Marketing Essentials Quiz

<p>Fixing, adapting, and communicating the nature of a product (B)</p> Signup and view all the answers

<p>Primary data comes from new research, while secondary data is previously gathered information (D)</p> Signup and view all the answers

<p>Recognizing the need to make a purchase (B)</p> Signup and view all the answers

<p>Personal selling (B)</p> Signup and view all the answers

<p>Intensive distribution (C)</p> Signup and view all the answers

<p>Limited distribution rights granted to certain retailers (B)</p> Signup and view all the answers

<p>Penetration pricing (A)</p> Signup and view all the answers

<p>Psychological pricing (C)</p> Signup and view all the answers

<p>Dividing the market into groups with distinct needs (D)</p> Signup and view all the answers

<p>Real-time price adjustment based on buyer interactions (B)</p> Signup and view all the answers

<p>Selective distribution (C)</p> Signup and view all the answers

<p>Sets high initial prices to recover costs (A)</p> Signup and view all the answers

<p>Geographic segmentation (A)</p> Signup and view all the answers

<p>Candy sold in numerous retail outlets (A)</p> Signup and view all the answers

<p>Reminding customers of wise choices (A)</p> Signup and view all the answers

<p>Age, income, and gender (C)</p> Signup and view all the answers

<p>Generation Y and Millennials aged 13 to 17 (B)</p> Signup and view all the answers

<p>Geographic and demographic traits (A)</p> Signup and view all the answers

<p>They can be influenced by marketing efforts. (A)</p> Signup and view all the answers

<p>Frequent buyers who purchase in bulk (C)</p> Signup and view all the answers

<p>By creating new markets and products through legislation (A)</p> Signup and view all the answers

<p>Increased demand for organic foods (A)</p> Signup and view all the answers

<p>It creates new goods and services. (D)</p> Signup and view all the answers

<p>Interest rates and inflation (B)</p> Signup and view all the answers

<p>By compelling companies to adapt to outside forces (C)</p> Signup and view all the answers

<p>It considers consumer habits and usage rates. (C)</p> Signup and view all the answers

<p>High-income, fashion-conscious individuals (A)</p> Signup and view all the answers

<p>Adapting marketing strategies to meet new consumer demands (B)</p> Signup and view all the answers

<p>To anticipate consumer spending and adjust strategies (B)</p> Signup and view all the answers

<p>A combination of rational and emotional motives (D)</p> Signup and view all the answers

<p>It influences future purchasing behavior. (D)</p> Signup and view all the answers

<p>Profit (A)</p> Signup and view all the answers

<p>Creating a feature or image that distinguishes a product (C)</p> Signup and view all the answers

<p>A product consumed rapidly and regularly at a low cost (B)</p> Signup and view all the answers

<p>Public Accountant (B)</p> Signup and view all the answers

<p>To provide financial support to business managers (C)</p> Signup and view all the answers

<p>Costs that are incurred regardless of production quantity (C)</p> Signup and view all the answers

<p>They focus on nonobjective factors such as aesthetics. (C)</p> Signup and view all the answers

<p>A positive experience with a product (A)</p> Signup and view all the answers

<p>A product marketed as a bundle of value-adding attributes (C)</p> Signup and view all the answers

<p>Accounting specifically for legal purposes (C)</p> Signup and view all the answers

<p>Manage daily financial transactions for the business (A)</p> Signup and view all the answers

<p>Promotion (B)</p> Signup and view all the answers

<p>Creating, storing, exchanging, and using information (B)</p> Signup and view all the answers

<p>Use of the Internet for retailing and business transactions (C)</p> Signup and view all the answers

<p>Remote access to information (A)</p> Signup and view all the answers

<p>By allowing geographic separation yet maintaining coordination (A)</p> Signup and view all the answers

<p>Promoting specific features to distinguish products in the market (C)</p> Signup and view all the answers

<p>Sales growth starts to slow with increased competition (C)</p> Signup and view all the answers

<p>Adapting the product for different markets (A)</p> Signup and view all the answers

<p>Sales and profits continue to fall due to new product competition (C)</p> Signup and view all the answers

