Business Quiz 2

old&new words

W2

Statement of your income given to you by your employer. Annual

Patent

legal protection granted to an inventor for a limited time to protect their invention from being used, copied or sold by others

Colaterall

Ther’re not going to give you a loan unless you have collateral

IRS

Internal Revenue Service. Collect taxes in the US

1040

To fill out annual income tax return

monetary policy

a set of actions available to a nation's central bank to achieve sustainable economic growth by adjusting the money supply.

Federal Funds Rate

The federal funds rate is the interest rate banks use when lending money to each other overnight.

discount rate

the minimum interest rate set by the Federal Reserve for lending to other banks.

prime rate

Prime rate or prime lending refers to the lowest commercial interest rate charged by a banks at a particular time

FICA tax

FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck.

IRS - Internal Revenue Service

The Internal Revenue Service (IRS) administers and enforces U.S. federal tax laws. The IRS role is to help the large majority of compliant taxpayers with the tax law, while ensuring that the minority who are unwilling to comply pay their fair share

USPTO - The United States Patent and Trademark Office

The United States Patent and Trademark Office (USPTO) is the federal agency for granting U.S. patents and registering trademarks.

Copyright:

A legal right to print, publish, perform, film, record artistic or musical material

Trademark

Idetifies a source of your goods or services and provides legal protection for your brand.

GDP

Gross Domestic Product- Total market value of goods and services produced in a nation within 12 months

Communism

State ownership of the means of production

Cost

Supply&Demand

Means of Production

Land, Labor, and Capital

Recession

2 consecutive quarters of negative GDP growth

Seasonal unemployment

A person loses their job when the tourists leave

CPI

A basket of marketplace goods and services that determines inflation

Demand pull

an increase in demand

Inflation

A general rise in prices is commonly referred to as inflation

Federal Reserve

This unelected government body determines monetary policy

Congress

Legislative branch the determines taxes and expenses

Fiscal Policy

Government policy that includes taxing and spending

What % of workers are considered full employment

96%

If supply goes UP and demand goes DOWN, cost goes ?

DOWN

If supply goes DOWN and demand stays the EVEN —- , cost goes ?

UP

How does a decrease in interest rate impact car sales… up or down

UP

How does bad credit impact your mortgage rate… up or down

UP

National Debt

Accumulated total of all governments annual budget deficits

Fiscal Deficit

When government spens more than it collects in taxes