Government Book 7 – Flashcards
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arbitrating
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Deciding a settlement on an issue
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broker
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In business, manager who is a go-between in working with his employees and management
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embezzlement
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Taking business money illegally for private use
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entrepreneurial
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Risk-taking management; making the decisions that affect the future of the business
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forbearing
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Refraining from; keeping away from
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logo
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An easy-to-recognize symbol or artwork of a company
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management
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Executive oversight of a business
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operational
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Concerned with the day-to-day and decisions of the firm
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personnel
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The people employed by a business
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profit margin
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The sum after the expenses of a business have been calculated; net gain
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In charge of the day to day activities and decisions of the firm
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Describe operational management
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rob, Leviticus
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"Thou shalt not defraud thy neighbor, neither ____ him; the wages of him that is hired shall not abide with thee all night until the morning." __________ 19:13
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entrepreneurial, operational management
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What are the two aspects of management?
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respect
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Concerning Southwest Airline's success, researchers agree on one point: treat everyone with kindness and ________.
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go-between or broker
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In a corporation, the manager is the _______ between his employees and top management.
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communicate
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It is the manager's job to _____ the wishes of top management in such a way as to motivate employees to carry out these wishes.
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fairness
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The chief principal of the four Biblical passages (Leviticus 19:13, Deuteronomy 24:14-15) on management is ______.
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masters, Master, fear
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(Ephesians 6:9) "And ye, ______ do the same things unto them, forbearing threatening; knowing that your _____ also is in heaven; neither is there respect of persons with him." Management by _____ has no place in Christian management.
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True
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True. False. Risk-taking management, which involves making basic decisions that affect the future of the business, is called entrepreneurial management.
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Making decisions that affect the future of a business
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What is entrepreneurship?
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top management, board of directors
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What people would make entrepreneurial decisions in a corporation? top management government board of directors individual worker
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acting ethically
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Acting within the good principles of society and within the accepted rules of proper behavior
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Caveat Emptor
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Latin Phrase means "Let the buyer beware"; buyer of defected goods cannot hold seller legally responsible
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commentator
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A news broadcaster or reporter who adds analysis after reporting
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coupon
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Printed certificates which offer the bearer certain financial advantages such as discounts or rebates
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impulse buying
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Buying without planning or forethought; "on the spot" purchase
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inventory
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A detailed accounting of all the goods in stock
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odometer
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An instrument used to measure the distance traveled by a vehicle
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rebate
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A deduction from a full purchase amount that is repaid to the consumer
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return policy
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Product may be brought back by the purchaser to the seller for an exchange
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warranty
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A guarantee that is legally binding to the company that issues it
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return policy, warranty
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Check prices on comparable items. It is also a good idea to check the store's ________ and _______.
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beware
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Caveat Emptor means "Let the buyer _____"
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inventory
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After Christmas is a time when the businesses wish to move a lot of _____ and ready themselves for the next sales season.
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sheets and bedding
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The end of the year white sale is a big chance for savings. What is usually on sale?
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building standards, fire codes, zoning laws, licensing
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Name the different types of state and local level regulations that a business might have to abide by.
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The Federal Aviation Administration: regulates the airlines; The Federal Reserve Board: regulates the banks
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Name two of the government agencies and their duties.
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safety, danger
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Most regulations have to do with the _____ of the individual who may be a customer of the business or a worker within the business. After all, a consumer wants to know that he can trust in the quality of the food or the safety of the toy he purchases. A worker wants to be in a workplace that does not pose a _____ to him.
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electric companies
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Some businesses have stricter guidelines, and even have their prices regulated. These price-regulated businesses are normally monopolies like __________.
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building standards
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Codes and rules instituted for the safety of a structure and the well-being of its inhabitants
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compensate
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To make payment to; to financially award a person
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contract
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Legally binding written agreement between purchaser and seller
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fire code
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Specifications and safety measures required for buildings to protect against fire
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inflation
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A continuing increase in prices and weakening of the purchasing power of money
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licensing
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Granting of official permission to perform a business
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purchasing power
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Money's actual worth for buying products
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regulations
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Restrictions and rules governing business conduct
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wage-price spiral
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Wage increases that compete with higher consumer prices in an ever-escalating upturn
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zoning laws
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Specific district allowances and restrictions, usually governing the flow of business
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checking
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Banking service where a customer can write checks against the money he has available in his name
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commercial bank
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For-profit banks open to the public for saving accounts, loans and other financial activity
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consumer protection laws
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A governmental regulation; a mandate which is instituted to safeguard the purchaser
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discount rate
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Federal reserve-set interest rate to determine the amount needed to pay back the loan
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Federal Reserve System
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Central banking system of the U.S.; duties include a watchdog role in the regulation of banks
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government securities
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A government investment in businesses, guaranteeing repayment
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open-market operations
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Purchase or sale of government securities, regulates the money that banks can lend
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reserve requirements
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Money the Fed needs to have as a balance; change determines amounts banks repay, or retain
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saving
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Banking service in which a customer is awarded interest on time he has kept money in the bank
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Clayton Antitrust Act
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A 1914 legislation that dealt against monopolies, particularly in the area of price-fixing
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commerce
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Commercial transactions between a customer and a seller
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competitive
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Contesting one another; the act of businesses which are fighting for the consumer's dollars
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divestiture
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The dividing sale, or liquidation of a corporation
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ethic
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A principle or value
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incentive
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An encouragement to strive for higher goals or profits
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merger
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The combining of two or more corporations or businesses
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monopoly
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Financial control of a market
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production
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Output; the result of manufacturing
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trust
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Unofficial mergers formed to control prices and production in the market place
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board of governors
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A _____ and the Federal Open Market Committee oversee the operation of the Fed.
