1. Final Review

3. A business that provides money-related services is called…
Financial institution

4. Financial institutions earn money by charging customers ____ and fees for services.
interest

5. _____ can only be accessed online, there are no physical branches to visit.
Internet banks

6. ____ is a wireless service that allows financial transactions by using an app or Web browser from a mobile device.
Mobile banking

7. A ___ is a for-profit institution
Bank

8. A ___ is a not for-profit institution
Credit union

9. ____ means withdraw or deduction.
Debit

10. When debt is paid on time and with no missed payments, the action reflects positively on a consumer’s ____
Credit score

11. A ____ determines a consumer’s credit worthiness.
Credit report

12. A ___ is a numerical expressions of a person’s credit worthiness and is based on information in a credit report.
Credit score

13. The three type of credit reporting agencies are…
Equifax, Experian, Transunion

14. The FICO credit score considers ____ categories of credit data5

15. The FICO credit score considers ____ categories of credit data5

16. An example of a private want is…

17. An example of a public want is…

18. An example of a good is…

19. An example of a service is…

20. Capitalism is also known as a…
Free enterprise system

21. Free enterprise system is also known as a…
Market economy

22. Demand is directly influenced by…
Consumers

23. Supply is directly influenced by…
Producers

24. What is one of the five shifters of demand?

25. What is one of the five shifters of supply?

26. The demand curve slopes in which direction?
Down

27. The supply curve slopes in which direction?

28. If the price of milk decreases, quantity demanded will _____.
Increase

29. If the price of milk decreases, the quantity supplied will _____.

30. The equilibrium point is where…
Supply/demand equal

31. A surplus is when price____
Exceeds the equilibrium

32. A shortage is when price____
Falls below the equilibrium

33. A shortage is when price____
Falls below the equilibrium

34. A surplus happens because ____
Consumers demand less than suppliers produce

35. A shortage happens because ____
Consumers demand more than suppliers produce

36. Marketing is the action or business of ____ and _____ products or services.
Promotion -- Selling

37. The marketing mix is a set of ___ or ___ a company uses to promote its’ brand or product in the market.
Actions -- tactics

38. What are the four P’s of marketing?
Price – Product- Place - Promotion

39. Which ‘P’ of marketing deals with where the product will be sold?
Place

40. Which ‘P’ of marketing deals with where the color, packaging and size?
Product

41. A summary of marketing is…
Right product, in the right place at the right time

42. Each company’s target market is based on specific _____.
demographics

43. Market research helps businesses better understand the wants and needs of ______.
Consumers

44. An entrepreneur is…
A person who wants to start their own business

45. An entrepreneur must…
Be willing to take risks

46. 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

47. 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

48. How many parts make up a business plan?5

49. The first part of the business plan is _____
Executive Summary

50. Social responsibility primarily deals with…
Maintaining a positive relationship with employees and the society which they operate in

51. Social responsibility primarily deals with…
Maintaining a positive relationship with employees and the society which they operate in

52. FREE POINT!