Final Review
A business that provides money-related services is called… Financial institution
Financial institutions earn money by charging customers ____ and fees for services. interest
_____ can only be accessed online, there are no physical branches to visit. Internet banks
____ is a wireless service that allows financial transactions by using an app or Web browser from a mobile device. Mobile banking
A ___ is a for-profit institution Bank
A ___ is a not for-profit institution Credit union
____ means withdraw or deduction. Debit
When debt is paid on time and with no missed payments, the action reflects positively on a consumer’s ____ Credit score
A ____ determines a consumer’s credit worthiness. Credit report
A ___ is a numerical expressions of a person’s credit worthiness and is based on information in a credit report. Credit score
The three type of credit reporting agencies are… Equifax, Experian, Transunion
The FICO credit score considers ____ categories of credit data 5
The FICO credit score considers ____ categories of credit data 5
An example of a private want is…
An example of a public want is…
An example of a good is…
An example of a service is…
Capitalism is also known as a… Free enterprise system
Free enterprise system is also known as a… Market economy
Demand is directly influenced by… Consumers
Supply is directly influenced by… Producers
What is one of the five shifters of demand?
What is one of the five shifters of supply?
The demand curve slopes in which direction? Down
The supply curve slopes in which direction?
If the price of milk decreases, quantity demanded will _____. Increase
If the price of milk decreases, the quantity supplied will _____.
The equilibrium point is where… Supply/demand equal
A surplus is when price____ Exceeds the equilibrium
A shortage is when price____ Falls below the equilibrium
A shortage is when price____ Falls below the equilibrium
A surplus happens because ____ Consumers demand less than suppliers produce
A shortage happens because ____ Consumers demand more than suppliers produce
Marketing is the action or business of ____ and _____ products or services. Promotion -- Selling
The marketing mix is a set of ___ or ___ a company uses to promote its’ brand or product in the market. Actions -- tactics
What are the four P’s of marketing? Price – Product- Place - Promotion
Which ‘P’ of marketing deals with where the product will be sold? Place
Which ‘P’ of marketing deals with where the color, packaging and size? Product
A summary of marketing is… Right product, in the right place at the right time
Each company’s target market is based on specific _____. demographics
Market research helps businesses better understand the wants and needs of ______. Consumers
An entrepreneur is… A person who wants to start their own business
An entrepreneur must… Be willing to take risks
Name a reason why a person would want to become an entrepreneur. Desire to be one’s own boss Desire for an improved quality of life Desire for job security
Name a reason why a person would want to become an entrepreneur. Desire to be one’s own boss Desire for an improved quality of life Desire for job security
How many parts make up a business plan? 5
The first part of the business plan is _____ Executive Summary
Social responsibility primarily deals with… Maintaining a positive relationship with employees and the society which they operate in
Social responsibility primarily deals with… Maintaining a positive relationship with employees and the society which they operate in
FREE POINT!