FBLA

First to use the internet

Department of Defense

Right to Redress

refer either to the act of setting right an unjust situation (as by some power), or to satisfaction sought or gained for a wrong suffered: the redress of grievances. Reparation means compensation or satisfaction for a wrong or loss inflicted.

Cover Letter

a (typically) one-page document that explains to the hiring manager why you are an ideal candidate for the job. It goes beyond your resume to explain in detail how you could add value to the company.

Form 1040 EZ

Income Tax Return for Single and Joint Filers With No Dependents

Law of Demand

a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Law of Supply

a fundamental principle of economic theory which states that, Keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

Factors that move demand

consumer expectations, population size, changes in income, related goods, changes in taste

Factors that move supply

natural conditions, new technology, government policies, number of sellers

Law Of Supply And Demand

the theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect the availability of a particular product and the desire (or demand) for that product has on price. Generally, a low supply and a high demand increases price, and in contrast, the greater the supply and the lower the demand, the lower the price tends to fall.

Factors of Production (economic resources)

Land, Labor, Capital, Enterprise

Unit of account

nominal monetary unit

Normal Profit

Compensation to entreprenuer

Economic Profit

Total revenue - economic costs

Price elasticity of demand

quantity change percentage / price change percentage

unit elastic

when demand elasticity \= 1

midpoint formula

(Q2 - Q1) / Midpoint Quantity
(P2 - P1) / Midpoint Price

cross-price elasticity of demand

measures the change of one good by the percentage change in the price of another good, usually a close substitute

income elasticity of demand

Quantity Change Percentage / Income Change Percentage

price elasticity of supply

measures the percentage change in supply quantity compared to the percentage change in the price, which, in turn, determines the change in total revenue.

Info about banks

Banks usually send reports of your checking account activity each month describing the
activity on your account

Bank income

The difference in the interest charged by banks on loans and the interest paid on money
deposited

equilibrium price

the price at which the quantity supplied is exactly equal the demand

Mosaic

1993 - web browser that popularized the web/internet

e-Trust

is a company dedicated to the promotion of online privacy through the establishment of best practice and policy.

Warranty

a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

severance pay

A sum of money for which an employee is eligible upon termination

Notice

Two weeks notification of leaving

Severance letter

The purpose of this letter (also referred to as the "Agreement") is to establish an amicable arrangement for ending your employment relationship, to release the Company from all legally waivable claims and to permit you to receive severance pay and related benefits.

Gift tax

Taxes on money gifted exceeding $14,000

adjusted gross income

an individual's total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, more relevant than gross income.

Taxable Income

the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year. It is generally described as gross income or adjusted gross income (which is minus any deductions or exemptions allowed in that tax year). includes wages, salaries, bonuses and tips, as well as investment income and unearned income. (AGI minus deductions)

Gross income

an individual's total pay before accounting for taxes or other deductions. At the company level, it's the company's revenue minus the cost of good sold. In this case it is also referred to as gross profit and, when expressed as a percentage of revenue, gross margin.

Net income

a company's total earnings (or profit); net income is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses. This number appears on a company's income statement and is an important measure of how profitable the company is over a period of time.

budget worksheet

A planning document on which you record your expected income, actual income, and
spending over a short time

Federal Deposit Insurance Corporation

A United States government corporation providing deposit insurance to depositors in US banks. created by the 1933 Banking Act during the Great Depression (June 16 1933) to restore trust in the American banking system; more than one-third of banks failed in the years before its creation, and bank runs were common.[2] The insurance limit was initially US $2,500 per ownership category. Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2011, deposits in member banks up to US $250,000 per ownership category.[3]

Service charge

fee per check

Maintenance fee

monthly for bank to keep account open

Checking account fee

fee to open

Debit fee

fee to use debit card

Canceled checks

paid off checks

Returned check

check not honored (not enough money)

Types of transactions

Void, unreconciled, cleared, reconciled (agree to transactions with bank)

Advantages of banks

1) banks are regulated and, therefore, provide security for money
2) banks can increase a consumer's purchasing power
3) money is better protected from robberies in a bank than in a person's home

Bond

A written promise to pay a debt by a specified date

Yield

the income return on an investment, such as the interest or dividends received from holding a particular security. usually expressed as an annual percentage rate based on the investment's cost, current market value or face value.

Credit Union

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Principal

original amount invested

Treasury bills

sold at a discount, given back in entirety

Treasury bond

a marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. make interest payments semi-annually, and the income received is only taxed at the federal level. known in the market as primarily risk-free; they are issued by the U.S. government with very little risk of default.

Series HH bonds

A 20-year non-marketable U.S. government savings bond that pays semi-annual interest based on a coupon rate. This coupon is locked in at a fixed rate for the first 10 years, after which it is reset by the U.S. Treasury for the rest of the bond's life. Interest on Series exempt from state and local - but not federal - taxes.

Face Value

the nominal value or dollar value of a security stated by the issuer. For stocks, it is the original cost of the stock shown on the certificate. For bonds, it is the amount paid to the holder at maturity, generally $1,000. It is also known as "par value" or simply "par."

