Unit 1 Flashcards
What is the correct Chicago style citing for websites
Firstname Lastname, “Title of Web Page,” Publishing Organization or Name of Website in Italics, publication date and/or access date if available, URL.
What is the correct Chicago style citing for books
I
Define product
Thing that people are able to purchase
Define service
the action of helping or doing work for someone
Define needs
Things you must have in order to stay alive
Define wants
Things that are in extra in your life
List factors that influence a persons needs or wants
Society, interests, priorities, income, trends and fads, culture, age
Define trend
A general direction in society that may last for a long time
Give an example of a trend
Women entering the workforce
What is a Fad
A craze that people take up quickly and then drop just as quickly
Give an example of a fad
Silly Bandz
How are trends and fads similar
They both spark a rise in economy
Define Maslow’s hierarchy of needs
Scale that determines needs from greatest to least
From bottom to top, name the different types of needs
Psychological, safety, love and belonging, esteem, self actualization
Who create Maslow’s hierarchy of needs
Abraham Maslow
Where were Abraham’s findings published
ask
What was Abraham’s profession
He was a psychologist
How Does Maslow’s hierarchy of needs impact business decisions
It helps us to understand consumer buying and behavior, helps understand the psychological factors that determine their in behavior and that’s consumers buying behaviour [money], and of these develop products to help satisfy particular needs and they can focus on one need or multiple needs at a time
Define budgeting
A plan that is developed to help track finances and set financial goals. It is set for certain amount of time Budgets help us track a much money we bring in and spend
Define gross pay
How much money you make before tax deductions
Define net pay
The total money left over after taxes and deductions
What is disposable income
Another word for net pay
What is discretionary income
The total left over after you’ve paid for all of your necessary bills
Define income taxes
Certain amount of money taken by the government pending on how much money you make per year
Define CPP
Canada pension plan
Define fixed expenses
Expenses that her monthly and do not vary
Give an example of fixed expenses
Mortgage and car loan and insurance
Define income
Money received through work or investments
Name for ways Canadians can bank
ask
What are the different banking services
Mortgage, loans, wine of credit, investments [GICs/mutual funds], bank accounts
What is a mortgage
When you get a loan from the bank and in order to pay it off you give them a monthly amount each month until it is all paid off
What is a loan
an amount of money a company or bank will give you with expected interest in return
What is a line of credit
The amount of credit extended to the borrower
Define investments
When you put money into a certain project or stock expecting to get money back in return
What is a bank account
Account set up in the bank to hold your money
Name three ways of banks make money
Through bonds, loans and charging high interest
What is the difference between schedule one, two, and three banks
ask
What is CIDC
Canada Deposit Insurance Corporation,
What are trust companies
Similar to banks but can manage estates, pension plans, trusts and banks can’t
What is a credit Union
Geared towards employers, ethnic backgrounds, geo areas and provides them with benefits, it is member controlled
Define credit
The ability of a customer to obtain goods or services with the trust that they will pay for it later
What is a creditor
Person or company to him the money is owed
What is a debtor
The person or company who owes the money
What are different types of loan
Credit cads, store credit, mortgage, line of credit, school loan [osap or bank loan)
What is School loan
Money given to students so that they can do post secondary school
What are the three C’s for applying for credit
Character, capital, and capacity
What is the 20/10 rule
avoid borrowing more than 20 percent of your annual net income on all of your loans (not including a mortgage). And payments on those loans shouldn’t exceed 10 percent of your monthly net income.
Define stock market
Place to sell and trade stocks
Define share holder
A person who owns stocks
define bull market
a market in which share prices are rising, encouraging buying.
Define bear market
a market in which prices are falling, encouraging selling.
What is full brokerage
Going to somebody to help you do stocks
Define discount brokerage
doing the brokerage on your own
Define book market
ask
Find market Value
ask
define dividends
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
WHAT IS SIMPLE INTEREST
Interest earned only on the principle
What is principal
The original amount of money you deposit or borrow
What is compound interest
The interest paid on the original principal and the interest
What is the formula for simple interest
I (interest earned)= p(principle)r(interest rate per year)t(time in years)
What is the formula for compound interest
B(balance)=p(principle) [1 + r(interest rate per year)] Time —that is a power
What is balance?
balance of an account is the principle plus interest earned
