than one year |
| Simple interest | interest figured by taking principal times rate times time. |
| SMART goals | specific, measurable, attainable, realistic, time bound |
| Social Security | nation’s retirement program to help provide retirement income for elderly and pays disability benefits |
| Soft job skills | “common sense” skills. |
| Standard of living | the minimum necessities thought to be essential, differs between people |
| Supply | the quantity of goods that a supplier has available to sell |
| Target market | the exact group of people who would be most likely to buy a product or service |
| Taxes | compulsory charges imposed on citizens by local, state, and federal governments. |
| Time management | process of organizing your time, and not being overwhelmed with tasks. |
| Trademark | is a word, letter, or symbol associated with a specific company or product. |
| Transaction fees | fees for transfers, cash advance and foreign transactions. |
| Truth in Lending Act | limits liability for unauthorized credit charges to $50 per card. |
| Variable costs | costs connected with the production of the product. |
| Form W 4 | determines the percentage of gross pay which will be withheld for taxes |
| Want | unnecessary but desired items |
| Well being | state of being happy, healthy and prosperous |
Created by:
kkmunk
Popular Business sets