Stockbroker

A person who handles the transfer of stocks and bonds between buyer and seller

401(k) plan

A tax deferred retirement savings plan offered to employees by their employer

U.S. Securities and Exchange Commission

an independent agency of the United States federal government. holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.[2]

Security

a thing deposited or pledged as a guarantee of the fulfillment of an undertaking or the repayment of a loan, to be forfeited in case of default.

certificate attesting credit, the ownership of stocks or bonds, or the right to ownership connected with tradable derivatives.

preferred stock

A non-voting share that pays a fixed dividend

Common stock

the most common type of stock that is issued by companies. It entitles shareholders to share in the company's profits through dividends and/or capital appreciation.

capital gain

The profit you earn from selling stock at a higher price than you paid for

National Association of Securities Dealers

The association administers the test and certifies individuals seeking certification to be a stockbroker

Central Registration Depository Record

a database maintained by FINRA for all firms and individuals involved in the U.S. securities industry. It is used to store and maintain information on registered securities and broker firms, as well as individuals who dispense investing and financial advice. (use like background check)

Financial Industry Regulatory Authority - FINRA

resulted from the merger of the New York Stock Exchange's regulatory committee and the National Association of Securities Dealers. as a regulatory body, is tasked with governing all business dealings conducted between dealers, brokers and all public investors.

NASDAQ

The Nasdaq Stock Market is an American stock exchange. It is the second-largest exchange in the world by market capitalization, behind only the New York Stock Exchange located in the same city.

New York Stock Exchange (NYSE & The Big Board)

Largest stock exchange

Credit Rating

A measure of your credit worthiness

bankruptcy

A legal process in which people who cannot pay their debts must surrender most of their
property

acceleration clause

in the law of contracts, is a term that fully matures the performance due from a party upon a breach of the contract. Such clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments.

Consumer Credit Reporting Reform Act

reporting agencies are required by federal law to protect your personal credit information and establish reasonable procedures to ensure accuracy and fairness in your credit report.

Truth in Lending Act

United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

Fair Debt Collections Practices Act

Law which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.

Fair Credit Billing Act

a 1974 federal law designed to protect consumers from unfair credit billing practices. (60 days to dispute, over $50)

Fair Credit Reporting Act

15 U.S.C. § 1681 ("FCRA") is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports.

revolving charge account

A type of credit account in which the customer may defer payment on part of the balance. Interest is charged on the unpaid balance and added to the total owed. A credit card is one type of revolving account. (line of credit, credit line)

regular charge account

one that gives consumers a line of credit to purchase goods or services. The payment for the purchase is not due at the time of purchase; rather, it is due at a later time according to the terms of the account. For example, a company can offer its customers a charge account that can be used for purchases from the company. The company will then expect to be paid for the purchases by a certain date.

installments accout

a form of charge account where the buyer makes payments in installments. Under an installment account, the buyer owes a specified amount and has a fixed time in which to pay it. Mortgages and student loans are two examples of installment accounts.

Charge Cards

a form of charge account that differs from a revolving account in that anything purchased must be paid for in full on a fixed date. This differs from a revolving charge account \-- such as credit cards \-- because typically only a percentage of a credit card balance is due on a fixed date. In other words, credit cardholders are generally allowed to carry balances between billing cycles. Holders of these cards are not.

What?

Calcium and iron are examples of minerals

Which of the following is the maximum number of allowable fat grams per serving in order to be considered low fat?

3 grams

Linen

Oldest known textile

Cholesterol free

-less than two milligrams of cholesterol
-two or less grams of saturated fat per serving

Rayon

Regenerated cellulose (manufactured fiber produced from the cellulose of
wood pulp, cotton, and other vegetable matter. The fabric in her clothing is soft and lustrous. )

estimate

a written statement indicating the likely price that will be charged for specified work or repairs.

duplex

An apartment building that has two apartments under one roof

appreciation

An increase in the value of a piece of real estate is

condominium

a building or complex of buildings containing a number of individually owned apartments or houses.

townhouse

a multi-story house in a modern housing development which is attached to one or more similar houses by shared walls.

efficiency

a one-room apartment with a private bathroom. It may or may not have a closet. The one room is usually larger than a standard apartment bedroom, since it needs to have separate areas for sleeping, eating, and living, and also for a small kitchen

offer

an amount of money that someone is willing to pay for something

earnest money

a deposit of money up front to indicate a sincere intention to complete a transaction. may be required in certain offers, such as an offer to purchase real estate.

contract

a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

fixed-rate mortage

a mortgage that has a fixed interest rate for the entire term of the loan. The distinguishing factor of a fixed-rate mortgage is that the interest rate over every time period of the mortgage is known at the time the mortgage is originated.

adjustable-rate mortgage

a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.

Graduated payment mortage

A type of fixed-rate mortgage in which the payment increases gradually from an initial low base level to a desired, final level. Typically, the payments will grow 7-12% annually from their initial base payment amount until the full payment is reached.

FHA insured loan

a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a approved lender.

premium

A regular payment required to purchase insurance

generic drugs

Medications that have the same composition as their name brand counterparts, but are less
expensive

WIC

The Special Supplemental Nutrition Program for Women, Infants, and Children serves to safeguard the health of low-income pregnant, postpartum, and breastfeeding women, infants, and children up to age 5 who are at nutritional risk.

contingency fee

a sum of money that a lawyer receives as a fee only if the case is won (percent of amount awarded)

flat fee

A lawyer charges a specific, total fee. usually offered only if your case is relatively simple or routine such as a will or an uncontested divorce.

Nations create trade barriers to protect their young industries from

foreign competition

trade deficit

more on imports than earn on exports