Intro to Business
4 P's of Marketing - ✔✔include the following elements: product, place (distribution), price, and
promotion
ability - ✔✔the quality of being able to perform a mental or physical task
accounts payable - ✔✔these are amounts a company owes for credit purchases
accounts receivable - ✔✔these are amounts customers who paid on credit owe a business
advertising - ✔✔any paid form of communication through mass media directed at consumers to provide
information and influence them to buy
arbitration - ✔✔a legally binding decision by a third party, which both parties involved must follow
assets - ✔✔what a company owns (anything of value); which can include cash, inventory, equipment,
buildings, and land
average college senior's debt - ✔✔$4,100
average credit card debt per household - ✔✔$15,607
average credit score - ✔✔696 in the USA; 637 in Michigan
bank statement - ✔✔a report sent by the bank to a depositor showing the status of an account
bankruptcy - ✔✔is considered the "last resort"; it is the legal process of reducing or eliminating an
amount owed
,capacity - ✔✔one of the "C's" of credit, it involves "How easily can you pay off the debt? Do you have a
steady job, good income, and little debt?"
capital - ✔✔one of the "C's" of credit, this is the value of your possessions: what you own
capital resources - ✔✔resources that include tools, machinery, equipment, factories, money
career - ✔✔a goal in life that is fulfilled through a job or a series of occupations
career information sources - ✔✔can include your school counselor, teachers, newspapers, online
sources, neighbors, and even your own family members
cashier's check - ✔✔a check that a bank "draws/writes" on its own funds
certified check - ✔✔this is a personal check for which a bank has guaranteed payment
channel of distribution - ✔✔the "route" a product follows in moving a product from the producer to the
final consumer
character - ✔✔one of the "C's" of credit, this refers to a person's ability to pay a debt when it is due
characteristics of money - ✔✔these include stable, accepted as a form of exchange, easily divisible,
portable, durable, and difficult to counterfeit
check register - ✔✔a separate book form on which a depositor keeps a record of checking account
activities
co-signer - ✔✔someone who agrees to be responsible for payment of a loan if you do not pay as
promised
, collateral - ✔✔one of the "C's" of credit, this is property offered as security for some loan agreements
college freshmen - ✔✔approximately 91% have credit cards and owe more than $1,500
command economy - ✔✔economy in which government makes all decisions involving production; few
personal choices, no luxury goods, fixed prices, fixed wages
commercial bank - ✔✔this is often referred to as a "full-service" bank because it offers so many financial
services
common stock - ✔✔when you purchase this kind of stock, you have voting rights in the company but are
"last in line" behind creditors to receive money if the company goes bankrupt
competition - ✔✔the rivalry among businesses to sell goods and services, which creates better product
choices and better prices
complement - ✔✔products that are used together such as toothpaste and toothbrush
consumer - ✔✔someone who buys.uses goods and services
Consumer Bill of Rights - ✔✔introduced by President Kennedy in 1962, it lists our seven rights as
consumers: (1) the right to be informed, (2) the right to safety, 3) the right to choose, (4) the right to be
heard, (5) the right to a remedy (sue. Complain), (6) the right to consumer education, and (7) the right to
service
cooperative - ✔✔a business formed to market products produced by its members or to purchase
products needed by its members; it is OWNED by members. Examples include credit unions and
warehouse club stores like COSTCO
copyright - ✔✔this protects creative work for author's life plus 70 years
4 P's of Marketing - ✔✔include the following elements: product, place (distribution), price, and
promotion
ability - ✔✔the quality of being able to perform a mental or physical task
accounts payable - ✔✔these are amounts a company owes for credit purchases
accounts receivable - ✔✔these are amounts customers who paid on credit owe a business
advertising - ✔✔any paid form of communication through mass media directed at consumers to provide
information and influence them to buy
arbitration - ✔✔a legally binding decision by a third party, which both parties involved must follow
assets - ✔✔what a company owns (anything of value); which can include cash, inventory, equipment,
buildings, and land
average college senior's debt - ✔✔$4,100
average credit card debt per household - ✔✔$15,607
average credit score - ✔✔696 in the USA; 637 in Michigan
bank statement - ✔✔a report sent by the bank to a depositor showing the status of an account
bankruptcy - ✔✔is considered the "last resort"; it is the legal process of reducing or eliminating an
amount owed
,capacity - ✔✔one of the "C's" of credit, it involves "How easily can you pay off the debt? Do you have a
steady job, good income, and little debt?"
capital - ✔✔one of the "C's" of credit, this is the value of your possessions: what you own
capital resources - ✔✔resources that include tools, machinery, equipment, factories, money
career - ✔✔a goal in life that is fulfilled through a job or a series of occupations
career information sources - ✔✔can include your school counselor, teachers, newspapers, online
sources, neighbors, and even your own family members
cashier's check - ✔✔a check that a bank "draws/writes" on its own funds
certified check - ✔✔this is a personal check for which a bank has guaranteed payment
channel of distribution - ✔✔the "route" a product follows in moving a product from the producer to the
final consumer
character - ✔✔one of the "C's" of credit, this refers to a person's ability to pay a debt when it is due
characteristics of money - ✔✔these include stable, accepted as a form of exchange, easily divisible,
portable, durable, and difficult to counterfeit
check register - ✔✔a separate book form on which a depositor keeps a record of checking account
activities
co-signer - ✔✔someone who agrees to be responsible for payment of a loan if you do not pay as
promised
, collateral - ✔✔one of the "C's" of credit, this is property offered as security for some loan agreements
college freshmen - ✔✔approximately 91% have credit cards and owe more than $1,500
command economy - ✔✔economy in which government makes all decisions involving production; few
personal choices, no luxury goods, fixed prices, fixed wages
commercial bank - ✔✔this is often referred to as a "full-service" bank because it offers so many financial
services
common stock - ✔✔when you purchase this kind of stock, you have voting rights in the company but are
"last in line" behind creditors to receive money if the company goes bankrupt
competition - ✔✔the rivalry among businesses to sell goods and services, which creates better product
choices and better prices
complement - ✔✔products that are used together such as toothpaste and toothbrush
consumer - ✔✔someone who buys.uses goods and services
Consumer Bill of Rights - ✔✔introduced by President Kennedy in 1962, it lists our seven rights as
consumers: (1) the right to be informed, (2) the right to safety, 3) the right to choose, (4) the right to be
heard, (5) the right to a remedy (sue. Complain), (6) the right to consumer education, and (7) the right to
service
cooperative - ✔✔a business formed to market products produced by its members or to purchase
products needed by its members; it is OWNED by members. Examples include credit unions and
warehouse club stores like COSTCO
copyright - ✔✔this protects creative work for author's life plus 70 years
