Personal Finance
What is your score a measure of?
Ability to pay back loans
A system of trade without physical money is referred to as a _______>
Barter System
What is a W-4 Form?
A form you fill out when start a new job so the government knows how much money to withhold from your paycheck
Business environments with competition are referred to as
Monopolies
What is liquidity in business?
The ability of a business to pay for their debts by turning assets into cash
What are three things to consider when choosing a credit card?
Interest
Credit Card Limit
Annual Fee
Minimum Payment
Rewards
What is a recession?
A period of economic decline
Often characterized by high unemployment and low overall spending & production
What are three benefits to discuss when considering a new job?
Vacation Time
Paid Holidays
Health Insurance Cost
Flexibility of Work Hours
What is a dividend?
A payment to shareholders after earnings
What is the purpose of a cover letter when applying for a job?
Persuade them you're a good fit for the job
Explain your resume
Introduce yourself
Showcase great writing
Why might someone invest in mutual fund or bonds rather than stocks?
Less Risk
When supply is low what happens to demand?
Demand is high
What is the role of the HR department?
Hiring, Firing, Training, Paying Employees, Dealing with grievances
What is a union and how do they work to protect employees?
a group of workers for a particular organization or industry who come together for collective bargaining with their employers
Describe an income statement
An accounting document that shows income and expenses
What is the time value of money?
The idea that money is worth more now than in the future because it can be invested.
What is the federal reserve system?
A system responsible for overseeing banks, issuing money, and setting monetary policy
Price, Product, Place, Promotion
What are the three main types of bus. ownership?
Partnership
Sole Proprietorship
Corportation
Describe a balance sheet?
An accounting document that shows all of what the business owes and owns. Shows the companies accounting equation
Why should you save for retirement through your work?
Some employers match contributions
Consistent method of saving
What can the federal reserve do to slow down the economy?
Raise interest rates
Raise reserve requirement (amnt of money banks must keep in the safe and not loan out)
Decribe an HSA?
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses
roduct differentiation is when a company emphasizes a characteristic of a new product to market that sets it apart from others already on the market
What is the difference between Gross and Net Pay?
Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.