Kirk Test

any person or group that buys or uses goods and services to satisfy personal needs and wants

income remaining for a person to spend or save after all taxes have been paid

money income a person has left to spend on extras after nessesities have been bought

choosing the alternative that has the greatest value from among compareable quality products

advertising that attampts to persuade consumers that a product is different from and superior to any other

advertising that benefits consumers by giving info about a product

ad that attracts consumers w/a low priced product, then tries to sell them a higher-priced product

getting info on the types and prices of product available from diff stores and co.'s

promise made by a manufacturer or a seller to repair or replace a product w/in a certain time period if it is found to be faulty

word pic or logo on a product that helps consumers distinguish it from similar products

general name for a product rather than a specific brand name given by the manufacturer

movement to educate buyers about the purchases they make & to demand better+safer products from manufacturers

action in accordance w/ moral+ethical convictions about right and wrong

The market

• law
• limited
• wary

most powerful woman in america

• consumer advocate
• dell

receipt of money either directly or indirectly to buy goods + services in the present w/ the promise to pay for them in the future

amount of money originally borrowed in a loan

• amount of money the borrower must pay for the use of someone elses money
• Cost to borrow

type of loan repaid w/ equal payments or installments over a specific period of time

manufactured items that have a life span longer than 3yrs

installment debt owed on houses, buildings, or land

• bank whose main functions are to accept deposits, lend money, + transfer funds among banks individuals, & businesses
• profit driven
• prefer business customers
• operated by professional bankers
• make higher risk loans

• depository institution that accepts deposits+lends money
• makes maily home mortgage loans
• most have dissapeared b/c of deregulation

depository institution originally set up to serve small savers overlooked by commercial banks

• depository institurion owned+operated by its members to provide savings accounts +low-interest loans only to its members
• not for profit
• less overhead
• run by fewer professionals

• co that takes over contracts for installment debts from stores + adds a fee for collecting the debt; a consumer finance co makes loans directly to consumers at high rates of interst
• lenders of last resort

credit extended to a consumer allowing the consumer to buy goods+services from a perticular co & to pay for them later

• credit device that allows a person to make purchases to many kinds of stores restaurants & other businesses w/o paying cash
• borrowing money from a bank or store

cost of credit expressed monthly in $ and cents

cost of credit expressed as a yearly %

private business that investigates a person to find out the risk involved in lending money to that person

investigation of a persons income current debts personal life and past history of borrowing money and repaying debts

rating of the risk involved in lending money to a specific person or business

• something of value that a borrower lets the lender claim if a loan isnt repaid
• required on large or risky loans

loan that is backed up by collateral

• loan guaranteed only by a promise to repay it
• usually have higher rates of interest

law restricting the amount of interest that can be charged for credit

trhe inability to pay debts based on income recieved

assets>liabilities

simplest type of loan (15-30yr loan)

using your money except overdraft becomes a loan

setting aside income for a period of time so that it can be used later

payment people receive when they lend money or allow someone else to use their money

account for which a depositor recieves a booklet in which deposits withdrawls & intrest are recorded

acocunt simlar to a passport savings account except that the depositer recieves a monthly statement showing all transactions

account that pays relatively high rates of interest requires a minimum balance and allows immediate access to money

savings plans that require savers to leave their money on deposit for certain periods of time

period of time at the end of which time deposits will pay a stated rate of interest

time deposits that state the ammount of the deposit maturity and rate od interest being paid

ppl who have invested in a corp & own some of its stock

increase value of an asset from the time it was bought to the time it was sold

decrease in value of an asset or bond from the time it was bought to the time it was sold

bonds sold by local and state gvts interet paid on the bond isnt taxed by the fed gvt

bonds issued by the fed gvt as a way of borrowing money they are purchased at half the face value &increased every 6mo until full face value is reached

certificates issued by the U.S. Treasury in exchange for min amounts of $1,000 and maturing in 3mo-1yr

certificates issued by the U.S. Treasury in exchange for min amounts of $1,000 and maturing in 1-10yrs

certificates issued by the U.S. Treasury in exchange for min amounts of $1,000 and maturing in 10 or more yrs

• person who acts as a go-between for buyers and sellers of stocks and bonds
• those who advise profit on the purchasing of stocks and bonds

electronic purchase and sale of stocks and bonds often of smaller co.'s which takes place outside the organized stock exchanges

• investment co. that pools the money of many individuals to buy stocks bonds or other investments
• grouping securites in an effort to limit risk

type of mutual fund that uses investors money to make short term loans to businesses and banks

co. plans that provide retirement income for their workers

retirement plan that allows self-employed individuals to save a max of 15% of thier income up to a specified amount each yr & to deduct that amount from thier yrly taxable income

private retirement plan that allows individuals or married couples to save a certain amount of untaxed earnings per yr w/ the interest being tax-deferred

private retirement plan that taxes income before its saved but which doesnt tax interest on that income when funds are used upon retirement

• spreading of investments amond several diff types of accounts to lower overall risk
• key to investments

• Savings-low risk low return
• Time deposits-limits liquidity increase return (CD's)
• Insurance-hedge againstt deaths gambles on ones demise
• Bonds-loaning money to corp or govts
• Stock-ownership in a corp.

checking accounts allowing you access to your money upon demand

savings bonds t-bills t-notes