Daily terminology Flashcards
Plaintiff
the party who initiates a lawsuit by filing a complaint with the clerk of the court
Test Market
Product development stage where the product and the marketing plan are exposed to a carefully chosen sample of the population for a specified time to decide if product is launched to full scale.
Economies of scale
in manufacturing, the more units being produced, the less expensive each unit costs to produce.
Quarterly savings
money earned from sales by a business over a three-month period of time
Durable goods
a good that doesn’t wear out quickly is useful for an extended period of time (furniture, appliances, cars)
Foreclosures
a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments
E-commerce(electronic Commercial)
the buying and selling of products and services over the Internet
Sector
one of several subdivisions of an economic system
Default
failure to pay a financial debt
Deferment
is postponement of payment on a loan, during which interest does not accrue (for college student loans)
Forbearance
allows a person to temporarily stop making payments on a loan, make smaller payments, or extend the time for making payments for up to 12 months, if you don’t qualify for a deferment
Mortgage
a loan secured by real property (house) that is paid back over an extended period of time (15 to 30 years)
PITI
Elements of a mortgage payment: Principal, Interest, taxes and insurance
Equity
The difference between the current market value of the property and the amount the owner still owes on the mortgage
Down Payment
A percentage of a total purchase made at the time of purchase that lowers the amount of a loan or mortgage
