vocab

Question 1

activities of promoting and selling a product or service to satisfy a customer’s needs or wants

Answer 1

marketing

Question 2

division of the market based on shared characteristics by breaking it down into target markets

Answer 2

Market Segmentation

Question 3

marketing activity which is an organized effort to gather and interpret information about a market to best satisfy customer needs and wants

Answer 3

Market Research

Question 4

process of managing the identity and perception of a product or service to set it apart from others with an identifiable name, logo or phrase

Answer 4

Branding

Question 5

statistical data which classify people, such as age, gender, education, ethnic background or income

Answer 5

Demographics

Question 6

marketing strategy which aims to reach the largest audience possible, often with a uniform message/product offering

Answer 6

Mass Marketing

Question 7

study of individuals, groups or organizations and the processes they use to select, secure, use and dispose of products, services, experiences or ideas to satisfy needs and desires

Answer 7

Consumer Behavior

Question 8

process of establishing an image or identity of a brand or product so consumers perceive it in a certain way

Answer 8

Positioning

Question 9

specific group of consumers which a business aims to reach with its products and marketing efforts

Answer 9

Target Market

Question 10

study of consumers based on their activities, interests, opinions, values and lifestyles

Answer 10

Psychographics

Question 11

use of content for the goal of drawing public attention to a product with the intention of selling the product to the target audience

Answer 11

Advertising

Question 12

challenge between businesses which offer similar products or services or focus on the same target audience as one another

Answer 12

Competition

Question 13

utilizes real people to promote, speak for and tell the story of a product, service or brand

Answer 13

Influencer marketing

Question 14

company’s ability to influence consumers by controlling specific marketing factors

Answer 14

Marketing Mix

Question 15

use of social media applications and channels to connect with audiences, build a brand, increase product sales, and increase website traffic

Answer 15

Social media marketing

Question 16

accounts for the purchasing of goods directly from the manufacturer, often at lower prices than offered by retailers

Answer 16

Wholesale

Question 17

retail outlets which include several locations, a shared brand, central management and standardized business practices

Answer 17

Chain stores

Question 18

strategy meant to entertain, persuade, inspire and educate an audience; focuses on creating valuable and consistent content to attract and define an audience

Answer 18

Content Marketing

Question 19

purchasing of goods from a retailer or vendor who is not the manufacturer

Answer 19

Retail

Question 20

do not use intermediaries to deliver products to consumers

Answer 20

Direct Marketing Channels

Question 21

document which contains a credit score and information about a borrower’s current and past financial situation

Answer 21

Credit Report

Question 22

plastic card used as a method of payment to purchase goods or services which operate with a revolving credit line and requires monthly payments

Answer 22

Credit cards

Question 23

ability to acquire money, goods or services from others without immediate payment

Answer 23

credit

Question 24

cost of credit and the fees expressed as a yearly rate

Answer 24

Annual Percentage Rate (APR)

Question 25

money borrowed to be paid back with interest

Answer 25

Loan

Question 26

financial statement which reports on an organization's revenues, expenses and profitability over a quarter or year

Answer 26

Income statement

Question 27

reports which summarize the organization’s financial information and provide accounts and information about the financial health and performance of the business throughout a specific time period, normally a calendar year

Answer 27

Financial Statement

Question 28

financial statements which compile information about an organization’s assets and shareholders’ equity

Answer 28

Balance Sheets

Question 29

ability of a business organization to raise and manage funds

Answer 29

Business Finance

Question 30

ability to effectively raise cash and pay off short-term debts

Answer 30

Liquidity

Question 31

exchanging of goods services without the use of money

Answer 31

Bartering

Question 32

item of value, such as a car, home or business, which is pledged to secure a loan; if the borrower falls behind on payments, financial institutions will require the sale or forfeiture of collateral as repayment

Answer 32

Collateral

Question 33

amount of wealth or assets owned by a borrower needed to obtain credit to show there are potential funds to repay the loan

Answer 33

Capital

Question 34

outlines how a person’s or household’s income is allocated among their cumulative, monthly expenses

Answer 34

Budget

Question 35

employee’s total earnings before taxes, withholdings and deductions

Answer 35

Gross Pay

Question 36

employee’s take-home pay or the total amount left after payroll deductions are removed from the gross pay

Answer 36

Net Pay

Question 37

When someone spends money on shares of stock, property or other financial plans with the expectation that funds will grow and increase in value as the property increases in value over time.

Answer 37

Investing

Question 38

include any retail, commercial, lending, deposit, business and all other asset management services provided by banks and financial institutions

Answer 38

Banking services

Question 39

money people save through a bank or investment plan

Answer 39

Savings

Question 40

wage and tax statement provided by employers; reports an employee’s annual wages and amount of taxes withheld during the calendar year

Answer 40

W-2

Question 41

ownership shares in a company which can be bought for a set price

Answer 41

Stocks

Question 42

property consisting of land or buildings

Answer 42

Real Estate

Question 43

additional accrued money a bank pays to an individual or account for storing their money at their financial institution

Answer 43

Interest

Question 44

includes all individual and household financial decisions about personal and household budgets, savings, retirement planning and insurance decisions

Answer 44

Personal Finance

Question 45

deposit accounts where individuals can deposit and withdraw money into and from, pay bills from, and make purchases using debit cards or checks

Answer 45

Checking accounts

Question 46

deposit account specifically intended to hold and store money individuals do not plan to spend right away

Answer 46

Savings Account

Question 47

employer-provided retirement savings and investing plan

Answer 47

401(k)

Question 48

financial institutions making funds available, in the form of a loan, to a person or business for the sole purpose of purchasing property, real estate or land

Answer 48

Mortgage Lenders

Question 49

borrower’s defining financial characteristics like education history, financial background and personal credit history

Answer 49

Character

Question 50

borrower’s ability to repay a loan and maintain payments

Answer 50

capacity