FBLA Introduction to Business – Flashcards
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One of the disadvantages of having a partnership is
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unlimited liability
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An organization that is owned and operated by its members is a ______
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cooperative
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A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called a ______ .
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franchise
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If one of your goals is to limit your personal liability, it would be best to organize your business as a ______ .
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cooperation
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A business owned by ten people who share the risks and rewards of the business is a ____
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partnerships
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3 c's
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Capital, Capacity, Character,
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makes a completely finished product out of raw or processed parts.
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manufacturer
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packagers
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processor
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producer
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make the before final product
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moves finished goods, stores them, and resells them to a wholesaler
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intermediary
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Which department in a company sets the price of a product?
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marketing
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The highest level of management in the organization; responsible for direction and control of the organization as a whole (such as director; general manager; partner; chief officer and executive manager).
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top level management
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Responsible for meeting the goals that senior management sets
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middle management
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Responsible for monitoring the daily activities of the business
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operational management
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Which managerial function comes first when executing business goals?
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planning
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Which is NOT an aspect of the organizing function?
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creating strategies
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Which is NOT part of the leadership function for a manager in charge of a project?
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hiring employees
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In a large company, to whom would an operational manager generally report?
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a middle manager
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the ability to make decisions on your own
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initiative
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integrity
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honesty
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Who makes the final decision in a democratic leadership situation?
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the democratic leader
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Which kind of leader does the most delegating?
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free-rein
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leaders set goals for managers and employees, then allow them to make the decisions to achieve those goals.
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free rein
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leader gets input from the group, then makes the final decision about a situation.
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democratic leader
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do not ask for input from their workers; they expect their orders to be obeyed without question.
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autocratic
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Which is NOT considered an aspect of technology?
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inventors
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Which was inspired by the invention of the telephone?
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fax
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What makes a cell phone different from a telephone?
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cells are small computers
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Anyone who uses a computer while working
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e-workforce
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a store that sells products in stores and online
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click and mortar
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Which types of products do other countries mostly buy from the U.S.?
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agricultural
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When a country's currency is higher than another's, it has
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more buying power
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NAFTA
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North American Free Trade Agreement
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business that takes place within the borders of one state.
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interstate commerce
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OSHA
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Occupational Safety and Health Administration
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formed by a small number of companies rather than just one.
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oligopoly
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best for keeping money in a financial institution for a short period.
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checking accounts
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financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans.
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saving and loan associations
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firms sell stocks and bonds, but not loans.
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brokerage firms
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how many regional banks are there for the federal reserve
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12
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protecting investments through risk management.
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financing
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consists of four basic marketing strategies: product, place, price and promotion.
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marketing mix
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Which is the final step in the process of developing a new product?
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evaluating customer response
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main advertising medium used in the United States.
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newspapers
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advertisers to reach a specific target market.
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direct mail
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appears mostly in phone books.
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directory advertising
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mount of money it costs to display or broadcast an ad
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advertising cost
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Which is NOT something upon which the cost of Internet ads is based?
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placement
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Which is usually NOT included in a job description?
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salary
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amount of money paid to an employee on an hourly basis.
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wage
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someone who comments on a job applicant's character and qualifications for a job.
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reference
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process of helping new employees adjust to a company.
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orientation
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teaching several employees in a class.
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group training
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To market products successfully in another country, companies must research the country's
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language, customs, tastes
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conduct that is considered socially acceptable in business.
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Business etiquette
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usually has one person at the top who makes all the decisions.
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hierarchy
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identify people by a single trait, rather than as individuals
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stereotype
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money used to pay for the various assets and expenses of a new venture or business.
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start up captial
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systematic process of recording and reporting the financial position of a person or organization.
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accounting
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total amount of money owed to a business
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accounts receivable
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assets =
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liabilities + owner's equity
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computing, electronics, and telecommunications to process and distribute information in digital and other forms.
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information technology (IT)
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transmission of information over communication lines.
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telecommunications
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arrangement that allows employees to work at home while communicating with the workplace by phone, fax, or modem.
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telecommunicating
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global computer network.
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internet
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computer language that allows Internet users to access stored images, text, and other files.
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hyptertext
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popular operating system created by Bell Labs. It is
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UNIX
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designed to operate the same on hardware from several different vendors.
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UNIX
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MS-DOS
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Microsoft Disk Operating System
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an open-source version of the UNIX operating system
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Linux
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design factors for the workplace that are intended to maximize productivity by minimizing a worker's discomfort.
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ergonomics
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keyboards, computer mice, touchpads, joysticks, and scanners.
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input devices
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collection of integrated application programs or software applications that work as a single program.
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suite
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a restricted computer network
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intranet
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communication tools, conferencing tools, and collaborative management (or coordination) tools.
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groupware
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work history of one or more jobs in the same or related fields of interest.
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career
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basic skills that you need to get a job, keep a job, and do well at a job.
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Employability skills
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tell an employer what you have to offer and persuade a potential employer to interview you.
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resume
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carry well-known brand name products at bargain prices
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outlet stores
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Which type of store might require customers to become a member to take advantage of benefits?
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warehouse
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Sell only one kind of merchandise.
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limited line retailer
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advertised products that sell at a loss to bring customers into a store.
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loss leaders
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written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired.
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warantee
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A form describing the goods or services sold, the quantity, and the price
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invoice
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warranties or limited warranties
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express waranteefull
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cover only a certain parts of a product
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limited warantee
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seller will repair or replce a product that doesn't work usually free of charge; good for a short period
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full warantee
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leagal responsibility that manufacturers have to make a safe product
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Product liability
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U.S. Consumer Product Safety Commission fact sheets tells how a product is rated on
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safety, performance, and value.
