Business Studies Final

What is a value?

• A fundamental belief or practice about what is desirable, worthwhile, and important to an

  individual

• Thoughts that are created independently with no external influence

• Beliefs or practices that all individuals share and agree upon

• Ideas that individuals are born with and are not influenced by daily experiences

What is the definition of a major decision?

• Made on a day‐to‐day basis without a lot of thought

• Choices that have long‐term effects on a person’s life

• May become a habit

• The process of identifying personal interests

Which characteristic does not describe both routine and major decisions?

• Affect a person’s life

• Guided by individual values

• Can be made without thinking and may become a habit

• Contribute to an individual’s or family’s well‐bei

What is a goal?

• Something desired but not necessary

• An individual’s perception of items necessary for life

• The end result of something a person intends to acquire, achieve, reach, or accomplish

• A feeling of personal satisfaction

The following elements describe a SMART goal

• Specific, Measurable, Attainable, Realistic, Time Bound

• Short, Measurable, Action, Realistic, Time Bound

• Specific, Monetary, Attainable, Recognize, Temporary

• Short term, Mandatory, Attainable, Repetition, Timely

What is the most common type of depository institution?

• Credit union

• Savings and loan institution

• Commercial bank

• Mortgage broker

How does an individual “bounce a check”?

• Writes a check for more than the amount in the designated account

• Writes a check for more than the charged amount

• Does not write enough checks per day

• Deposits more money than withdrawn

Electronic banking allows all of the following services except:

• Move money between accounts electronically

• Make withdrawals, deposits and bill payments

• Provides worldwide access to funds

• Face‐to‐face interaction with depository institution employees

To use an ATM and debit card safely, follow the following tips except:

• Memorize the PIN and keep it hidden

• Report lost or stolen debit/ATM cards immediately

• Keep depository institution contact information in your purse or wallet

• Change the PIN if it is suspected someone else knows it

People use a checking account for the following reasons except:

• Reduces the need to carry large amounts of cash

• Written record of expenses

• Convenience

• Earn large amounts of interest