Needs & wants
Businesses strive to meet a customer ________
Needs or Wants
The payment made monthly when owning a home
Mortgage
A type of insurance that protects you from lawsuits, usually against your customers or people using property that you own.
Liability
Patty is selling her car through a newspaper advertisement. When she finds a buyer, she wants a form of payment which is guaranteed to be good. Which form of payment should she avoid?
A check
Expenses that stay the same every month are _________ expenses. Rent would be an example
Gas, water, and electricity are examples of these features in a home and are also a...
Utilities and Need
The money that accumulates on a loan
Interest
he amount an insured person must pay before the insurance company pays the remainder of each covered loss, up to the policy limits.
deductible
If you have $10,000 in your account and you want to double your investment in 5.5 years, what interest rate would you need to invest at
13.09%
This occurs when money is withdrawn from a bank account and the available balance goes below zero.
Overdraft
What is a need?
Something you need to survive.
The money received by an employee from an employer is a salary or wage.
Compensation
This pays for medical and funeral expenses incurred in an auto accident, regardless of fault.
medical insurance
If you have $500 in your savings account and you are earning 2.5% interest, what would your balance be after 2 years
$525.31
An expense that only occurs because you are choosing to spend money like eating out or buying clothes is an ___________ expense.
discretionary
What is a want?
Something that I can live without but it's nice to have
The most basic products of an economic system are tangible consumable items and tasks performed by individuals. Many business portfolios consist of a mix of these for sale.
Goods and Services
A type of insurance that covers a portion of one's living expenses in the event that a subscriber becomes unable to work.
disability insurance
If you have $1,000 in your savings account pays 3.25% interest, how much interest did you earn in the 3rd year
$34.64
You have to eat so you need to buy groceries. This is an ___________ expense.
Variable