ITB Semester 2 Exam Review

Transcription

1 Class: Date: ITB Semester 2 Exam Review Completion Complete each statement. 1. Trading goods and services allows countries to meet their individual wants and needs as well as to help their own. 2. is the exchange of goods and services across international boundaries. 3. To trade with another country, businesses and countries must convert their money into that nation s currency, which is exchanged on the. 4. and free trade are two opposing points of view involved in trade disputes. 5. To limit competition from other countries, governments develop. 6. There are three levels of government: federal,, and local. 7. commerce is business that takes place within states. 8. occurs when one party fails to live up to the terms of a contract. 9. means hiring a business to offer a public good or service. 10. The is the largest employer in the United States. 11. Modern society uses coins, currency, checks, and debit cards as part of the. 12. Without money, people would be forced to, or trade goods or services directly for other goods or services. 13. A is a loan used to buy real estate, such as a house or an office building. 14. The primary responsibility of the Federal Reserve is to determine the amount of money in and either increase or decrease it. 15. are funds set aside for emergencies, such as a rush of withdrawals. 16. Many magazines offer editions for different parts of the country. 17. advertising appears mostly in phone books. 18. Billboards provide the most common form of advertising. 19. are concerned with the correct medium to use and its costs. 20. A rate is the amount of money it costs to display or broadcast an ad. 21. is the money used to pay for the various assets and expenses of a new venture or business. 22. A(n) is a review of accounting records and procedures. 23. are summarized information about the financial status of a business. 24. When people buy property and agree to pay for it later, they are buying on. 25. The income statement is sometimes called a statement. 1

2 26. Hospitals need doctors, nurses, other occupations, and a(n) who oversees operations. 27. When considering applicants for a position, employers look for skills as well as job qualifications. 28. Your, or nonverbal communication, includes your posture, eye contact, facial expressions and gestures. 29. The most common type of résumé is the résumé, which lists your achievements in time order. 30. A form is a printed sheet with blank spaces that you fill in to apply for a job. 31. Credit is based on the creditor s that the debtor can and will repay the debt. 32. Buying on credit enables people to establish a credit. 33. Your is the point where you cannot charge any more. 34. cards are also called bank cards because banks issue them. 35. A loan is based on the value of something you own that is left with a pawnbroker as security against money borrowed. 36. To gauge the cost of credit, first look at the. 37. A credit card application will ask where the applicant lives and. 38. If a person pays his or her bills on time, most creditors will raise the person s. 39. A is money lent at interest. 40. On a loan, interest is based on the original principal alone. 41. Most states have set a on the interest rates that may be charged for certain types of credit. 42. The Consumer Credit Protection Act states that advertisement for credit must communicate a fair and reasonably indication of the nature and true cost of the credit. 43. Lenders rely heavily on when they consider loan applications. 44. A stolen credit card can lead to. 45. Consumers who are unable to work out their problems should talk to a. Matching a. imports f. protectionism b. exports g. tariff c. balance of trade h. quota d. comparative advantage i. embargo e. exchange rate j. free trade 46. The practice of the government putting limits on foreign trade to protect businesses at home 2

3 47. The ability of a country or company to produce a particular good more efficiently than another country or company 48. Goods and services that one country buys from another country 49. The price at which one currency can buy another currency 50. A tax placed on imports to increase their price in the domestic market 51. Goods and services that one country sells to another country 52. A limit placed on the quantities of a product that can be imported 53. A ban on the import or export of a product 54. Few or no limits on trade between countries 55. The difference in value between a country s imports and exports over a period of time a. monopoly f. trademark b. oligopoly g. revenue c. trust h. subsidies d. copyright i. tax e. patent j. tax incentive 56. Income that governments get from all sources 57. A document that gives artists the legal right to own their creations 58. A name, symbol, or a characteristic that identifies a product 59. An amount of money people and businesses pay governments to help run them 60. The act of a company controlling an industry or being the only one to offer a product or service 61. The legal grant for the sole right to own an invention 62. A group of companies that band together to form a monopoly and cut out competition 63. The act of a small number of companies controlling an industry 64. A temporary reduction or elimination of tax that is meant to encourage or discourage an activity 65. Grants given to producers or consumers to lower the costs they face a. bank account f. commercial banks b. electronic funds transfer g. credit unions c. direct deposit h. finance companies d. collateral i. brokerage firms e. safe-deposit box j. Federal Reserve System 66. Companies that offer short-term loans to businesses and consumers at higher interest rates than banks charge 67. The electronic transfer of a payment directly from the payer s bank account to that of the party being paid 68. Financial institutions that offer the entire range of banking services, such as checking and savings accounts, loans, and financial advice 69. A system that allows money to be transferred from one bank account to another through a network of computers 70. Property or goods pledged by a borrower to use as security against a loan if it is not repaid 71. A record of the amount of money a customer has deposited into or withdrawn from a bank 72. Not-for-profit banks set up by organizations for their customers to use 73. A secure box in a bank s vault used for the safe storage of a customer s valuables 74. The central bank of the United States 3

