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FBLA Intro to Business Concepts Exam|29 Questions with Correct Answers
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FBLA Intro to Business Concepts Exam|29 Questions with Correct Answers
monetary policy and the role of the Federal Reserve System (Jerome Powell -
Federal Reserve Chairman) - -monetary policy uses tools such as interest
rate, etc, in order to properly regulate the economy
- sole proprietorship - -when a person files with the government in order to
create a separate entity for business ventures
- joint partnership - -when at least two people file to create a business
- corporation - -A business owned by stockholders who share in its profits
but are not personally responsible for its debts
- Types of funding - -loans, angel investors, shareholders, royalties
- 50/30/20 rule - budgeting - -50% to your needs, 30% to wants, 20% to
savings
- writing checks - -fill out checks (practice)
- balancing a checkbook - -deposits = withdrawals + balance, check bounce
if insufficient funds
- Compare services provided by banks, credit unions, and other financial
institutions. - -Banks offer meager yield rates and high-interest rates but can
offer loans. Credit Unions ...
Credit cards offer incredibly high-interest rates and can offer advances, due
does not incur interest until after 30 days, and should not be used for
business loans.
- Credit Union - -Credit union: They are nonprofit entities that aim to serve
their members rather than seeking to earn a profit. Credit unions often offer
better savings rates, lower loan rates and reduced fees because of this.
- Thrift Bank - -A thrift bank-also called a Savings and Loan Association
(S&L)-is a type of financial institution that specializes in offering savings
accounts and originating home mortgages for consumers.
- Fixed vs Variable Expense - -Fixed: Doesn't change often such as
electricity and utilities bill
Variable: Changes often, ex. shopping list
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