Chapter 3 Flashcards
A mathematician who uses Statistics to calculate insurance premiums.
actuary
A society in which scarcity of resources in not the predominant condition, and a general level of economic well-being has been achieved by most members of society.
affluent society
The second largest stock exchange in the United States.
American Stock Exchange
A sum of money payed yearly or at regular intervals.
annuity
A formal evaluation of property by an expert, used to establish its market value.
appraisal
An expenditure voted by Congress for use by some agency of the federal government.
appropriation
A line of factory workers and equipment along which a product being assembled passes consecutively from operation to operation until completed.
assembly line
The appraisal of property for the purposes of Taxation
assessment
A possession that can be turned into cash .
asset
The examination by an outside party of the accounts of an individual or Corporation.
audit
Legally declared insolvency, or inability to pay Creditors.
bankruptcy
The exchange of Goods or Services for other goods or services for other goods and services, rather than money.
barter
A market characterized by falling prices.
bear market
The recipient of funds, property, or other benefits from an insurance policy.
beneficiary