<p>Competitive marketing of local products against international offerings (B)</p> Signup and view all the answers

<p>Products distinct from but fulfilling the same need (A)</p> Signup and view all the answers

<p>Through reintroduction aimed at fresh consumer bases (B)</p> Signup and view all the answers

<p>They create empowered and efficient organizations (C)</p> Signup and view all the answers

<p>Psychological influences (B)</p> Signup and view all the answers

<p>Marketing efforts focus on building awareness (D)</p> Signup and view all the answers

<p>Convenience products (C)</p> Signup and view all the answers

<p>It improves overall efficiency and satisfaction (C)</p> Signup and view all the answers

<p>Problem/Need Recognition (D)</p> Signup and view all the answers

<p>Substitute products (C)</p> Signup and view all the answers

<p>Need to reduce expenses (A)</p> Signup and view all the answers

<p>Perceived benefits of products (D)</p> Signup and view all the answers

<p>Family, friends, and reference groups (C)</p> Signup and view all the answers

<p>Shopping products (D)</p> Signup and view all the answers

<p>The set of products a consumer is willing to consider (B)</p> Signup and view all the answers

<p>They often require a special effort to obtain. (B)</p> Signup and view all the answers

<p>Psychology and sociology influences (D)</p> Signup and view all the answers

<p>It introduces foreign products into the domestic market. (C)</p> Signup and view all the answers

<p>A complex journey involving recognition, seeking, evaluation, and decision (B)</p> Signup and view all the answers

<p>To enable communication between web servers and browsers (D)</p> Signup and view all the answers

<p>Extranet (C)</p> Signup and view all the answers

<p>Linking computers over long distances (C)</p> Signup and view all the answers

<p>Complete control over communications (B)</p> Signup and view all the answers

<p>Operating system management (A)</p> Signup and view all the answers

<p>It simplifies the management of data and software resources (C)</p> Signup and view all the answers

<p>Wi-Fi (A)</p> Signup and view all the answers

<p>An organization's private network for internal use (B)</p> Signup and view all the answers

<p>To allow collaborative communication among geographically dispersed teams (A)</p> Signup and view all the answers

<p>Offers privacy protection and security (A)</p> Signup and view all the answers

<p>An area providing wireless Internet access (D)</p> Signup and view all the answers

<p>Potential signal latency due to distance (A)</p> Signup and view all the answers

<p>System software (A)</p> Signup and view all the answers

<p>By replacing traditional mailing systems (C)</p> Signup and view all the answers

<p>They facilitate easy sharing of devices and resources (B)</p> Signup and view all the answers

<p>To assess costs versus revenues at various sales volumes (C)</p> Signup and view all the answers

<p>Net income divided by outstanding shares of common stock (A)</p> Signup and view all the answers

<p>The company has more than double the current assets compared to liabilities (D)</p> Signup and view all the answers

<p>Higher expected returns for investors (B)</p> Signup and view all the answers

<p>A firm's ability to repay its debts (D)</p> Signup and view all the answers

<p>Revenue (C)</p> Signup and view all the answers

<p>Profitability ratios (A)</p> Signup and view all the answers

<p>A firm can invest in larger projects with borrowed money (B)</p> Signup and view all the answers

<p>To provide management interpretations alongside figures (B)</p> Signup and view all the answers

<p>The company may struggle to meet short-term obligations (A)</p> Signup and view all the answers

<p>To provide insights into liquidity and cash management (B)</p> Signup and view all the answers

<p>To estimate future receipts and expenditures (A)</p> Signup and view all the answers

<p>By analyzing total liabilities against owners’ equity (C)</p> Signup and view all the answers

<p>Income Statement (B)</p> Signup and view all the answers

<p>CEOs and CFOs must certify financial reports personally (A)</p> Signup and view all the answers

<p>Current assets and current liabilities (C)</p> Signup and view all the answers

<p>Cash receipts from sales and payments to suppliers (D)</p> Signup and view all the answers

<p>They increase payment obligations on debt (B)</p> Signup and view all the answers

<p>Hacker attacks aiming to steal information (B)</p> Signup and view all the answers

