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Orientation To Buisness > Finals Semester 1 > Flashcards

Finals Semester 1 Flashcards

0
Q

Services

A

Tasks that people or machines perform

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1
Q

Goods

A

Can be physically weighed or measured

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2
Q

Needs

A

Necessary want

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3
Q

Resource

A

Anything people can use to make or obtain what they need and want

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4
Q

Business

A

An activity that seeks profit by providing a good or service

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5
Q

Consumer

A

Person who selects, purchases, uses, or disposes of goods and services

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6
Q

What governments cover public wants?

A

Local, federal, and state governments

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7
Q

What must businesses provide to consumers in order to satisfy their wants and needs?

A

Goods and services

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8
Q

Give two examples of a service

A

Oil change
Car wash
Hair cut
Spa treatment

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9
Q

Scarcity

A

Shortage of resources

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10
Q

Equilibrium price

A

When the quantity demanded and the quantity supplied meet

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11
Q

Natural resources

A

Raw materials found in nature

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12
Q

Economics

A

Studies show how society chooses to use resources to produce and distribute goods

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13
Q

Market economy

A

Economic decisions are made in the market place according to the laws of supply and demand

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14
Q

Factors of production

A

All components necessary to produce a society goods and services

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15
Q

Human resources

A

Knowledge, effort, and skills people bring to their work

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16
Q

Give 2 examples of human resources

A

Teacher
Coal miners
Construction worker

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17
Q

What do we need to turn natural resources into goods and services?

A

Labor

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18
Q

National debt

A

Total amount of money a government owes

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19
Q

Economic indicators

A

Figures used to measure economic performance

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20
Q

What does gross domestic product measure?

A

Measures the total value of goods and services produced in a country in a given year

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21
Q

What does downsizing cause?

A

When new tech can replace workers or requires new skills thousands of workers can become laid off

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22
Q

Unemployment stats are an important indicator of what?

A

Economic activity

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23
Q

Entrepreneur

A

Person who recognizes business opportunity and organizes, manages, and assumes the risks of a business enterprise

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24
Q

Business plan

A

Your plan on getting a business started

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25
Q

What part of a business is the owner responsible for?

A

All of it

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26
Q

List some disadvantages of being an entrepreneur

A

Total responsibility of business
Long hours
Financial risks

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27
Q

Why do some small businesses fail?

A

Not enough profit and they end up more then they get in profit

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28
Q

Sole proprietorship

A

Business owned by a single person

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29
Q

Partnership

A

Business owned by 2 or more persons who share the risk and rewards

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30
Q

Nonprofit organization

A

Type of business that focuses on providing a service rather than making a profit

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31
Q

Cooperative

A

Organization owned and operated by its members for the purpose of saving money on the purchase of good and services

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32
Q

A corporation is controlled by what?

A

Board of directors

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33
Q

Who owns the corporation?

A

Share holders

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34
Q

Give two examples if nonprofit organizations

A

American Red Cross

Morning star mission

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35
Q

Give one example of a cooperative

A

Ocean spray

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36
Q

Comparison shopping

A

Comparing one item to another

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37
Q

Generic products

A

Plainly labeled, unadvertised, and sold at lower prices

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38
Q

Unit price

A

Cost of an item based on a basic unit of measure

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39
Q

Loss leaders

A

Products that are advertised as selling at a loss or below cost

40
Q

Shopping list

A

List of items you plan to buy

41
Q

Label

A

Info on the product

42
Q

Impulse buying

A

Purchasing things on a spur of the moment

43
Q

Limited-line retailer

A

Only sells specific goods and services

44
Q

Two examples of limited line retailers

A

Shoe carnival
Yankee candle
Ace hardware
Foot locker

45
Q

Should you by only bran name products? Why or why not?

A

No because brand name are very exspensive

46
Q

Who has better prices- department stores or discount?

A

Discount

47
Q

Is the most expensive item always the best item?

