PBMF 2015 Spring Final Review - Cox Mill High School



Answer all questions individually in the spaces provided. Please note you may use this review on your final exam using handwritten notes (no limit on the amount of pages).Questions taken from EverFi Financial LiteracyWhat is interest? How is interest different from compound interest? Which will benefit you the most?What is the Rule of 72? Know how to use it.Why is it important for young people to start saving as early as possible given the principles of interest? What is the purpose of a budget? How can people make sure their budgets remain balanced? Which has the highest fees?What are the different types of banking institutions? How is a checking account different than a savings account? What are the different savings vehicles covered in the Everfi curriculum?How can you monitor your checking account balance and what are the risks of spending more money than you have?Where are the following located on a personal check: Bank account numberRouting numberCheck numberMember numberWhat is credit, and how can it be useful to consumers? What features of a credit card do you need to research when considering a credit card? How can people make sure they are using credit cards responsibly? What is the difference between a debit card and a credit card? Which has the highest fees/costs?What is a Credit Card Disclosure? Know how to read one.What information goes into a credit score, and what information does not? Why would you want a good credit score? How are credit scores used? What can you do to help make your credit score strong? What can you do if you have a low credit score, to help increase it?How is education an investment in yourself? Explain why it might be a good idea to borrow money for college if you might not otherwise afford to go. What are the steps in the student loan process? Why is it important to repay your student loans on time?What is a mortgage? What causes a mortgage foreclosure? What are the advantages of renting vs. owning a home? What are the advantages of owning vs. renting a home? Is buying a house always a solid investment?What is tax revenue used for? What is the difference between sales tax and property tax? What types of insurance do people use and what are the benefits to having insurance? How does one pay for insurance?What is identity theft, and what can people do to protect themselves from it? Why should people check their credit report once a year? What are some examples of consumer fraud?Why do people take financial risks? What is a stock, and why might stocks be a good investment? What is a mutual fund and how is it different than stock? How are bonds different than stock? How does their risk profile differ? How can you lower risks when it comes to investing?Questions taken from Introduction to Business Textbook: chapters 12.What are the three types of budgets? Define.What is revenue?What are expenses?What is the difference between an asset and a liability?What are the four financial statements discussed in Chapter 12?What do payroll records for each employee contain?Know the various ratios.Questions from Virtual Business Retailing CurriculumWhat effect does staffing usually have on customer satisfaction? What is promotion?A survey shows that 50 out of 100 customers are not aware of your business. What would you do? What is targeted marketing?What is a loss leader?What is the federal agency who sets the standards for workplace health and safety? Describe the economic law of supply and demand. What is the purpose of market research? What is the best way to determine customer demand?Decreased customer satisfaction with service will most likely cause a decrease in what?What are the best times to advertise on the radio?What does start-up costs listed in the financial section of a business plan typically include?If a business earns revenue of $21,137 and has a promotional expense of $20,000, then the business is spending too much or too little on promotion? What is seasonal merchandise?What is physical inventory?List the characteristics of effective advertisements.What are the differences between economic risk, human risk and a natural risk?List some strategies to take business away from a competitor. If you sell 10 units a week and you have 50 units in inventory, then you have how many weeks of inventory?A survey shows that 90 out of 100 customers think your service is "poor". What could you do to fix this?What are demographics? What is a basic stock list?What information on the area's business environment could help you decide where to locate your business? How long do sales promotions usually last?Your financial statements show that sales at your candy store increase significantly before Valentine's Day. Which of the following is the best way to maximize revenue during this time? What is the price of a product in your store?How can you avoid having expired goods?What are the consequences of understaffing and overstaffing?What is a cease and desist order? What are liabilities? What is merchandising?What is a warranty? What is a Balance Sheet and describe what it summarizes.Define a Fixed Asset and a Current Asset?Define Equity. Questions taken from Introduction to Business Textbook: Chapter 10What are the four elements of a marketing mix? What are the steps in developing a marketing strategy? What is the purpose of a survey?What is the difference between tangible and intangible services?What are the various types of promotion? What is the purpose of promoting a product? Chapter 11 FoundationsU Workbook packetWhat is the difference between gross pay and net pay?What is the responsibility of the IRS (Internal Revenue Service)?What is true about goal setting according to Dave Ramsey and Jon (you know, Jon; the guy who talks with his hands).What is a mentor and what should you know about mentoring?What are the goal guidelines?What is the process by which we “market” ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals? ................
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