CREDIT
Allows consumers to borrow up to some preset maximum amount.
can determine the price of its product without the threat of competition.
Monopoly
The purpose of this organization is to enforce tax laws and carry out the federal tax system
IRS
A legally binding agreement that explains the charges to be paid by the buyer and the obligations of the seller.
Loan contract
As a first step in selecting a career path a person should
Find what interests them
A three-digit number that indicates a person's creditworthiness and likelihood of repaying debts.
credit score
Unemployment due to job switching
Frictional unemployment
Period in which the economy is shrinking
Recession
An application to ensure your eligibility for federal aid. It is reassessed each year based on your or your family’s updated financial situation.
FASFA
The is a good source for finding information about areas that will need more employees in upcoming years
occupational outlook handbook
The greatest advantage of using a credit card is that it provides:
Establish credit history
Government’s use of taxation or spending designed to achieve an economic goal
Fiscal policy
A sustained decrease in the general level of prices
Deflation
An agreement to rent a vehicle for a specified period, during which the lessee makes monthly payments and must follow annual mileage limits and return the car when the term ends describes a
Car lease
This is used to keep track of deposits and withdrawals from the checking account
Check register
A detailed record of a person’s history on repaying debt over time.
The study of human population
demographics
Payments contributed are disbursed to eligible retirees 62+ years of age, and disabled persons
Social security
Money coming in through wages earned, an allowance, or other sources is known as
Income
A banking account where a person deposits money and then can withdraw funds by making a written order to the bank instructing it to pay money from the account to another person or business is known as:
Checking account
Borrowing a fixed amount of money that is repaid with a set number of monthly payments over a predetermined period.
Installment credit
A very large number of firms sell an identical (homogeneous) product.
perfect competition
unlimited wants versus limited resources is known as
Economics
Reporting annual income and taxes withheld to an employee using this
W-2
The federal reserve targets an inflation rate of
2%