Econ Flashcards
(114 cards)
1
Q
Deep debt accepted as the norm.
A
Debt culture
2
Q
Funds running out
A
Social security act 1935
3
Q
Unprepared for retirement.
A
Baby boomers
4
Q
Baby step #3.
A
Build wealth
5
Q
Safe, long term investing.
A
Mutual fund
6
Q
Income designated is often matched by employer.
A
401 K
7
Q
$1,000
A
Emergency fund
8
Q
Self control gives us our goals.
A
Sacrifice to win
9
Q
Just like money: can build or destroy.
A
Brick
10
Q
Emergency, purchases, wealth building.
A
Reasons to save
11
Q
Preparation for wealth building.
A
Baby steps
12
Q
Available cash
A
Liquid
13
Q
High interest savings account.
A
Money market
14
Q
Has a fee for depositing money.
A
Certificate of deposit
15
Q
Pledged as security for repayment of a loan, to be forfeited in the event of a default.
A
Collateral
16
Q
Opposite of debt culture, save until you can purchase.
A
Fund approach
17
Q
Has greater influence when paying with cash.
A
Haggle
18
Q
Number assigned to a person that indicates to lenders their capacity to repay a loan.
A
Credit score.
19
Q
Investment opportunity with publicly held corporations.
A
Stock market
20
Q
Interest added to the deposit so that the interest also earns interest.
A
Compound interest
21
Q
Not necessary.
A
Credit cards
22
Q
Adults who return to live with their parents due to debt.
A
Boomerang kids
23
Q
The benefit of a given situation are analyzed as associated with the sum needed.
A
Cost analysis
24
Q
Blesses or wrecks the relationship.
A
Relatives and money
25
Either self esteem or safety.
Money and gender patterns
26
College + family, work, church, volunteerism, friends.
Time poverty
27
Rationalized due to being overworked.
Impulse buying
28
Deficit in a bank account caused by drawing more money than the account holds.
Over draft
29
Usually older with money management skills, gives objective advise.
Accountability partner
30
Repayment schedule may be differed while the student is still in school.
Student loan debt
31
Monthly debt divided by your gross monthly income.
Debt to income ratio
32
Legal obligation made by this person to make payment in event of default.
Co-signer
33
Details persons financial history specific to their ability to repay borrowed money.
Credit report
34
Company that collects information related to individuals payment practices.
Credit bureau
35
Limits the behavior or actions of those attempting to obtain a payment.
Fair debt/collections laws
36
Is a legal binding contract for a specific period of time.
Lease (apartment)
37
Often displayed by drama addicts and poor planning.
Management by crisis
38
Cash taken from an individuals account every month.
Auto payments
39
Fundamental change in approach or underlying assumptions.
Paradigm shift
40
A range of investments held by a person.
Portfolio
41
The most expensive version of financing.
Lease (car)
42
Oversized amount due at the end of a mortgage or commercial loan.
Balloon payment
43
Drops in 18%-28% in the first year.
Brand new car
44
The difference between current market value and what is owed.
Equity
45
The combination of several loans into a new loan and paying more interest.
Debt consolidation
46
Biggest wealth builder- money received regularly through work of investments.
Income
47
Main goals are to protect consumers and ensure a competitive market.
Federal trade commission
48
Wrongful or criminal deception intended to result in financial or personal gain.
Fraud
49
Allows others into your financial accounts.
Electronic access
50
Buyer alone is responsible for checking the quality of goods before a purchase is made.
Caveat emptor
51
Taking control over your impulse buying through various tactics.
Power over purchase
52
Research best quality at best price before a large purchase.
Due diligence
53
Loss of potential gain from other alternatives when one alternative is chosen.
Opportunity cost
54
Over $1,000, house, car, vacation, reception, furniture....
Major purchase
55
Arrangement by witch a company guarantees compensation for specified loss in return for payment.
Insurance
56
Being responsible by law.
Liability
57
The cost of insurance.
Premium
58
Specific amount of money that the insured must pay before an insurance company will pay on their claims.
Deductible
59
Minimum auto insurance coverage required by law.
PLPD
60
Beneficiary payment, especially for health services, in addition to that made by an insurer.
Co-pay
61
Bought more cheaply than is usual or expected.
Bargain
62
Tactic of bargaining and power over purchase.
Walk away
63
Public sale in which goods or property are sold to the highest bidder.
Auction
64
Liquidation of the belongings of someone who has passed away.
Estate sale
65
Futures contract with no sale rights or dividends.
Single stock
66
Invested loans money to an entity.
Bonds
67
Insurance company investment designed to grow funds.
Annuity
68
Payments regularly paid by a company to its shareholders.
Dividends
69
In charge of accounting.
CFO
70
In charge of management and growth.
CEO
71
Individual who has purchased shares from a corporation.
Stockholders
72
Measure of profit as related to the possibility of loss of the investment.
Risk return ratio
73
Person who organizes, creates and operates a business.
Entrepreneur
74
Usually requires quiet deliberative thought.
Creative process
75
Events by chance in a happy or beneficial way.
Serendipity
76
Conduct of profit solely through the internet.
E-business
77
Knowledge of dealing with applied sciences especially in industry.
Technology
78
Governmental system that often slows or impedes progress.
Bureaucracy
79
Efforts of two or more parties acting independently to secure the same goal.
Competition
80
Scientific, technical, medical training is sold.
Information business
81
Old form of management: status given to those with experience.
Hierarchy
82
Activities followed by a firm to deliver their product or service to the market.
Value chain
83
Goods or services obtained by an external supplier.
Outsource
84
Specializes in fulfilling a service on behalf of the product/company owner.
Fulfillment
85
Bridge between an idea and a business plan.
Business concept
86
The act of supplying goods to the consumer.
Distribution
87
Process of investigating the big picture of a specific industry for a niche.
Feasibility
88
A great concept that presents a business idea as utmost importance.
Executive summary
89
Proof of plausible financial growth through instating specific steps.
Development plan
90
Usually a 1-3-5 year statement of profit application and expected growth.
Financial plan
91
Graphic representation of obtaining goals from both the developmental and financial plans.
Timeline
92
A change or process of change which allows profit to be better suited to the business environment.
Adaptation
93
Ability to exert influence over another.
Bargaining power
94
Ability to exert influence over another.
Bargaining power
95
Creating a unique name and image for a product.
Branding
96
Concentrating all marketing efforts on a small but specifically defined segment of an industry.
Niche
97
Planned investigation aimed at knowledge of a company or it's products.
Industry research
98
General direction in which something is developing of changing.
Trends
99
Method of leadership used.
Management style
100
Behavior of humans within an organization toward producing employee satisfaction.
Business culture
101
Agency that regulates the securities market.
US securities and exchange commission
102
Presidential cabinet sector that promotes job and business creation.
US department of commerce
103
Point of reference against which things may be compared or assessed.
Benchmarks
104
Statistical data relating to particular groups.
Demographics
105
Consumers desire and willingness to pay a price for a specific good or service.
Demand
106
A tool used to provide insights into the market success of a new product.
Test market
107
Funds needed to launch a start up business.
Capital requirements
108
Summary of the aims and values of a company.
Mission statement
109
Article, substance, or service manufactured or offered for sale.
Product
110
The goal of increasing sales and achieving a competitive advantage.
Marketing strategy
111
Structure detailed as it relates to use of funds received to start a new business.
Loan fund dispersal
112
Summing up prior experience in business.
Resume
113
Recommendation provided by a business associated.
Reference
114
Irresponsible spending, pretending to be rich.
Visa gold card mentality
