Card Set Information
Study guide for final exam 2010
The internet is a good arena for entrepreneurs to sell products and services
a checklist is a good way to organize your thinking when you begin planning your own business
you should be able to prepare a good business plan in about an hour
most businesses in the United States are small businesses
as you business expands, you can change the form of ownership
if you own more than half the stock of a corporation, you get to keep all the profits
stockholders own the corporation
only large corporations need a management plan
banks play an important role in managing money and controlling and stimulating the economy
one of the primary services banks provide is storing money for customers in bank accounts
if you want to buy a new vehicle, you should try to get a loan from a mortgage company
the money you deposit in a bank makes it possible for the bank to lend money to other customers
you can use the same strategy to market a skateboard that you can use to market diamond earrings
to successfully market a product, a company has to understand what people want to buy and why they want to buy it
a new product is introduced before it is test marketed
teenagers are an example of a target market
marketers have to figure out what price to charge for a product so the company makes a profit
the average person sees thousands of ads each week
pop-up ads are a form of internet advertising
local television stations are more expensive to adertise on than national networks
the cost of internet advertising is based on the size and format of ads
to run a business successfully, you must be able to put together a financial plan, budget, and keep track of your income and expenses
one of the responsibilities of a financial manager is to find additional sources of funds
a cash budget tells you how much money your business will need over the long run
your financial records are confidential so you don't have to show them to banks or investors
prices for many items change during different times of the year
you should buy only brand name products
department stores have better prices than most discount stores
the most expensive item is always the best
loss leaders don't make money, but the low prices bring in customers so they'll buy other things
consumers have no special legal rights
according to consumer laws, loan companies must clearly list interest rates
the federal govt has the authority to keep businesses competative so consumers have a wide variety of goods and services to choose from
different stores might charge different prices for the same item
if you wash a sweater differently than what the label says and it gets ruined, you can sue the manufacturer
advertising is not a good source of consumer information
you can't go to small claims court without a lawyer
COMSUMER REPORTS doesn't allow businesses to use its findings in advertising
the better business bureau can recommend to you which local businesses are the best
when you buy on credit, you have to pay interest
the federal govt uses credit to pay form many of the services ad programs it provides to its citizens
items cost less when you buy them on credit
you shoud never use credit in an emergency
a credit bureau has the right to collect credit information on you
if youalready have a large amount of debt,creditors will be unlikely to give you more credit`
you should never make more than the minimum payment on a credit card
bank credit cards, such as VISA cna be used as a source of cash loans
lenders aren't legally required to tell you how much it costs you to finance a loan
to protect consumers, both the federal and state govts control and regulate the credit industry
you can be denied credit on the basis of gender, age, ethnicity, or religion
if you are denied credit, you will receice a written states listing the reasons why
people can't legally obtain your credit report when you apply for additional credit, a job, or insurance
collection agents can use almost any method they choose to collect overdue bills
when you buy stock, you are buying part of a partnership
ifa compnay fails, common stockholders are paid before preferred stockholders
stocks can only be bought and sold on the stock exchange
blue-chip stocks are safer than speculative stocks
stocks are very liquid because they can easily be sold to turn into cash
as a member of society, you are both a consumer and a producer
a job and a career are the same thing
taxes are used to pay for things like roads, parks national defense, and public schools
corporations are owned by the stockholders
to start a business on the internet, you must be at least 21 years old
banks, credit unions, and brokerage firms are types of financial institutions
the owners of you apartment building are responsible for your personal possessions in case of theft or fire
what is someone like Jeff Bezo's who started Amazon.com called?
which part of a business is the owner responsible for?
which of the following is not a reason small businesses fail?
working too hard
what is a written description of a new business venture that describes all aspects of the business?
a corporation is controlled by this
board of directors
the american red cross is an example of which type of business?
if you wanted to buy a new home, which type of loan would you want?
which is a good place to store you valuables?
safety deposit box
which are nonprofit banks set up by organizations for their members to use
which is a financial institution that provides protection against things life fire and theft?
what is a business knowing what its customers wants and needs called?
the marketing concept
which function of marketing involves moving goods from one place to the end user?
which is not part of the marketing mix?
which step in developing a new product is used to introduce the product
which of the followng sells goods directly to the customer
which is the most effective means of advertising
which is the most common form of outdoor advertising?
which is an advantage of radio advertising
reaches people on the move
what are internet ads that appear for a few seconds called?
which medium has an advantage over other media because it combines sounds, images, and motion?
which of the following helps you predict how much money you'll need and how to control your spending?
what is a one year accounting period called
cash, equiptment, buildings, supplies, inventory, and land are all examples of this
which is a report of net income or net loss over an accounting period?
what is the report of the financial state of your business on a cerain date called
this is a person who selects, purchases, uses, and disposes of goods and services.
this is a good time to save money on buying a new computer or car
shortly before the new models are released
which gives you a special buy on a new product?
foot locker and ace hardware are examples of these specialty stores
this leads to buying things you don't need and can ruin your budget
this is not a consumer right
the right to a discount
listing minerals and vitamins in vitamin pills is an expample of this consumer right
the right to be informed
a store that claims it's out of and advertised item and tries to get you to buy a more expensive one is doing this
bait and switch
a nutrition label can tell you this
how much fat a product contains
which is collecting products for prcessing so they can be used again called?
which of the following is the nation's oldest nonprofit consumer group, that provides govt, businesses, and other agencies with the consumer's point of view?
National Consumers League
you can receive consumer publications from govt agencies by contacting this group in Pueblo, Colorado
Consumer Information Center
what is is called when the National Highway Traffic Safety Administration orders automakers to take back and repair or replace cars with defective parts?
to prevent people from practicing occupations they're not qualified to do, states issue these legal permits to conduct business
which of the following refers to an agreement to get money, goods, or services now in exchange for a promise to pay in the future?
this is a type of credit used by people for personal reasons
which refers to a short term and medium term credit offered by dealers or stores?
this type of credit card can only be used at the business that issued it
which refers to a 15 to 30 year installment loan, which is usually for a house?
this is one of the first things a creditor considers before lending you money
capacity to pay
creditors will often increase this if you pay you bills regularly
which is a loan backed by collateral
this is the total amount it costs for a loan, including interest fees
what is it called whn youcorrow money on a credit card rather than use it to make a purchase
this requires that information about all costs of borrowing be given to the borrower by the creditor
this is not a reason for credit to be denied
which gives you the right to know the info in ur credit file at the credit bureau
fair credit reporting act
this requires creditors to correct billing mistakes brought to their attention
fair credit billing act
which of the following refers to the person or business that has the job of collecting overdue bills
which of the following refers to how easily one's assets can be turned into cash
which of the following is the primary form of ownership in a corporation
this is the place where most stocks are bought and sold
this is a way an investor can invest in the stock market without buying stocks in a specific corporation
which of the following refers to buying and selling stock based on minute by minute changes in the price of the stock
which refers to a general increase in the cost of goods and services
this type of business organization gives authority to a number of managers to run their own departments
antitrust laws protect this
which of the following refers to the amount of money a company has to make on a product to pay for its costs
you can protect your personal information on the internet with one of these
you should alway include one of these with your resume
U.S. companies spend about $135 billion a year on this to convince you to buy their products
to refuse to buy a company's products because you object to the company's environmental or employment policies is called this
this government organization enforces law about business practices
Federal Trade Commission
which of the following refer to a roadmap for using your money
this is a strict set of guidelines for behavior in the workplace used by a business or profession
code of ethics