Marketing Midterm review

amount of sleep for adults

7-9 hours

What is the difference between a job and a career?

A job is a set of tasks done to earn money, while a career is using abilities in a meaningful way to earn a living

lease

A legal document that contains all the details of the agreement between the landlord and renter which is signed by both parties

Budgeting and Saving

Allowing you to see where you can cut back on spending

Minimum age for opening a bank account

Any age if a parent/guardian is on a joint account

An inherent talent or ability

Aptitude

average graduating with college degree

Can boost your earning potential by 60% over a high school diploma

ATM check card

Can only be used to withdraw money that is in your account, not to overdraw your account

what is not a result of regular exercise?

Causing your heart to wear out faster

What is not a type of insurance

Deductible

True or False: For job advancement, attitude is not a consideration as long as you do your job.

False

True or False: Once you have created your budget plan, you are set until you change jobs or change income.

False

what are dependents

Family members; Children; Your spouse

If a person in your house was bitten by your dog, which type of insurance would you be covered under?

Homeowners insurance

You ran short of cash and borrowed $50 from your rich cousin. When you paid her back, she insisted that you owed $60. What is the extra $10 called?

Interest

Can be paid or unpaid

Internships

Overdraft protection

Is like a credit card you don't use until your checking account gets below a zero balance

It is important for goals to have accomplishment dates because...

It is easy to put off long term goals and a deadline keeps you focused

What can little to no sleep do?

Lack of sleep can weaken your immune system

A good work ethic can be demonstrated by...

Maintaining a positive attitude; Remaining flexible; Being cooperative

start-up cost

Money you will need to cover the first month's rent, security deposit, and goods and services related to renting

Matt has $471.60 in his checking account and feels he's doing pretty well financially.Then his car stops running. His mechanic is able to fix it in a day, but with the towing charges, parts, and mechanic's labor, he now needs to pay the service center $624.11 so he can drive his car to work. Of the following choices, which is the best course of action for Matt?

Pay the service with his visa credit card

When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called?

Principle

what can time management help with?

Reach your long-term and short-term goals; Minimize stress from feeling too busy; Balance work, rest, and recreational activities

Balancing your checking account

Reconcile

Your friend is injured while visiting your leased apartment. Her medical costs are most likely to be covered under:

Renters insurance

Without health insurance, a routine checkup at the doctor's office can cost you...

Several hundred dollars

Why is it better to underestimate your income instead of overestimating when creating a budget?

Some expenses fluctuate from month to month; Overestimating may lead to a deficit; Regular deficits can lead to increasing debt

Apply for a cooperative education experience, through her university, at a company or an agency that will provide her real work experience in her field of study

Sue wants to work as a chemical engineer for either a large corporation or the government. What would you advise her to do while she is earning her bachelor's degree to gain some real-world experience in the field of chemical engineering while still earning college credits?

Security deposit

The deposit can be used to repair damage caused by the tenant during the term of the lease

minimum payment on a credit card

The smallest payment that will keep a credit card holder in good standing with the lender

What is the main reason people shop?

To provide for primary needs

True or False: Student loans often don't require you to start paying them back until after you've completed the course(s).

True

True or false: Paying for your ticket to a rock concert instead of a gym membership is an example of Opportunity Cost.

True

utilities that are seperate from rent

Water, electricity, phone service

How much money should you save each month?

You must decide what you can afford

Considerations when choosing an apartment

cost, proximity to work, availability of mass transit

Someone who borrows money

debtor

If you get your first credit card while you're a full-time student, what can you expect about the card's APR on outstanding balances?

it´ll be high

Having money left over after meeting your expenses

surplus