Money
What is money?
Money is a medium of exchange when it is widely accepted as a method of payment for goods and services.
What is a tax?
A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
What is a business?
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.
What is insurance?
Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company.
What is economics?
Economics is the study of how people and societies produce, distribute, and consume goods and services, and how they manage scarce resources.
How can money be most useful?
It must be fungible, durable, portable, recognizable, and stable.
What is an income tax?
An income tax is a tax imposed on individuals or taxpayers in respect of the income or profits earned by them (commonly called taxable income).
What is business management?
Business management is the process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives.
How does insurance work?
Insurance works by allowing individuals to pay a regular fee, called a premium, to an insurance company in exchange for financial protection against potential losses like accidents, illnesses, or property damage.
What is microeconomics?
Microeconomics, also known as price theory, is the study of how people and firms produce and consume goods and services. For example, a microeconomist might focus on families' medical debt.
What are some things that determine money's value?
Supply and demand, interest rates, inflation, capital flow, and money supply.
What is a business tax?
Business taxes are federal, state and local taxes that businesses pay on their income, profits and capital gains.
What is business registration?
A business registration is the official process of establishing a business entity with the relevant government authorities, essentially giving the business legal recognition to operate within a specific jurisdiction.
What are the four types of insurance?
Auto, health, home and life insurance.
What is macroeconomics?
Macroeconomics is the study of the behavior of the aggregate economy, including topics such as inflation, national income, and growth. For example, a macroeconomist might focus on sovereign debt.
Is this phrase correct? "The higher the price level, the lower the real value of money."
Yes
What's the difference between tax avoidance and tax evasion.
Tax avoidance is legal, tax evasion is illegal.
What is a market strategy?
A marketing strategy is a company's overall plan for reaching potential customers and turning them into paying customers.
What are the insurance policy components?
Premium, policy limit and deductible.
What is GDP?
Gross Domestic Product (GDP) is a measure of a country's economic activity, size, and health over a period of time.
Commodity money has _________ _____.
intrinsic value
Name one example of tax avoidance.
The standard deduction, retirement saving and offshoring.
What is the difference between an LLC and an S corporation?
An LLC protects you from lawsuits and keeps you out of potential trouble, meanwhile an S corporation saves you money on taxes and gives the business tax cuts so they ultimately pay less taxes.
Name one business insurance.
General liability, professional liability, property and home-based business insurance.
What are the fundamentals of economics?
Scarcity, supply and demand, marginal costs and benefits, incentives, and intermediate goods.