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1) Issues the nations coin and paper currency; 2) Check money for wear and tear wile looking for counterfeits
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Explain two of the responsibilities with the United States currency of bills and coins.
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credit, reserve
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The Federal Reserve System has the authority to expand ____ in case of a national emergency, power to set limits on the ______, and manage America's supply of money.
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independent
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The Fed is an ________ agency of the United States government.
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True
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True. False. The U.S. Treasury keeps a checking account with the federal reserves.
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False
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True. False. A bank might be seeing a hard pull on its deposits and lend to the Reserve Bank to help.
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False
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True. False. One-third of the checks written in the U.S. are processed by the 12 Federal Reserve Banks, totaling more than $12,000 annually.
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True
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True. False. The Fed works to keep the balance of financial strength at a healthy level by keeping interest rates low in recessions and letting them rise in economic "boom" times.
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False
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True. False. All monopolies are bad.
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False
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True. False. One of the largest investments in American history occurred when the U.S. Government ruled that AT&T Corporation was a monopoly that must be divided so that the telephone market might be more competitive.
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True
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True. False. In 1911 the Standard Oil Company was divided into more than 30 separate companies.
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True
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True. False. Monopolies are judged by how strong the competition is.
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harder to make loans
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When banks borrow money from a Federal Reserve Bank, they are given a certain interest rate to pay back the loan. If the Federal Reserve System raises the rate of interest, the banks will find it: Harder to make loans Easier to make loans Easier to borrow more Harder to borrow more
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securities
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Week by week the finances in this country can change, so the selling and buying of ________ helps maintain equilibrium. operations securities reserve requirements
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2
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Which statement is true? 1. The Fed was started in 1933. 2. The Federal Reserve also rules on applications from banks who want to merge. 3. The Fed has over 20 districts.
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12
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There are __ Federal Reserve Banks nationwide, and each one serves a specific region of the country, along with the Board of Governors in Washington, D.C. 8 10 12 18
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1, 3, 5
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In which 3 ways does the Fed manage the county's money supply? 1. open-market operations (purchase or sale of government securities) 2. close-market operations (purchase or sale of banking transactions) 3. change the discount rate 4. inhibit inflation 5. change reserve requirements 6. international trade
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laws created by the Fed
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Truth-in-lending, Equal Credit Opportunity, and Home Mortgage Disclosure
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monopoly, control
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In a _____, one company, or even a small group of cooperating companies has ____ of the supply of a product or service.
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mergers, production
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Trusts are unofficial _____ formed to control prices and _______ in the marketplace.
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board of directors
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In 1914 the Clayton Antitrust Act prevented a merging of corporations to have intertwined ________.
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raise prices
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After the trusts had eliminated the competition, they would cut back on production and ________.
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higher prices, lower quality, limitation or elimination on certain goods, poor service and attitude, no rival competition or alternative markets
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What are the five dangers of a monopoly?
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incentive
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Encouragement to strive for higher goals or profits is called _____.
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deregulation
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The dropping or relaxing of restraints and limits
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hub
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Central points of a business
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mega-merger
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A huge union of large corporations or utilities
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price-setting standard
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Guidelines for controlling costs and expenditures by the consumer
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proponents
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Those that are in support of something
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restructuring
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Realigning or adjusting to meet new qualifications or needs
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service
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Work done for others
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Sherman Antitrust Act of 1890
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Anti-monopoly act; awarded victims of a monopoly three times the amount the lost
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technological advance
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Growth through successful scientific research and strength
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bankruptcy
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The act of being declared and legally insolvent
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bankruptcy court
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Legal proceedings that deal with concerns of those who have declared insolvency
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debtor
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One who owes money, goods, or services to another
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lien
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The right to take, sell, or hold property as security or payment of a debt
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liquidation
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Debtor surrenders nonexempt property to creditors, but pay debts that haven't been forgiven
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personal liability
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A debtor must fulfill the monetary obligations from his personal financial fiances
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reorganization
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A chapter 13 proceeding that requires the debtor to make planned payments to creditors for up to five years
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secured debt
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Promise to pay to another a certain amount of money which has collateral that the creditor may seize
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Title 11
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The section of the U.S. Code that deals with the rules and procedures of bankruptcy
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unsecured debt
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A promise or obligation to pay to another a certain amount of money which has no collateral
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iou's
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Deregulated Investor Owned Utilities are known as ____.
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1978
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The Airline Deregulation Act was put into effect in ____.
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purchasing, technological advances
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The purpose of deregulation is open to the doors of competition to more businesses in order to offer consumers great choice in _____ services or products, to lower rates and to encourage ______ through competition.