<p>Auditors must remain free from conflicts of interest (B)</p> Signup and view all the answers

<p>All types of off-balance-sheet transactions (B)</p> Signup and view all the answers

<p>A malicious program that attaches to other files and spreads (B)</p> Signup and view all the answers

<p>Sales Revenue (D)</p> Signup and view all the answers

<p>Recording and retaining financial information (A)</p> Signup and view all the answers

<p>They must be established, maintained, and regularly evaluated (D)</p> Signup and view all the answers

<p>It is primarily harmless marketing content (A)</p> Signup and view all the answers

<p>By impersonating someone using their personal information online (A)</p> Signup and view all the answers

<p>Budget (B)</p> Signup and view all the answers

<p>They create money through lending. (B)</p> Signup and view all the answers

<p>The percentage of deposits that a bank must hold in reserve. (C)</p> Signup and view all the answers

<p>They gather premiums and invest funds. (D)</p> Signup and view all the answers

<p>It influences the interest rates commercial banks charge each other. (C)</p> Signup and view all the answers

<p>Finance companies. (B)</p> Signup and view all the answers

<p>To identify and measure financial transactions. (C)</p> Signup and view all the answers

<p>To facilitate the flow of money between surplus and deficit users (A)</p> Signup and view all the answers

<p>They are debts owed by a firm to outside parties. (D)</p> Signup and view all the answers

<p>Credit unions (A)</p> Signup and view all the answers

<p>They provide loans without requiring deposits. (B)</p> Signup and view all the answers

<p>Savings deposits (D)</p> Signup and view all the answers

<p>They pool funds to provide retirement income. (B)</p> Signup and view all the answers

<p>Savings and loan associations primarily focus on home financing. (D)</p> Signup and view all the answers

<p>Assets = Liabilities + Owners' Equity (C)</p> Signup and view all the answers

<p>Collecting premiums from policyholders (B)</p> Signup and view all the answers

<p>To manage and provide retirement income for members (D)</p> Signup and view all the answers

<p>Consumer and commercial loans (D)</p> Signup and view all the answers

<p>Pension funds (A)</p> Signup and view all the answers

<p>Nondeposit institutions use funds for purposes beyond just earning interest. (D)</p> Signup and view all the answers

<p>They are owned by their members. (A)</p> Signup and view all the answers

<p>Facilitating collaboration among group members (A)</p> Signup and view all the answers

<p>To convert data into information for decision making (B)</p> Signup and view all the answers

<p>By applying uniform methods across all stores (D)</p> Signup and view all the answers

<p>Searching and reorganizing data to find useful information (A)</p> Signup and view all the answers

<p>To protect against unauthorized access and filter incoming data (A)</p> Signup and view all the answers

<p>It protects systems from malware by detecting and managing harmful software (B)</p> Signup and view all the answers

<p>To secure electronic communications by encoding messages (B)</p> Signup and view all the answers

<p>To develop global accounting standards and promote their implementation (D)</p> Signup and view all the answers

<p>They operate systems used for gathering and distributing information. (C)</p> Signup and view all the answers

<p>Managers by providing relevant information for decision making (B)</p> Signup and view all the answers

<p>They are used to simulate and design products using 3D graphics. (C)</p> Signup and view all the answers

<p>Gaining cooperation from various countries' accounting organizations. (B)</p> Signup and view all the answers

<p>Collection, storage, and retrieval of data for analysis (A)</p> Signup and view all the answers

<p>It determines the routing of data based on access rules. (C)</p> Signup and view all the answers

<p>Accepting deposits and making loans for home mortgages (B)</p> Signup and view all the answers

<p>Credit Union (A)</p> Signup and view all the answers

<p>Formulates monetary policies to promote economic stability (C)</p> Signup and view all the answers

<p>Manage the sale and purchase of government securities (B)</p> Signup and view all the answers

<p>By controlling interest rates and managing the money supply (D)</p> Signup and view all the answers

<p>Bank (B)</p> Signup and view all the answers

<p>Guarantee the safety of deposits in financial institutions (A)</p> Signup and view all the answers

<p>A nondeposit institution specializing in business loans (C)</p> Signup and view all the answers

