Finance Flashcards
What is a need?
Something that is absolutely needed for survival.
What is a consumer?
Someone who buys goods and services.
What is a want?
Something that you wish to buy, but don’t need.
What is the difference between a good and service?
A good is an object that is sold. On the other hand, a service is an action to fulfill a task that is bought.
What does the P stand for (PACED)?
Identify a Problem
What does A stand for (PACED)?
List Alternatives
What does the C stand for (PACED)?
Identify Criteria
What does E stand for (PACED)?
Evaluate Alternatives Based on Criteria
What does D stand for (PACED)?
Make a Decision
What is the difference between flexible and fixed expenses?
Flexible- Changed expense Fixed- Consistent expense
What is a budget?
Plan for spending
What is income?
It is how much earnings you receive through selling goods or preforming services.
What is expenses?
They are prices that must be paid for a good or service.
What is the purpose of advertiseing?
To convince consumer to purchase the business’s product or goods.
What is a target audience?
It is the audience in which the advertisement is trying to convince to buy the good of product.