4 75. Companies that sell stocks and bonds and may also offer a wide range of financial services to their customers a. mass media f. media planning b. infomercial g. advertising agency c. direct-mail advertising h. ad campaign d. pop-up ads i. audience e. webcast j. prime time 76. A business that specializes in developing ads and ad campaigns for its clients 77. Channels of communication, such as television, radio, and newspapers 78. A series of ad messages that share a single idea and theme 79. A broadcast made on the Internet 80. Ads sent by mail to homes and businesses 81. A 30-minute commercial 82. Ads that appear in a new browser window when an Internet user first logs on to a Web site 83. The process of selecting advertising media and deciding the time and space in which the ads should appear 84. The number of homes or people exposed to an ad 85. The time period when a network TV or radio audience is the largest a. financial plan f. assets b. capital g. equity c. financial forecast h. liabilities d. budget i. accounts payable e. property j. owner s equity 86. Money supplied by investors, banks, or owners of a business 87. An owner s claim to the assets of the business 88. A plan specifying how money will be used or spent during a particular period 89. Short-term liabilities that a business owes its creditors 90. Creditors claims to the assets of a business 91. Anything of value that is owned or controlled 92. A set of documents that outline the essential financial facts about a new venture 93. An estimate of a business s financial outlook for each of the next few years 94. Property and other items of value owned by a business 95. Financial claims to all assets a. qualifications f. résumé b. employability skills g. chronological résumé c. body language h. job objective d. extracurricular activities i. cover letter e. attitude j. job interview 96. A document that lists your achievements in time order 97. A document enclosed with a resume that tells an employer about a job applicant and why the applicant is applying for a job 4

5 98. Activities that are done besides schoolwork 99. Nonverbal communication 100. Education, skills, and work experience needed to do a particular job 101. A feeling or opinion about a certain fact or situation 102. A statement about the type of position a job applicant wants 103. A formal face-to-face discussion between an employer and a potential employee 104. Basic skills that are needed to get a job, keep a job, and do well at a job 105. A written summary of a job seeker s skills, education, and work experience a. credit f. commercial credit b. creditor g. credit rating c. debtor h. charge account d. interest i. installment loans e. consumer credit j. collateral 106. One who lends money or provides credit 107. Credit used by businesses 108. An agreement to obtain money, goods, or services now in exchange for a promise to pay in the future 109. Something of value the bank can take if a borrower does make the required loan payments 110. A type of credit used by people for personal reasons 111. Loans repaid in regular payments over a period of time 112. A measure of a person s ability and willingness to pay debts on time 113. A fee for using money 114. One who borrows money or uses credit 115. Credit provided by a store or company for customers to buy its products a. annual percentage rate (APR) f. variable rate b. cash advance g. fixed rate c. cosigner h. secured loan d. grace period i. unsecured loan e. credit limit j. garnishment of wages 116. A court order to take all or part of a debtor s paycheck if the debtor stops making payments 117. An interest rate that fluctuates or changes over the life of a loan 118. Someone who agrees to be responsible for a debt if the main applicant does not repay it 119. A loan given in cash by a credit card company 120. A loan that is not backed by collateral 121. An amount of time allowed to repay a debt without having to pay interest charges 122. An interest rate that determines the cost of credit on a yearly basis 123. The maximum amount a card holder can charge on a credit card 124. An interest rate that remains the same over the life of a loan 125. A loan backed by collateral 5

6 a. usury law f. credit counselor b. credit report g. consolidation loan c. collection agent h. bankruptcy d. comprehensive i. pose e. identity theft j. restore 126. a person or business that collects payments for overdue bills 127. a legal process in which a borrower is relieved of debts after showing an inability to pay 128. occurs when someone steals another person s financial information with the intention of committing fraud under that person s identity 129. to put or bring back to an earlier state 130. a law restricting the amount of interest that can be charged for credit 131. combines a consumer s debts into one loan with lower payments 132. helps people work out a plan for getting out of debt 133. to pretend to be what one is not 134. a record of an individual s past borrowing and repayments 135. inclusive 6