A

No because sometimes it’s only more expensive because of the company name

48
Q

Bait and switch

A

Advertising a product t a lower price to lure you into a store

49
Q

Recycling

A

Involves collecting products for processing so they can be used again

50
Q

Name the four rights of a consumer

A

Right to be informed
Right to choose
Right to safety
Right to be heard

51
Q

Give an example of the right to be informed

A

Right to know all of the ingredients in a food product

52
Q

If you wash a sweater differently then what the label says and it get ruined, can u sue the manufacturer?

A

No because they have you directions on the label and you didn’t follow them which is your fault

53
Q

Public utility

A

Legal monopolies that allow companies to operate without competition

54
Q

Legal monopolies

A

Legally overtaking a company

55
Q

Recall

A

Take back and repair or replace defective products

56
Q

Licenses

A

Legal permits to conduct business

57
Q

Credit

A

An agreement to get money, goods, or services now in exchange for a promise to pay later on

58
Q

Mortgage

A

Loan written for a long period of time on a house

59
Q

Do items cost more or less when purchased with credit?

A

More

60
Q

Agency that collects info on you and other credit consumers is called what?

A

Credit bureau

61
Q

Secured loan

A

Loan backed by collateral

62
Q

For what reasons can people legally obtain your credit report?

A

Buying a house or car

New job

63
Q

What is one of the first things a creditor considers before lending you money?

A

If you are worth the risk

64
Q

Should you make more than a minimum payment on a credit card?

A

Yes because your interest will start adding up and make u pay debt off for a really long time

65
Q

Truth-in-lending disclosure

A

Shows long terms of credit transactions and shows lending arrangements and all cost

66
Q

Right to be notified

A

States that you must be notified when an investigation is being conducted on your credit record

67
Q

Equal credit opportunity act

A

Applications can only be judged on the basis of financial responsibility

68
Q

Fair debt collecting practices act

A

Prohibits a suite practices by debt collectors

69
Q

Budget

A

Plan for using your money in a way that best meets your needs and wants

70
Q

Gross pay

A

Total amount of money you earned for a specific period of time. Amount before deductions

71
Q

Net pay

A

Take home pay minus deductions

72
Q

Fixed exspenses

A

Expenses that occur regularly

73
Q

Variable exspenses

A

Expenses that fluctuate and change

74
Q

This protects you against unexpected exspenses

A

Emergency fund

75
Q

Interest bearing account

A

A checking account that earns interest on your account balance

76
Q

Overdrawing

A

Taking more money out of our account then you actually have in your account

77
Q

Signature card

A

Record I your signature that the bank uses to verify your identity

78
Q

Joint account

A

Account shared by two people who are equally responsible for the account

79
Q

Outstanding check

A

Check written for more than you have in the account

80
Q

Canceled check

A

Checks that have been written and cashed

81
Q

Overdraft protection

A

Line of credit for overdrawn checks

82
Q

Payee

A

Person who you pay the check to

83
Q

What happens if you wrote a check to someone without enough funds to cover it?

A

The bank will cover it up to a certain amount

84
Q

Simple interest

A

Interest earned only on the money you deposited into your savings account or the principal

85
Q

Cost of savings account

A

Amount to open and keep your account

86
Q

Liquidity

A

Ability to quickly turn something into cash

87
Q

Stock exchange

A

Most stock are purchased here

88
Q

Blue chip stocks

A

Stocks in large, well established companies that have a good track record for success

89
Q

Capital gain

A

Selling a stock for more than paid for it

90
Q

Speculative stock

A

Stocks in a relatively new firm that hasn’t established a record of success

91
Q

Stock

A

Share of ownership in a business

92
Q

Investing

A

Putting your money to use in order to make more money

93
Q

Liability insurance

A

Protects you from claims of injury or property damage to others in case your held responsible for an accident

94
Q

Collision insurance

A

Covers damage to your vehicle

95
Q

Which is higher? Insurance for an old car or a new one?

A

Old

96
Q

The higher your deductible the lower your…

A

Premium

97
Q

Business insurance

A

Includes property insurance to cover costs of damage to property, liability insurance to protect themselves from claims by anyone injured on the property and loss of income in the event of having to close the business for a while

Orientation To Buisness (4 decks)

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