Def
This term means the flow of goods, services, labor, money, ideas, and technology across borders.
What is economic globalization?
government agency responsible for enforcing federal income tax laws.
What is IRS?
strategy for using money to reach important goals and to advance a person’s financial security.
what is a savings plan?
make it possible for you to spend more than you earn on a temporary basis.
what is credit?
sells new cars produced by one or two manufacturers as well as used cars of various makes and models.
what is a dealership?
Goods and services made in a country and sold to other countries.
What are exports?
category that determines filing requirements, standard deduction, eligibility for certain credits
what is filing status?
ability for an individual to meet essential needs without taking on more debt than can be repaid.
what is financial security?
may recommend that you enroll in a debt management plan (DMP). In a DMP, you deposit money each month with the credit counseling organization.
what is credit counseling agency?
vehicle that has serious mechanical problems that the manufacturer has been unable to fix after a reasonable number of attempts.
what is a lemon?
person who owns and operates a business. The business can take one of four basic forms
what is a entrepreneurship?
income an individual receives in a year including both earned and unearned income.
what is gross income?
the ease with which an asset can be converted into cash without losing value.
what is Liquidity?
business that specializes in debt collection. Often, the agency receives a portion of the money collected as payment.
what is a collection agency?
determine whether a person qualifies for a loan. They collect, verify, and evaluate data to assess an applicant’s ability to pay back a loan.
what is a loan officer?
formal document that states the goals of a business and includes a detailed strategy of how to achieve the goals
What is a business plan?
earnings from sources other than work. Monetary gifts, lottery winnings, or other contest winnings
What is unearned income?
amount that is paid for using money. The value of money is generally stable. However, it can lose some of its purchasing power over time.
what is earning interest?
legal claim on a borrower’s property by a creditor who is owed money.
what is a lien?
the sticker price is the manufacturer’s suggested retail price (MSRP), which is the price recommended by the manufacturer. On new cars
what is negotiating the price?
form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships.
What is a limited liability company?
dollar amount that non-itemizers may subtract from their income before income tax is applied.
what is standard deduction?
amount calculated using the principal plus the interest it earns.
what is compound interest?
you make only the minimum payment each period, you will pay more in interest, and it will take you longer to pay off your balance.
what a minimum payment warning?
The history of a used car can be checked online for a fee using its vehicle identification number
what is a vin number?