basic business terms

Checking account: withdrawals at any time but minimum account balance requirement. No interest rate. 

A check register, also known as a cash disbursement journal, is the journal that records all the checks, cash and cash outlay during an accounting period.

Phishing occurs when a scammer sends out an email made to look like it's from a legitimate company, such as a credit card company, in order to gain personal information

A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.

Lending Investments -Investments in which individuals allow borrowers to use their money for a period of time for a specified fee or rate of interest 

The Sarbanes-Oxley Act of 2002 is a major federal law regarding information management and accounting records

Positioning innovation occurs when the purpose of a product is changed. 

Paradigm innovation occurs when there is a significant change in thinking

A trade association is a group of persons in the same industry or geographic area who form a society to solve their common problems

An embargo is an official ban of trade with a certain country

A touchpoint is any interaction between a business and a customer or a potential customer. 

Socialist economies are a type of command economy in which the state (government) owns the basic means of production and has programs that provide health care, education, financial assistance, and other benefits to its citizens

Payroll taxes, such as Medicare and Social Security taxes, are taxes typically paid by both employers and employees

The law of diminishing returns is an economic concept that states that if one input increases while the others are constant, at some point the increases in outputs will decline. 

If a country imports more goods and services than it exports, the country has a trade deficit.

A trade surplus exists when a country exports more goods and services than it imports

Finance charges are interest and/or fees charged on the outstanding balance of a credit account—in this case, a credit card

An insurance premium is a fee that is paid to an insurance company for providing insurance protection.

A disadvantage of credit cards is if the credit card holder pays the minimum amount due, the amount of interest owed accumulates on the balance due until the debt is paid off.

A restrictive endorsement limits how the check can be processed

A general endorsement allows the endorser to cash the check or deposit it into the account of his/her choice—there are no restrictions placed on the funds transfer

Bonds are typically issued to raise funds for specific projects. In return, the bond issuer promises to pay back the investment, with interest, over a certain period of time.

Integrated software application packages allow businesses to manage all types of business activities, such as inventory control, finance, tracking, invoicing, etc. consist of two or more related computer programs that work together to record information or perform specific business tasks or functions.

A corporation is owned by people who own stock in the business, and they split the profits. 

Limited decision making is a consumer decision making that is used when we are purchasing products that we are familiar with, but still need to gather more information about which brand or model will best fit our needs.

The Robinson-Patman Act prohibits price discrimination and states that all businesses purchasing similar amounts and types of products should be charged the same price. 

The Clayton Act prevents specific business actions that might restrict competition such  as exclusive agreements. 

 The Sherman Antitrust Act prevents monopolies from forming and hinders price fixing (all businesses charging the same price).

The Celler-Kefauver Antimerger Act protects competitors from takeovers if the acquisition would hinder competition. There is no takeover situation in this case. 

Endorsement involves signing the back of the check, which allows the funds to be transferred from the payer (check source) to the payee (check recipient). 

The payer completes the front of the check, which includes the "Signature" line and the "Pay to the order of" line, which identifies who can cash the check—usually the payee. 

The memo line is used to identify the purpose of the check. 

Repossession is when a borrower defaults (fails to pay for an extended period of time) on his/her loan, the lender—in this case, Tommy's bank—may choose to claim the collateral—Tommy's car—that was used to secure the loan. 

Foreclosure is similar to repossession, but the term is used strictly to refer to the seizure of a mortgaged property, usually a house or other type of real estate. 

Forbearance is an agreement between a mortgagee and a mortgagor to delay foreclosure proceedings.

A debt consolidation involves taking out a new loan to pay off multiple other loans and debts

The query is the mechanism used to obtain the desired information from the database. The desired information involves pulling records that have the same or matching criteria. 

Database sharing. Groupware applications refer to the modes that employees who work in different locations use to work together or collaborate so they can accomplish a common goal. One mode of collaboration is sharing a database that links or networks several people via computer. For example, when both a sales representative and a warehouse manager have the ability to turn on their computers and access the same inventory status information to see if a product is in stock for a customer, they are using a groupware application. 

The annual percentage rate (APR) is the interest paid on the portion of the bill Sheila does not pay each month. An annual fee is a once-a-year payment made to the credit card company that permits the person to use the company's credit card. 

An overdraft fee is charged by a bank when a customer writes a check for more money than is in his/her checking account.

The extension indicates the total cost of each quantity of products the buyer is purchasing. The extension amount is determined by multiplying the quantity purchased by the price per unit

Transferring. Contractual agreements, such as warranties, are one way to transfer risks to another person or business. This option enables businesses to move forward with their decisions without bearing the risks involved

Businesses retain a risk if they do nothing to reduce or eliminate it.

Employers sometimes match employees' contributions. Many employers will match an employee's contribution to their savings account up to a certain amount each year. As a result, individuals essentially earn "free money" for their retirement, simply by saving

A surrender charge is a fee charged to a policyholder by a life insurance company when the insurance policy or annuity is surrendered or waivered for its cash value

Depending on the terms of the contract, the employers and employees pay a portion of the health insurance premium. A copayment is a predetermined out-of-pocket expense that the insured (employee) often pays at the time of service to cover a portion of the health care provider's fee. 

A pay stub is a piece of personal financial information—it shows the wages a person earned during a certain period of time. 

Most private enterprise systems, such as the one that exists in the United States, are not pure private enterprise systems because there is a limited amount of government control. In this system, individuals and businesses are the primary economic decision makers, while the government helps regulate and control the system. 

In a pure private enterprise system, there is no government control. 

In a communist command system, the government places quotas on production. 

 Capitalism is an economic system that depends on honest, healthy competition between businesses

Being tactful is an example of demonstrating courtesy and respect toward others on your work team in the process of building positive working relationships

Installment credit is where you pay fixed payments. Car loan. 

An open, or regular, credit account allows credit users to buy at any time during a set period, usually 30 days. Goods are shipped and delivered before payment is due

 A revolving credit account limits the total amount of money that may be owed and charges interest on outstanding balances. Eg. credit card. 

Layaway is paying over a period of time for merchandise held by the store until the customer pays in full

Increase the amount of their deductible. By increasing the amount of their deductible, people accept more risk, thereby reducing the carrier's risk. This results in reduced monthly premiums for individuals. However, if the person uses health care services, s/he would have more out-of-pocket expenses than with a lower deductible. 

There are many point-of-sale software applications that enable businesses to perform a variety of functions beyond the point of sale. Some of these functions include placing orders, controlling inventory, placing special orders, etc

Meta tags are HTML codes that display information about web pages. It uses tags placed in strategic places to help the browser identify and locate various elements of the web page

ASCII, or American Standard Code for Information Interchange, is plain text from which the HTML document is usually created. 

The browser moves from one place to another within the page or to another site by means of a hyperlink.

Fiat money is money that has no intrinsic value. Instead, its value comes from government backing