<p>Lend money to banks in need of funds (C)</p> Signup and view all the answers

<p>Banker's Acceptance (B)</p> Signup and view all the answers

<p>Pension Fund (A)</p> Signup and view all the answers

<p>Produces the nation's paper currency (B)</p> Signup and view all the answers

<p>To promote economic growth and stability (D)</p> Signup and view all the answers

<p>By decreasing the money supply (A)</p> Signup and view all the answers

<p>To ensure consistency, reliability, and comparability in financial reporting (D)</p> Signup and view all the answers

<p>Cost utility (B)</p> Signup and view all the answers

<p>Portability (B)</p> Signup and view all the answers

<p>Store of value (C)</p> Signup and view all the answers

<p>Cash, checks, and checking accounts (A)</p> Signup and view all the answers

<p>Providing ownership and access to goods (A)</p> Signup and view all the answers

<p>Money can withstand physical wear and tear (B)</p> Signup and view all the answers

<p>It decreases in value (D)</p> Signup and view all the answers

<p>Physical products purchased for personal use (B)</p> Signup and view all the answers

<p>Emphasizing customer retention and long-term relationships (D)</p> Signup and view all the answers

<p>Universal acceptance of its value by buyers and sellers (A)</p> Signup and view all the answers

<p>GAAP compliance (D)</p> Signup and view all the answers

<p>Time utility (A)</p> Signup and view all the answers

<p>Allows comparison of goods and services based on price (B)</p> Signup and view all the answers

The combination of promotional tools used to promote a product or service.

A group of people with similar wants and needs who are likely to be interested in the same products.

The process of dividing a market into distinct groups of customers who have similar needs and wants.

New data collected through original research.

Information that already exists from previous research.

Devices like smartphones that create, store, exchange, and use information in various formats (images, voice, multimedia, data).

Using the internet for buying and selling products or services, both between businesses and consumers.

Working from anywhere with access to information and communication tools thanks to IT.

Companies that use technology to operate with fewer employees and simpler structures, resulting in greater efficiency.

IT enables businesses to work together across countries and continents, facilitating international projects.

A product that fulfills the same need as competing products but is fundamentally different.

Marketing based on how consumers perceive the benefits of products from specific brands.

Domestic companies facing competition from products made in other countries.

Highlighting unique features of a product to distinguish it from competitors in the market.

The stages a product goes through from launch to decline, typically divided into introduction, growth, maturity, and decline.

The initial stage of a product's life when it's introduced to the market with high costs and limited profits.

Rapidly increasing sales and profits as the product gains popularity and more competitors enter the market.

Sales growth slows down, competition intensifies, and profits start to decrease.

Sales and profits decline as the product loses popularity and newer alternatives emerge.

Marketing an existing product globally instead of just domestically.

The stages consumers go through when deciding to buy a product, from recognizing a need to evaluating the purchase.

Methods used to communicate with customers and promote products, such as advertising, personal selling, public relations, sales promotion, and direct marketing.

A network of companies that work together to get a product from the manufacturer to the final consumer.

A strategy where a product is sold through as many channels and retailers as possible.

A strategy where a manufacturer grants a select few retailers or wholesalers the exclusive right to sell their products, often in a specific geographic area.

A strategy where a producer chooses specific wholesalers and retailers that will give their products special attention and promotion.

Setting a low initial price for a new product to attract customers and gain market share quickly.

Setting a high initial price for a new product to maximize profits, especially when there is limited competition.

Setting prices in real-time based on factors like customer demand and available inventory, often seen in online marketplaces.

A pricing strategy where a product category is divided into price levels, with all products within a level being priced similarly.

Using pricing tactics that appeal to consumer emotions and perceptions, such as odd-even pricing.

Offering temporary price reductions to stimulate demand, such as sales or promotions.

Dividing a market based on geographic location, considering factors like climate, population density, or regional preferences.

Products that fulfill the same need, even if they look or seem different. For example, a fitness program and medication can both control cholesterol.

Items purchased frequently with minimal effort, like toothpaste, snacks, or laundry detergent. They are low cost, widely available, and require minimal comparison during purchase.

