Transcript Final Study Guide

Final Review
A business that provides moneyrelated services is called…
• Financial institution
Financial institutions earn money
by charging customers ____ and
fees for services.
• interest
_____ can only be accessed online,
there are no physical branches to
visit.
• Internet banks
____ is a wireless service that allows
financial transactions by using an app
or Web browser from a mobile device.
• Mobile banking
A ___ is a for-profit institution
• Bank
A ___ is a not for-profit institution
• Credit union
____ means withdraw or
deduction.
• Debit
When debt is paid on time and with no
missed payments, the action reflects
positively on a consumer’s ____
• Credit score
A ____ determines a consumer’s
credit worthiness.
• Credit report
A ___ is a numerical expressions of a
person’s credit worthiness and is
based on information in a credit
report.
• Credit score
The three type of credit reporting
agencies are…
• Equifax, Experian, Transunion
The FICO credit score considers
____ categories of credit data
• 5
The FICO credit score considers
____ categories of credit data
• 5
An example of a private want is…
An example of a public want is…
An example of a good is…
An example of a service is…
Capitalism is also known as a…
• Free enterprise system
Free enterprise system is also
known as a…
• Market economy
Demand is directly influenced by…
• Consumers
Supply is directly influenced by…
• Producers
What is one of the five shifters of
demand?
What is one of the five shifters of
supply?
The demand curve slopes in which
direction?
• Down
The supply curve slopes in which
direction?
• up
If the price of milk decreases,
quantity demanded will _____.
• Increase
If the price of milk decreases, the
quantity supplied will _____.
• Decrease
The equilibrium point is where…
• Supply/demand equal
A surplus is when price____
• Exceeds the equilibrium
A shortage is when price____
• Falls below the equilibrium
A shortage is when price____
• Falls below the equilibrium
A surplus happens because ____
• Consumers demand less than suppliers
produce
A shortage happens because ____
• Consumers demand more than suppliers
produce
Marketing is the action or business
of ____ and _____ products or
services.
• Promotion -- Selling
The marketing mix is a set of ___
or ___ a company uses to promote
its’ brand or product in the market.
• Actions -- tactics
What are the four P’s of
marketing?
• Price – Product- Place - Promotion
Which ‘P’ of marketing deals with
where the product will be sold?
• Place
Which ‘P’ of marketing deals with
where the color, packaging and
size?
• Product
A summary of marketing is…
• Right product, in the right place at the right
time
Each company’s target market is
based on specific _____.
• demographics
Market research helps businesses
better understand the wants and
needs of ______.
• Consumers
An entrepreneur is…
• A person who wants to start their own
business
An entrepreneur must…
• Be willing to take risks
Name a reason why a person
would want to become an
entrepreneur.
• Desire to be one’s own boss
• Desire for an improved quality of life
• Desire for job security
Name a reason why a person
would want to become an
entrepreneur.
• Desire to be one’s own boss
• Desire for an improved quality of life
• Desire for job security
How many parts make up a
business plan?
• 5
The first part of the business plan
is _____
• Executive Summary
Social responsibility primarily deals
with…
• Maintaining a positive relationship with
employees and the society which they operate in
Social responsibility primarily deals
with…
• Maintaining a positive relationship with
employees and the society which they operate in
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