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FBLA Intro to Business Concepts Exam Q’s and A’s
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FBLA Intro to Business Concepts 2024-2025 Exam Q’s and A’s
Discuss the nature of monetary policy and the role of the Federal Reserve
system. - -How the Federal Reserve controlls money suply and interest
rates. Overall goal is to support economic growth, and employment while
controlling inflation.
- Discuss the general methods of financing business ventures and various
sources of financing. - -Equity financing, debt financing (loans), angel
investors/ venture capitalists, crowdfunding, grants, selling assets, IPO, and
donations.
- Develope, evaluate, and modify a spending/ savings plan. - -Set realistic
goal, keep track and understand where money is going, cut spending,
understand necessary steps to raise profits to reach goal, adapt, and stick to
plan.
- Describe purpose of budgets and identify the steps in preparing a good
budget. - -it is important because it creates a good outline on how to
minimize spending, predict future growth, and make smart decisions which
all helps to maximize profits. A good budget needs a goal, financial data on
business, estimated profits, and a team to make smart decisions.
- Demonstrate proper procedures for managing a checking account. - -
1.Write date, recipient, amount in numbers, amount in words, memo, and
signature when writing checks. 2. record all money in and out of account on
check register including eletronic funds transfers 3. make sure you have
funds when using debit cards, record money spent in check register.
- Compair services provided by banks, credit unions, and other financial
institutions. - -Banks are for profit and provide different types of accounts.
Credit unions are non profit institutions that provide similar services as
banks, but often have better prices. Other institutions provide different types
of financial services.
- Define differences between fixed and variable expensess. - -fixed are
expensess that don't usually change much. ex: salary, renting office spaces.
variable expensess change more and are harder to predict. ex: price of
materials.
- Prepare and interpret financial statements such as a balance sheet and
income/ expenditure records. - -Understand basic accounting concepts.
, - evaluate savings and investment options for short and long term goals. - -
For short term you may use higher risk options for quicker returns such as
crypto, riskier individual stocks, high yeild savings account, and short term
bonds.
Long term could include a normal savings account, safe protfolio, mutual
funds, ETF's, bonds, and real e state.
- Describe sources of security informations. - -Different financial websites,
Bloomberg, sec, NYSE, financial statments.
- Compair and contrast various sources of credit. - -credit cards, loans,
HELOC, payday loans, P to P lending.
- Explain the advantages and disadvantages of using credit - -Advanteges
are: Credit card benifets, using loans to make more money, simplicity.
Disadvanteges are: possibly getting overwhelmed with debt, spending more
money than you actually have.
- Compute simple interest loans. - -P x R x T
- How can a good credit record be established and maintained. - -paying
debt on time, using credit cards often, not taking large loans in compairison
to max loan amount, and never getting more debt than you can handle.
- List sources of consumer information - -BBB, yelp, google reviews, social
medias and news outlets.
- Identify rights and responsibilities of consumers and list ways to protect
consumer rights. - -Consumers have the right to saftey, information, to
choose, compensation, education, and representation. Responsibilities are to
exercise caution, read contracts and agreements, and using products safely.
Ways to protect consumer rights are education, a voice, and consumer
organizations or agencies.
- Explain the function of organizations such as the better business bureau
and the federal trade commission. - -Better Business Bureau is a non profit
that focuses on trust between businesses and consumers. it gives a business
rating from A+ to F on a businesses ethical practices and customer
complaints. It also allows consumers to file complaints on businesses, and
provides consumer info.
Federal Trade Commission is a government organization that enforces
consumer laws such as deceptive advertizing and scams. It also enforces
cyber security, and takes action against companies that don't protect user
data.
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