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What is the key difference between a bank and a credit union?
A bank operates for profit while a credit union operates as a non-profit.
What does it mean to barter?
Barter refers to an equal trade of goods and services.
What is trade?
Trade is the buying or selling of goods and services.
How does the Federal Reserve make its money?
The Federal Reserve transfers its net earnings to the U.S. Treasury.
Who oversees the Federal Reserve system?
Congress oversees the Federal Reserve system.
What does CPI stand for?
CPI stands for Consumer Price Index.
What does PPI stand for?
PPI stands for Producer Price Index.
How many Federal Reserve Banks are there?
There are 12 Federal Reserve Banks.
What is monetary policy?
Monetary policy refers to a central bank's actions to manage the money supply and interest rates to influence economic growth and stability.
What is the minimum number of partners needed in a partnership?
The minimum number of partners needed in a partnership is 2.
In a limited partnership, how many partners must have minimum liability?
In a limited partnership, at least 1 partner must have minimum liability.
Which type of corporation is limited to 75 shareholders?
An S corporation (subchapter S) is limited to 75 shareholders.
Which entity is liable for double taxation?
A C corporation (chartered) is liable for double taxation.
Which type of partnership has unlimited liability?
In a general partnership, partners have unlimited liability.
What is opportunity cost?
Opportunity cost refers to the potential loss of benefits from not choosing an alternative opportunity.
What is a trust?
A trust is a fiduciary relationship where ownership of assets goes to a trustee, while the beneficial enjoyment goes to the beneficiary.
What is a will?
A will is a legal document that describes how a person's property and assets should be distributed after their death.
What is a power of attorney?
A power of attorney is a legal document that allows a principal to delegate decisions to someone they trust while unavailable.
What are the three main economic systems?
The three main economic systems are market, command, and mixed economy.
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