Download Final Exam Study Guide Answer Section

Final Exam Study Guide
Completion
Complete each statement.
1. ____________________ is getting the money that is necessary for setting up and running a business.
2. The marketing mix consists of four basic marketing strategies: ____________________,
____________________, ____________________, and ____________________.
3. To make place decisions, marketers select the right ___________________________________.
4. Marketers analyze and label their markets by _________________________.
5. A ____________________ is a model of an actual product.
6. ____________________ plans provide employees with money after working at a company for a certain
number of years.
7. There are four steps to selecting the right person or ____________________ for a job.
8. ____________________ is the general level of confidence or enthusiasm felt by a person or group of people.
9. During an evaluation, managers usually offer suggestions for ____________________.
10. ____________________ is the status given to an employee based on rank or length of service.
11. _________________________ is the money used to pay for the various assets and expenses of a new venture
or business.
12. A(n) ____________________ is a review of accounting records and procedures.
13. _________________________ are summarized information about the financial status of a business.
14. When people buy property and agree to pay for it later, they are buying on ____________________.
15. The income statement is sometimes called a ______________________________ statement.
16. Credit is based on the creditor’s ____________________ that the debtor can and will repay the debt.
17. Buying on credit enables people to establish a credit ____________________.
18. Your ____________________ is the point where you cannot charge any more.
19. ____________________ cards are also called bank cards because banks issue them.
20. A ____________________loan is based on the value of something you own that is left with a pawnbroker as
security against money borrowed.
21. To gauge the cost of credit, first look at the ______________________________.
22. A credit card application will ask where the applicant lives and ____________________.
23. If a person pays his or her bills on time, most creditors will raise the person’s ____________________.
24. A ____________________ is money lent at interest.
25. On a _________________________ loan, interest is based on the original principal alone.
26. Personal finance refers to all the things in your life that involve ____________________.
27. When you evaluate your ____________________, use the sources of financial information that are available.
28. ____________________ is a general increase in the cost of goods and services.
29. An important part of financial planning is understanding which ____________________ you can afford to
take and which ones you cannot.
30. You need a savings plan if your ____________________ goal is to make a major purchase.
31. A ____________________ is a written order directing a bank or other financial institution to pay money on
demand to the person or company named on it.
32. A _________________________ is an account that allows two people who are equally responsible for the
account to write checks.
33. With _________________________, your checking account information is available to you from your home
computer 24 hours a day.
34. The ____________________ is the party who wrote the check and is paying the money.
35. When you deposit a check, write _________________________ as part of the endorsement.
36. Saving is putting money aside for ____________________ use.
37. The sacrifice of saving is called the _________________________.
38. To earn income on savings, you must store it in a place that will provide you with ____________________.
39. With a savings account, you can withdraw money without any ____________________.
40. Money market funds usually require ____________________ balances.
41. One way drivers can reduce the risk of financial losses that result from accidents is to buy
____________________.
42. The most basic type of coverage (required by most states) is _________________________.
43. Medical payments coverage is also called ___________________________________.
44. ____________________ make drivers responsible for small losses.
45. Insurance companies usually recommend that homeowners insure their home for ____________________
percent of its market value.
46. People provide for their family’s future with investments and ____________________ planning.
47. ____________________ insurance, or permanent insurance, provides both savings and death benefits.
48. ____________________ insurance covers a person for a specific period of time.
49. Many health insurance policies require a ____________________, which is a fee paid each time a service is
used.
50. _________________________ insurance is the most important coverage for a serious illness or accident.
Final Exam Study Guide
Answer Section
COMPLETION
1. ANS: Financing
PTS: 1
STA: AL BECS BME 10
2. ANS: product, place, price, promotion
PTS: 1
STA: AL BECS BME 10
3. ANS: channel of distribution
PTS: 1
STA: AL BECS BME 10
4. ANS: demographics
PTS: 1
5. ANS: prototype
STA: AL BECS BME 9
PTS: 1
6. ANS: Retirement
STA: AL BECS BME 9
PTS: 1
7. ANS: candidate
PTS: 1
8. ANS: Morale
PTS: 1
9. ANS: improvement
PTS: 1
10. ANS: Seniority
PTS: 1
11. ANS:
Start-up capital
Start up capital
PTS: 1
12. ANS: audit
STA: AL BECS BME 15
PTS: 1
STA: AL BECS BME 15
13. ANS: Financial reports
PTS: 1
14. ANS: credit
PTS: 1
STA: AL BECS BME 15
15. ANS: profit and loss
PTS: 1
16. ANS: confidence
STA: AL BECS BME 15
PTS: 1
17. ANS: rating
STA: AL BECS BME 19
PTS: 1
18. ANS: credit limit
STA: AL BECS BME 19
PTS: 1
STA: AL BECS BME 19
19. ANS: Multipurpose
PTS: 1
20. ANS: pawnshop
STA: AL BECS BME 19
PTS: 1
STA: AL BECS BME 19
21. ANS:
annual percentage rate
APR
PTS: 1
22. ANS: works
PTS: 1
23. ANS: credit limit
PTS: 1
24. ANS: loan
PTS: 1
25. ANS: simple interest
PTS: 1
26. ANS: money
PTS: 1
27. ANS: alternatives
PTS: 1
28. ANS: Inflation
PTS: 1
29. ANS: risks
PTS: 1
30. ANS:
long-term
long term
PTS: 1
31. ANS: check
PTS: 1
32. ANS: joint account
PTS: 1
33. ANS: online banking
PTS: 1
34. ANS: drawer
PTS: 1
35. ANS:
“For Deposit Only”
For Deposit Only
PTS: 1
36. ANS: future
PTS: 1
STA: AL BECS BME 16
37. ANS: opportunity cost
PTS: 1
38. ANS: interest
STA: AL BECS BME 16
PTS: 1
39. ANS: penalty
STA: AL BECS BME 16
PTS: 1
40. ANS: high
PTS: 1
41. ANS: insurance
STA: AL BECS BME 16
PTS: 1
42. ANS: liability insurance
PTS: 1
43. ANS: personal injury protection
PTS: 1
44. ANS: Deductibles
PTS: 1
45. ANS:
80
eighty
PTS: 1
46. ANS: estate
PTS: 1
47. ANS:
Cash-value
Cash value
PTS: 1
48. ANS: Term
PTS: 1
49. ANS: copayment
PTS: 1
50. ANS: Major medical
PTS: 1