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9-Weeks Review
Financial Technoloogy 9-Weeks Review
| Question | Answer |
|---|---|
| Necessary for physical survival | basic needs |
| Not necessary for physical survival | life-enhancing wants |
| Teenagers and sports watchers are examples of | target markets |
| Item marked down to draw in customers | loss leader |
| To convince one to buy a specific good | product advertising |
| To promote the image of a store | company advertising |
| Promotion of a general product group | industry advertising |
| Specific set of consumers | target market |
| Using uneven numbers when setting prices so consumers believe they are getting a bargain | odd number pricing |
| Protects your health and billing information | HIPPA |
| Protects investors and oversees securities market | SEC |
| Prevents the selling of mislabeled foods, drugs, etc. | FDA |
| Requires warning labels be visible on products | cigarette labeling and advertising act |
| Restricts unfair methods of competition | FTC |
| Based on estimated cash inflows and outflows | budget |
| Debts | liabilities |
| Costs that do not change | fixed expenses |
| money or things you own | assets |
| Costs that can go up and down | variable expenses |
| Difference between planned income or spending and actual income or spending | variance |
| Offer financing for the purchase of a new vehicle | new car dealers |
| Title fees and sales tax are paid only at the time the vehicle is | purchased |
| Factors to consider when choosing between a new or used vehicle | cost, depreciation, and repairs |
| Deciding where to live will depend on | finances |
| loss in value of a vehicle | depreciation |
| unique number for a vehicle | VIN |
| A source for checking the history of a used vehicle | CARFAX |
| When signing a lease, one is expected to stay for | entire term |
| It is lawful for one to deny rent based on | employment, credit rating, and rental experience |
| When vacating a rental, how many days notice is one to give? | 30 days |
| Legal demand that a tenant move out | eviction |
| owner of the property | landlord |
| renter of the property | tenant |
| A written agreement to rent property which states a specified length of rental | lease |
| Using another's property for a fee | renting |
| To increase in value | appreciate |
| The two types of mortgages are | fixed rate and adjustable rate |
| Costs paid when a real estate transaction is complete | closing costs |
| Check not honored by the bank due to non-sufficient funds | bounced check |
| Monthly payments should not exceed what percentage of one's take home pay | 25-35% |
| Used to access an account; like a password | PIN |
| Expressed interest in entering into a contract | offer |
| Adjusting the checkbook register and bank statement balances | bank reconciliation |
| Formal agreement to the terms of an offer | acceptance |
| Used at an ATM | ATM card |
| Interest rates do not change during the term of the loan | fixed rate loan |
| Interest rates change in response to the economy | adjustable rate loan |
| Tool used to track check, withdrawals, deposits, etc. | checkbook register |
| Money added to an account | deposit |
| Written order to pay stated amount to stated person or business | check |
| Person who can be claimed on tax return | dependent |
| The more exemptions the | less tax |
| Used by employees to list exemptions and tax withholdings | W-4 |
| Pay for each hour worked | wage |
| Pay for each month or year worked | salary |
| Percentage of sales paid to salesperson | commission |
| Amount of check after deductions | net pay |
| Deductions required by law | federal income tax, social security, medicare |
| Voluntary deductions | health insurance, life insurance, retirement plan |
| Total salary or wages earned | gross pay |
| Reports worker's taxable income for year | W-2 |
| Provides a death benefit and builds cash value | permanent life insurance |
| Patients choose doctors from approved list | preferred provider organization |
| Protects you if someone is injured on your property | personal liability |
| Provides portion of pay for up to 2 years due to injury or illness | short term disability |
| Price paid for insurance coverage | premium |
| Amount one must pay before insurance will pay | deductible |
| Ability to borrow money and pay it back later | credit |
| Credit to be paid off in a set period of time | installment credit |
| Fee for violating terms of credit agreement | penalty |
| Procedure to relieve someone of excessive debt | bankruptcy |
| Getting one loan with a single monthly payment to pay off all debt | debt consolidation |
| Account one can charge repeatedly up to a maximum limit | revolving credit |
Created by:
hsmith2007
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