Moms General Buisness

Front 1

the activity that a performs well

Back 1

Ability

Front 2

A natural talent at something

Back 2

Aptitude

Front 3

Things you own that have value

Back 3

Assets

Front 4

A sheet that shows your net worth, it lists you assets minus your liabilities

Back 4

Balance sheet

Front 5

is all the activities of an individual or group of individuals involved in producing and distributing goods and services to customers

Back 5

Business

Front 6

Things like buildings, machines, equipment

Back 6

capital resources

Front 7

A statement listing your monthly income and expenses

Back 7

Cash flow statement

Front 8

are the people who contribute the physical and mental energy to the production process

Back 8

human resources

Front 9

a set of rules by which a nation decides how to distribute its resources to satisfy people’s wants

Back 9

Economic system

Front 10

are the people who contribute the physical and mental energy to the production process

Back 10

human resources

Front 11

The initiation to combine natural, human, and capital resources to produce goods and services

Back 11

entrepreneurship

Front 12

is the lack of something that can be used to satisfy the wants of a group of people

Back 12

scarcity

Front 13

are temporary lack of something

Back 13

shortage

Front 14

are things we wish we could have

Back 14

wants

Front 15

are necessary wants, or things we must have in order to survive.

Back 15

needs

Front 16

can be physically weighed and measured
Bike
Clothes

Back 16

goods

Front 17

tasks that people or machines perform
Guitar lessons
Massage
Hair cut

Back 17

services

Front 18

is anything that people can use to make or obtain what they need or want

Back 18

resources

Front 19

is the cost of choosing one thing over another

Back 19

opportunity cost

Front 20

is any physical or mental ability that an individual performs well

Back 20

ability

Front 21

is a natural talent

Back 21

aptitude

Front 22

is a government charge on earnings or other sources of income
*this is the primary tool used by the federal govt to raise $$

Back 22

income tax

Front 23

also called FICA
Money raised through this fund is used to pay retirement benefits

Back 23

Social secutity tax

Front 24

This money is used for health insurance and hospital insurance
Nearly all people 65 or older are eligible for Medicare

Back 24

medicare

Front 25

At the end of each year employers are required to give each employee this wage and withholding statement

Back 25

form W2

Front 26

This is a tax collected on the sale of particular goods and services
The tax rate is usually a certain percentage of the price (it is built in to the price)
Examples are gas, alcohol, cigarettes, tires, firearms

Back 26

excise tax

Front 27

Foreign businesses pay this tax on goods they want to sell in this country

Back 27

tariff

Front 28

This means it is mainly private, rather than public
Most economic resources and businesses are owned by individuals or groups (rather than the govt)

Back 28

private enterprise system

Front 29

is the contest between businesses to win customers

Back 29

competition

Front 30

is the amount of money left over after a business has paid for the cost of producing the goods and services

Back 30

Profit

Front 31

is the idea that businesses act in a responsible and fair way toward their employees and society as a whole

Back 31

social responsibility

Front 32

is the paper money and coins provided by the government

Back 32

currency

Front 33

These are what you owe other people (Loans, credit cards, lines of credit)

Back 33

liabilities

Front 34

is defined as money received by you.
Examples include:
your salary,
a gift from a relative

Back 34

income

Front 35

a negative cash flow, spending more money th

Back 35

deficit

Front 36

Cash expenses that change a lot from month to month

Back 36

variable expenses

Front 37

Your total assets minus your total liabilities

Back 37

net worth

Front 38

Cash expenses that stay relatively stable from month to month

Back 38

fixed expenses

Front 39

These resources cannot be replaced

Back 39

nonrenewable resources

Front 40

The percentage of the workforce looking for work that does not have jobs.

Back 40

unemployment rate

Front 41

Long period of very severe economic decline

Back 41

depression

Front 42

Prolonged rise in level of prices for goods and services

Back 42

inflation

Front 43

Monetary value of all goods and services produced in a country for a stated period of time.

Back 43

GDP

Front 44

35. This is an indicator of the value of the goods and services produced for a stated period of time but it is not as accurate because it included American companies that produce goods oversees

Back 44

GNP

Front 45

A company that has very little competition

Back 45

monopoly

Front 46

The signature of the party whom the check has been written that is necessary for cashing a check

Back 46

endorsing a check

Front 47

The point (price) at which the supply and demand meet

Back 47

equilibrium price

Front 48

An oversupply of goods and services when demand is less than the supply

Back 48

surplus

Front 49

This rule calculates how long it will take for money to double in a savings account based on the interest rate

Back 49

rule of 72

Front 50

47. This is another name for balancing your checkbook, making sure your balance matches what the bank statement says.

Back 50

reconcile

Front 51

49. These checks have not cleared at the bank yet and therefore don’t show up on your bank statement

Back 51

outstanding checks

Front 52

a negative cash flow, when your spending more money than you take in

Back 52

deficit

Front 53

another name for the workforce

Back 53

labor

Front 54

this law states that consumers want to buy a lot of stuff at a low price and not a lot of stuff at a high price

Back 54

law of demand

Front 55

this law states that producers are willing to produce a lot of products for a high price and not a lot of products for a low pricce

Back 55

law of supply