Exam Flash Cards
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Equilibrium Price
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| Consumers will generally buy less of a product at a higher price than a lower price; consumers are demanding. | show 🗑
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| show | Law of Supply
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| Basic economic decisions are based on the actions of the buyers & sellers. | show 🗑
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| show | Price
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| show | Shortage
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| show | Surplus
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| Things you own that have value. | show 🗑
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| show | Balance Sheet
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| Two part statement listing cash income, cash expense, cash saving, & cash deficit. | show 🗑
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| Negative cash flow in which monthly cash incomes are less than monthly cash expenses. | show 🗑
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| show | Fixed Expenses
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| Amounts you owe to others. | show 🗑
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| show | Net Worth
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| show | Variable Expenses
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| A natural talent. | show 🗑
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| show | Business
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| show | Goods
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| Necessary wants; things we must have in order to survive. | show 🗑
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| show | Opportunity Cost
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| show | Resource
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| Tasks that people or machines perform. | show 🗑
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| Things we wish we could have. | show 🗑
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| show | Capital Resources
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| show | Economic System
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| show | Entrepreneurship
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| show | Human Resources
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| show | Labor
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| show | Nonrenewable Resources
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| show | Renewable Resources
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| show | Scarcity
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| Consists of nothing more than your signature. | show 🗑
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| Restricts the use of the check so it must be deposited into your account. | show 🗑
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| show | Endorsement in Full
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| Any checks that are written but not cleared. | show 🗑
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| show | Reconcile
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| Amount of time it will take for your money to double when place in a savings account at a given interest percentage. | show 🗑
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| How quickly and conveniently you can retrieve your money from an investment. | show 🗑
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| Money received by you. | show 🗑
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| show | Recession
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| show | Depression
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| show | GDP (Gross Domestic Product)
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| Second economic indicator; prolonged rise in the level of prices for goods & services that reduces the purchasing power of money. | show 🗑
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| show | Unemployment Rate
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| Replaced by GDP; not only the United States. | show 🗑
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| Most economic resources & business are owned by individuals or groups rather than public businesses. | show 🗑
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| Contest between businesses to win customers. | show 🗑
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| Amount of money left over after a business pays for the cost of producing goods & services. | show 🗑
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| show | Social Responsibility
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| If there are so few firms selling one kind of product, there is no competition. | show 🗑
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| show | Statement Savings Account
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| Certifies that you loaned money to the government or a corporation & outlining the terms of payment; are IOU's. | show 🗑
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| Professionally managed portfolio's made up of stocks, bonds, & other investments. | show 🗑
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| show | Stocks
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| Retirement plan that allows you to contribute to a savings plan from your pre-tax earnings that your employer may match. | show 🗑
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| Earnings on the account are tax free after five years. | show 🗑
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| show | Yield
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| show | Income Tax
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| Money raised through this fund is used to pay retirement benefits. | show 🗑
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| show | Medicare
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| Hidden or built in tax that is a certain percentage of the price. | show 🗑
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| Tax on imported goods that are collected by the federal government. | show 🗑
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| show | Federal Income Tax
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| show | State Income Tax
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| Goes to the city you live in. | show 🗑
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| Varies from state to state; doesn't affect the price of food. | show 🗑
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| Local government gets most of the money for items owned by people or businesses. | show 🗑
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| Left at the time of someone's death. | show 🗑
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| Tax on things you receive from others; can't give money away without being taxed. | show 🗑
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| Impose a higher percentage rate of tax on people with higher incomes. | show 🗑
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| Item or activity that is the source of the tax. | show 🗑
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| show | Collateral
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| show | Capital
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| Income available to make repayment. | show 🗑
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| Involves your honesty & reliability in meeting financial responsibilities. | show 🗑
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| Protection against inflation; more in the past. | show 🗑
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| Restricted access to your money, withdrawal penalty if passed expiration date, no risk, no fees, higher interest, & simple. | show 🗑
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| Legal process to get out of debt when you can no longer make all of your required payments. | show 🗑
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| Profit from sale of capital assets such as stocks, bonds, & real estate are tax deferred. | show 🗑
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| show | Compound Interest
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Created by:
Carly.
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