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Orientation To Buisness > Finals Semester 1 > Flashcards

Finals Semester 1 Flashcards

(98 cards)

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0
Q

Services

A

Tasks that people or machines perform

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1
Q

Goods

A

Can be physically weighed or measured

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2
Q

Needs

A

Necessary want

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3
Q

Resource

A

Anything people can use to make or obtain what they need and want

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4
Q

Business

A

An activity that seeks profit by providing a good or service

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5
Q

Consumer

A

Person who selects, purchases, uses, or disposes of goods and services

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6
Q

What governments cover public wants?

A

Local, federal, and state governments

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7
Q

What must businesses provide to consumers in order to satisfy their wants and needs?

A

Goods and services

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8
Q

Give two examples of a service

A

Oil change
Car wash
Hair cut
Spa treatment

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9
Q

Scarcity

A

Shortage of resources

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10
Q

Equilibrium price

A

When the quantity demanded and the quantity supplied meet

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11
Q

Natural resources

A

Raw materials found in nature

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12
Q

Economics

A

Studies show how society chooses to use resources to produce and distribute goods

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13
Q

Market economy

A

Economic decisions are made in the market place according to the laws of supply and demand

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14
Q

Factors of production

A

All components necessary to produce a society goods and services

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15
Q

Human resources

A

Knowledge, effort, and skills people bring to their work

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16
Q

Give 2 examples of human resources

A

Teacher
Coal miners
Construction worker

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17
Q

What do we need to turn natural resources into goods and services?

A

Labor

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18
Q

National debt

A

Total amount of money a government owes

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19
Q

Economic indicators

A

Figures used to measure economic performance

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20
Q

What does gross domestic product measure?

A

Measures the total value of goods and services produced in a country in a given year

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21
Q

What does downsizing cause?

A

When new tech can replace workers or requires new skills thousands of workers can become laid off

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22
Q

Unemployment stats are an important indicator of what?

A

Economic activity

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23
Q

Entrepreneur

A

Person who recognizes business opportunity and organizes, manages, and assumes the risks of a business enterprise

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24
Business plan
Your plan on getting a business started
25
What part of a business is the owner responsible for?
All of it
26
List some disadvantages of being an entrepreneur
Total responsibility of business Long hours Financial risks
27
Why do some small businesses fail?
Not enough profit and they end up more then they get in profit
28
Sole proprietorship
Business owned by a single person
29
Partnership
Business owned by 2 or more persons who share the risk and rewards
30
Nonprofit organization
Type of business that focuses on providing a service rather than making a profit
31
Cooperative
Organization owned and operated by its members for the purpose of saving money on the purchase of good and services
32
A corporation is controlled by what?
Board of directors
33
Who owns the corporation?
Share holders
34
Give two examples if nonprofit organizations
American Red Cross | Morning star mission
35
Give one example of a cooperative
Ocean spray
36
Comparison shopping
Comparing one item to another
37
Generic products
Plainly labeled, unadvertised, and sold at lower prices
38
Unit price
Cost of an item based on a basic unit of measure
39
Loss leaders
Products that are advertised as selling at a loss or below cost
40
Shopping list
List of items you plan to buy
41
Label
Info on the product
42
Impulse buying
Purchasing things on a spur of the moment
43
Limited-line retailer
Only sells specific goods and services
44
Two examples of limited line retailers
Shoe carnival Yankee candle Ace hardware Foot locker
45
Should you by only bran name products? Why or why not?
No because brand name are very exspensive
46
Who has better prices- department stores or discount?
Discount
47
Is the most expensive item always the best item?
No because sometimes it's only more expensive because of the company name
48
Bait and switch
Advertising a product t a lower price to lure you into a store
49
Recycling
Involves collecting products for processing so they can be used again
50
Name the four rights of a consumer
Right to be informed Right to choose Right to safety Right to be heard
51
Give an example of the right to be informed
Right to know all of the ingredients in a food product
52
If you wash a sweater differently then what the label says and it get ruined, can u sue the manufacturer?
No because they have you directions on the label and you didn't follow them which is your fault
53
Public utility
Legal monopolies that allow companies to operate without competition
54
Legal monopolies
Legally overtaking a company
55
Recall
Take back and repair or replace defective products
56
Licenses
Legal permits to conduct business
57
Credit
An agreement to get money, goods, or services now in exchange for a promise to pay later on
58
Mortgage
Loan written for a long period of time on a house
59
Do items cost more or less when purchased with credit?
More
60
Agency that collects info on you and other credit consumers is called what?
Credit bureau
61
Secured loan
Loan backed by collateral
62
For what reasons can people legally obtain your credit report?
Buying a house or car | New job
63
What is one of the first things a creditor considers before lending you money?
If you are worth the risk
64
Should you make more than a minimum payment on a credit card?
Yes because your interest will start adding up and make u pay debt off for a really long time
65
Truth-in-lending disclosure
Shows long terms of credit transactions and shows lending arrangements and all cost
66
Right to be notified
States that you must be notified when an investigation is being conducted on your credit record
67
Equal credit opportunity act
Applications can only be judged on the basis of financial responsibility
68
Fair debt collecting practices act
Prohibits a suite practices by debt collectors
69
Budget
Plan for using your money in a way that best meets your needs and wants
70
Gross pay
Total amount of money you earned for a specific period of time. Amount before deductions
71
Net pay
Take home pay minus deductions
72
Fixed exspenses
Expenses that occur regularly
73
Variable exspenses
Expenses that fluctuate and change
74
This protects you against unexpected exspenses
Emergency fund
75
Interest bearing account
A checking account that earns interest on your account balance
76
Overdrawing
Taking more money out of our account then you actually have in your account
77
Signature card
Record I your signature that the bank uses to verify your identity
78
Joint account
Account shared by two people who are equally responsible for the account
79
Outstanding check
Check written for more than you have in the account
80
Canceled check
Checks that have been written and cashed
81
Overdraft protection
Line of credit for overdrawn checks
82
Payee
Person who you pay the check to
83
What happens if you wrote a check to someone without enough funds to cover it?
The bank will cover it up to a certain amount
84
Simple interest
Interest earned only on the money you deposited into your savings account or the principal
85
Cost of savings account
Amount to open and keep your account
86
Liquidity
Ability to quickly turn something into cash
87
Stock exchange
Most stock are purchased here
88
Blue chip stocks
Stocks in large, well established companies that have a good track record for success
89
Capital gain
Selling a stock for more than paid for it
90
Speculative stock
Stocks in a relatively new firm that hasn't established a record of success
91
Stock
Share of ownership in a business
92
Investing
Putting your money to use in order to make more money
93
Liability insurance
Protects you from claims of injury or property damage to others in case your held responsible for an accident
94
Collision insurance
Covers damage to your vehicle
95
Which is higher? Insurance for an old car or a new one?
Old
96
The higher your deductible the lower your...
Premium
97
Business insurance
Includes property insurance to cover costs of damage to property, liability insurance to protect themselves from claims by anyone injured on the property and loss of income in the event of having to close the business for a while

Orientation To Buisness (4 decks)

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