Which of the following statements are true?

A business that sells goods and services directly to the public.

This type of endorsement limits the use of the check to the purpose given in the endorsement.

A business whose main purpose is to provide a service rather than to make a profit. For example: Hondo Athletic Booster Association or Hondo Band Boosters

A business owned by only one person.

A written contract granting permission to sell someone else's product or service in a prescribed manner, over a certain period of time, and in a specified territory. Examples in Hondo: Dairy Queen, Radio Shack

The tools, equipment, and building that are used to produce goods and services.

A business owned and managed by a small group, often not more than two or three people. They share the profits, losses, risks, and rewards.

The Basic Economic Problem is the conflict between unlimited wants and limited resources. What is another word for that?

An organization that you can contact if you fail to receive what you think is fair in regard to a sale.

People who work to produce goods and services.

Things not necessary for survival but which add comfort and pleasure to your life.

Hours Worked multiplied by the Hourly Rate. This also includes overtime pay, commissions, and bonuses, and any other amounts before any other deductions are made.

If a person owns a share of ______________ in a business, the profits they receive are called _____________.

The form that an employer must send to an employee and the IRS at the end of the year. It reports an employees annual wages and the amount of taxes withheld from his/her paycheck.

The amount held from employee wages depending on your gross pay, marital status, and number of dependents. There is a table the employer uses that has the specified amount on it.

This type of shopping means examining price, quality, and services associated with one product with those of another product.

A business owned by a number of people and operated under written permission from the state in which it is located.

Income that is made from "non working." It is income that you make on investments such as savings accounts or rent houses.

An income tax return that single or joint filers (with no dependents) can use. Requirements are that they must earn a yearly taxable income of less than $100,000 and have interest income (from investments) of no more than $1,500.

This tax was created under the Federal Insurance Contributions Act (FICA) and is the amount taken from a contributor's earnings that covers support for retired workers, those on disability, and individuals who are entitled to survivorship benefits (individuals of a deceased family member who was the primary breadwinner). It is normally 6.20% of your gross pay.

The amount of money that an employee actually gets (takes home) after all the taxes are deducted.

Custom-based, directed, private are all examples of this

A tax form prepared by an employee for an employer indicating the employee's dependents and Social Security Number, and enabling the employer to determine the amount of federal withholding to be withheld for the employee. The employee fills it out on the first day of employment.

The bank's "account number" with the Federal Reserve System that is encoded on the bottom left of a check.

The amount of money a person earns - per hour worked.

A tax deducted from the wages of every legally working American that is used to pay for the Medicare program. 1.45% of your gross pay.

A form or booklet for recording deposits and checks and keeping the balance of your checking account.

The desire to work hard and be creative to earn a higher profit.

The bank's official record of who is authorized to withdraw money from a specific account.

Often called "full-service banks" - they offer a wide range of financial services such as checking accounts, savings accounts, and loans.

A type of endorsement where you endorse the check and then you sign it over to another person.

A nationwide bank set up by our federal government to supervise and regulate member banks in order to help the banks serve the public efficiently.

This type of buying is not good! Example: don't go to HEB when you're hungry.

A type of endorsement where just one person signs their name on the back of the check.

This shows the changes in the average prices of goods and services bought by consumers over a period of time.

The rivalry among businesses to sell their goods and services to buyers.

An establishment for enterprise that supplies goods and/or services in exchange for payment in some form.

The money left from sales after subtracting all the costs of operating a business.