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Which is NOT easily recycled?
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water
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inspects and grades foods. Grade labels, such as "prime" or "choice" for meats, indicate the level of quality.
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US Department of Agriculture
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prohibit price discrimination, the act of charging different prices in different markets or to different customers.
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The Clayton Act and the Robinson-Patman Act
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Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.
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Uniform commercial Code
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requires those who give credit to reveal the details of all terms and conditions
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The Consumer Credit Protection Act
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agency with the power to investigate unfair business preactices
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Federal Trade commision
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included truth-in-advertising provisions that protect consumers from false and misleading advertising. Under this law, advertisers must have evidence to back up their claims.
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Federal Trade Commission act
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Which depends on the degree of risk a creditor takes in lending money or selling on credit?
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the cost of the credit to the borrower
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Which type of card often requires payment of the full amount due at the end of each month?
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travel and entertainment card
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can be used only at the business that issued the card. Interest is charged on the unpaid balance. Cardholders can pay part of the amount owed or the entire amount at the end of each 30-day period.
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single purpose cards
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offer short-term loans until payday.
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payday advance service
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which is NOT required to develop a credit history?
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21 years old
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determines the cost of credit on a yearly basis.
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Annual percentage rate (APR)
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To determine the ability to repay a loan, also known as ______________, a creditor will verify the applicant's employment and income.
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capacity
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Which is a law that restricts the amount of interest that can be charged for credit?
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usury law
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makes comparing credit costs easier and more accurate for the consumer.
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The consumer Credit Protection Act
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requires that consumers be informed of the steps they need to take to get an error corrected.
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Fair Credit Billing Act
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legal process which relieves a borrower of debt?
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bankruptcy
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Which term refers to the actual amount of money you earn or receive during a given period of time?
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income
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Which is a method that allows electronic transfers directly from the payer's account to the account of the person being paid?
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direct deposit
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can be used for such things as paying utility bills.
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direct deposits
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Which type of card can be used to withdraw cash from a checking account without writing a check?
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debit card
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Which term refers to the person who writes a check and is paying someone?
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drawer
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Which term refers to the financial institution where a drawer has an account?
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drawee
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Which of the following is NOT required in order for a check to be paid?
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drawee's or bank's signature
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What percent of your income do experts say you should save?
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10%
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Which will NOT make a sizeable impact on your retirement fund?
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credit rating
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How many months of income do experts recommend you set aside for emergencies?
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6 months
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the three basic types of savings accounts?
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regular, certificates of deposit, and money market funds.
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Which savings account requires you to deposit a specific amount of money in an account for a set period of time?
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certificate of deposite
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kind of mutual fund, or pool of money, invested in loans by business and government
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money market fund
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tradable document that shows evidence of debt or ownership?
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security
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include bonds, shares of stock and mutual funds, and stock options.
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securities
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yield
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rate of interest
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yield on a bond called?
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coupon rate
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What is the difference between the amount you pay for a bond and its face value
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the discount
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Which is NOT a type of security that the U.S. Treasury Department issues?
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stocks
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documents indicating an obligation to pay funds, including promissory notes, collateral notes, and installment notes
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notes
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Treasury bills are sold in units of .
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$1,000
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Treasury bills may reach maturity in ______________________weeks.
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four, 13, or 26
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The interest rate on a Series EE bond
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stays the same throughout the life of the bond.
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Investors pay face value for Series
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I bonds.
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Selling stock for more than you paid for it results in a
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capital gain.
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a house that is divided into two halves and is inhabited by two separate families with separate entrances.
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duplex
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jointly owned apartment building
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cooperative
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amount on the property that you actually own as opposed to how much your owe.
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equity
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include such things as corn, oil, and coffee.
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commodity
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commodity
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anything that is bought or sold
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one that is unacceptable to insurance carriers because the likelihood of loss is too high, such as property in a flood zone.
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uninsurable risk
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controllable risk that, in many cases, can be prevented.
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environmental risk
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potential losses to others that occur as a result of injury or damage that you may have caused.
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liability risk
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risk of harm caused by mistakes, dishonesty, or other risk that is attributable to people.
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human risk
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threat of a loss with no opportunity for gain.
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pure risk
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which type of insurance protects vehicle owners from claims of injury or property damage to others?
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liability insurance
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Which type of insurance covers damage to the policyholder's vehicle?
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collision insurance
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decline in value of an asset.
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depriciation
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Which term refers to the amount in damages a policyholder must pay before the insurance company pays a claim?
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deductible
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Homeowners policies do not cover loss from
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floods, earthquakes, landslides, acts of war, or nuclear hazards.
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covers the cost to repair a house if it is damaged or destroyed. Most policies also cover garages or sheds that are detached from the house.
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Structural protection
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what percent of a home's market value do insurance companies recommend a homeowner insure
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80%
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value of the property when it was new minus the depreciation.
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actual cash value
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Which type of life insurance provides both savings and death benefits?
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cash value insurance
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Which type of life insurance has a premium that stays the same and is paid throughout the policyholder's life?
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whole life insurance
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Which term refers to the percentage of medical expenses that a policyholder must pay beyond the deductible?
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coinsurance
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Which type of insurance pays for a serious illness or accident?
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major medical insurance
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What type of insurance plan provides health care at its own health center for a fixed fee per month?
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a health maintenance organization
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With a _________________________, policyholders must go to a designated clinic.
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health maintenance organization
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With a ______________________, policyholders pay a prearranged fee to health-care providers approved by or affiliated with the plan.
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preferred provider organization
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What drives the economy?
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wants and needs
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Which is the current emphasis in the U.S. economy?
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information
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When did the Industrial Revolution lead to the industry-based economy?
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1800s
