Economics Flashcards
(115 cards)
0
Q
Debt culture
A
Deep debt accepted as the norm
1
Q
VISA Gold card mentality
A
Irresponsible spending, pretending to be rich
2
Q
Social security act of 1935
A
Funds running out
3
Q
Baby boomers
A
Unprepared for retirement
4
Q
Build Wealth
A
Baby step #3
5
Q
Mutual fund
A
Safe, long term investing
6
Q
401k
A
Income designated is often matched by employer
7
Q
Emergency fund
A
1000$
8
Q
Sacrifice to win
A
Self control gives us goals
9
Q
Brick
A
Just like money, can build or destroy
10
Q
Reasons to save
A
Emergency, purchases, wealth building
11
Q
Liquid
A
Available cash
12
Q
Money market
A
High interest savings account
13
Q
Certificate of deposit
A
Has a fee for depositing money
14
Q
Collateral
A
Pledged as security for repayment of a loan, to be fortified in the event of a default
15
Q
Fund approach
A
Opposite of debt culture, save until you can purchase
16
Q
Haggle
A
Has greater influence when paying with cash
17
Q
Credit score
A
Number assigned to a person that indicates to lenders their capacity to repay a loan
18
Q
Stock market
A
Investment Oppurtunity with publicly held corporations
19
Q
Compound interest
A
Interest added to the deposit so that the interest also earns interest
20
Q
Credit cards
A
Not necessary
21
Q
Boomerang kids
A
Adults who return to live with their parents due to debt
22
Q
Cost analysis
A
The benefits of a given situation are analyzed as associates with the sum needed
23
Q
Relatives and money
A
Blesses or wrecks the relationship
24
Money and gender patterns
Either self esteem or safety
25
Time poverty
College family, work, church, volunteerism, friends
26
Impulse buying
Rationalized due to being overworked
27
Overdraft
Deficit in a bank account caused by drawing more money than the account holds
28
Accountability partners
Usually older with money management skills,gives objective advice
29
Student loan debt
Repayment schedule may be deferred while the student is still in school
30
Debt to income ratio
Monthly debt divided by your gross monthly income
31
Co-Signer
Legal obligation made by this person to make payment in event of default
32
Credit Report
Details persons financial history specific to their ability to repay borrowed money
33
Credit Bureau
Company that collects information related to individuals payment practices
34
Fair debt/Collections Laws
Limits the behavior or actions of those attempting to obtain payment
35
Lease
Is a legal binding contract for a specific period of time
36
Management by Crisis
Often displayed by drama addicts and poor planning
37
Auto payments
Cash taken from an individual's account every month
38
Auto payments
Cash taken from an individual's account every month
39
Paradigm shift
Fundamental change in approach or underlying assumption
40
Portfolio
A range of investments held by a person
41
Lease(car)
The most expensive version of financing
42
Balloon Payment
Oversized amount due at the end of a mortgage or commercial loan
43
Brand new car
Drops in 18%-28% in the first year
44
Equity
The difference between current market value and what is owed
45
Debt consolidation
Combining of several loans into a new loan and paying more interest
46
Income
Biggest wealth builder
47
Federal trade commission
Main goals are to protect consumers and ensure a competitive market
48
Fraud
Wrongful or criminal deception intended to result in financial or personal gain
49
Electronic access
Allows others into your financial accounts
50
Electronic access
Allows others into your financial accounts
51
Caveat emptor
Buyer alone is responsible for checking the quality of goods before a purchase is made
52
Caveat emptor
Buyer alone is responsible for checking the quality of goods before a purchase is made
53
Power over purchase
Taking control over your impulse buying through various tactics
54
Due diligence
Research best quality at best price before a large purchase
55
Oppurtunity costs
Loss of potential gain from other alternatives when one alternative is chosen
56
Major Purchase
Over 1000$, house, car, vacation, reception, furniture
57
Insurance
Arrangement by which a company guarantees compensation for,specified loss in return for payment
58
Liability
Being responsible by law
59
Premium
The cost of insurance
60
Deductible
Specific amount of money that the insured must pay before an insurance company will pay on their claims
61
Co-Pay
Minimum auto insurance coverage requires by law
62
Bargain
Bought more cheaply than is usual or expected
63
Walk away
Tactic of bargaining and power over purchase
64
Auction
Public sale in which goods or property are sold to the highest bidder
65
Estate Sale
Liquidation of the belongings of someone who has passed away
66
Single Stocks
Future contract with no share rights or dividends
67
Bonds
Investor loans money to an entity
68
Annuity
Insurance company investment designed to grow funds
69
Dividends
Payments regularly paid by a company to there shareholders
70
CFO
In charge of accounting
71
CEO
In charge of management and growth
72
Stockholders
Individual who has purchased shares from a coporation
73
Risk return ratio
Measure of profit as related to the possibility of loss of the investment
74
Entrepreneur
Person who organizes, creates, and operates a business
75
Creative Process
Usually involves, quiet deliberative thought
76
Serendipity
Events by chance in a happy or beneficial way
77
E-Business
Conduct of profit soles through the Internet
78
Technology
Knowledge dealing with applied sciences, especially in industry
79
Bureaucracy
Governmental system that often slows or impedes progress
80
Competition
Efforts of two or more parties acting independently
81
Information Business
Scientific,technical,medical training is sold
82
Hierarchy
Old form of management: status given to those with experience
83
Value chain
Activities followed by a firm to deliver their product or service to the market
84
Outsource
Goods or services obtained by an external supplier
85
Fulfillment
Specializes in fulfilling a service on behalf of the product/company owner
86
Business concept
Bridge between an idea and a business plan
87
Distribution
The action of supplying goods to the consumer
88
Feasibility
Process of investigating the big picture of a specific industry for a niche
89
Executive summary
A great concept statement that presents a business idea as utmost importance
90
Development plan
Proof of plausible financial growth through instating specific steps
91
Financial Plan
Usually a 1-3-5 year statement of profit application and expected growth
92
Timeline
Graphic representation of obtaining goals from both the developmental and financial plans
93
Timeline
Graphic representation of obtaining goals from both the developmental and financial plans
94
Adaption
A change or process of change which allows profit to be better suited to the business environment
95
Bargaining power
Ability to exert influence over another
96
Branding
Creating an unique name and image for a product
97
Niche
Concentrating all marketing efforts on a small but specifically defined segment of an industry
98
Industry Research
Planned investigation aimed at knowledge of a company or its products
99
Trends
General direction in which something is developing of changing
100
Management style
Method of leadership used
101
Business culture
Behavior of humans within an organization toward producing employee satisfaction
102
US Securities and Exchange Commission
Agency that regulates the securities market
103
US department of commerce
Presidential cabinet sector that promotes job and business creation
104
Benchmarks
Point of reference against which things may be compared or assessed
105
Demographics
Statistical data relating to particular groups
106
Demand
Consumers desire and willingness to pay a price for a specific good or service
107
Test market
A tool used to provide insights into the market success of a new market
108
Capital requirements
Funds needed to launch a start up business
109
Mission statement
Summary of the aims and values of a company
110
Product
Article, substance, or manufactured or offered for sale
111
Marketing strategy
The goal of increasing sales and achieving a competitive advantage
112
Loan fund dispersal
Structure detailed as it relates to use of funds received to start a new business
113
Resume
Summing up prior experience in business
114
Reference
Recommendation provided by a business associate