Goods that consumers spend time comparing quality, price, and style before buying. Examples include clothing, furniture, and electronics.

Unique items specifically sought out by consumers who are willing to make a special effort to purchase. Examples include luxury cars, designer handbags, and fine jewelry.

The study of how people make decisions about buying and consuming products.

Factors like motivation, perception, learning ability, and attitudes that influence consumer behavior.

Factors related to lifestyle, personality, and economic status that influence consumer behavior.

Factors like family, opinion leaders, and reference groups (friends, coworkers) that influence consumer behavior.

Factors like culture, subculture, and social class that influence consumer behavior.

The first step in the consumer decision process, where the consumer identifies a problem or need. It can be triggered by a new need or a change in buying habits.

The step where consumers seek information to address a recognized need. The search can be extensive or minimal, and it influences the evoked or consideration set.

The group of products that consumers consider buying after researching and evaluating options.

Comparing product attributes (price, prestige, quality) to see which option best meets the consumer's needs.

Combining geographic and demographic traits to define a market.

Segmenting markets based on lifestyles, interests, and attitudes.

Grouping customers based on their buying behavior, such as usage rates or buying occasions.

Factors outside a company's control that can affect its marketing strategies.

How laws, regulations, and political climate impact marketing activities.

Changing social values and trends that affect consumer behavior.

New technologies create new products and services, shaping markets and consumer behavior.

Economic conditions like inflation, interest rates, and recession affect consumer spending.

Market segmentation allows businesses to tailor their marketing efforts to specific customer groups, leading to greater efficiency and effectiveness.

Regulations, laws, and political agendas can influence what products are sold, how they are advertised, and even where they are marketed.

Changes in cultural values, beliefs, and lifestyles affect consumer preferences and demand for products. Marketers must adapt to these changes.

New technologies create new products and services, change customer behavior, and force existing companies to adapt.

By monitoring economic indicators, businesses can adjust pricing, promotion strategies, and product offerings to align with changing consumer spending patterns.

Political-legal, sociocultural, technological, and economic factors are all critical external forces that businesses must monitor and understand.

Factors based on logic and analysis used to make purchase decisions. These include evaluating product attributes like cost, quality, and usefulness.

Factors driven by feelings and non-objective elements, such as social acceptance, imitating others, and aesthetics, that influence purchase decisions.

The process of assessing customer satisfaction after a purchase, determining if they are likely to repurchase the product or recommend it to others.

The combination of strategies used to market a product, including product development, pricing, distribution, and promotion.

The individual responsible for planning and executing marketing activities, aiming to effectively transfer products from producer to consumer.

A detailed strategy outlining how a company will focus its marketing efforts to meet consumer needs and desires.

Inexpensive products that are regularly purchased and consumed quickly, such as groceries or gas.

Products that are moderately expensive and purchased less frequently, requiring more research, like clothes or electronics.

Expensive products purchased rarely, usually after extensive research, such as luxury cars or designer jewelry.

Industrial products directly used in manufacturing processes to create other goods or services.

Industrial products consumed within a year by firms producing other goods, used for day-to-day operations.

Long-lasting, expensive, infrequently purchased industrial products or services, such as buildings or long-term software licenses.

A professional accountant offering services to the public, typically working independently for external clients to provide unbiased financial advice.

An accountant employed by a specific company to manage its daily financial activities.

Direct costs associated with producing goods or services, such as raw materials, labor, and manufacturing overhead.

Costs incurred in running a business, excluding those directly related to producing goods or services, like salaries, rent, and utilities.

Profit after all expenses (including COGS, operating expenses, taxes, and interest) have been deducted from revenue.

A financial statement that tracks the movement of cash in and out of a business over a specific period.

Cash flows generated from the core business activities, like sales, payments to suppliers, and employee wages.

Cash flows related to buying or selling assets, such as investments, equipment, and property.

Cash flows related to obtaining or repaying debt, issuing or repurchasing stock, and paying dividends.

An internal financial statement that outlines estimated revenues and expenses for a future period.

Federal regulations enacted in 2002 to restore public trust in accounting practices by imposing new requirements on publicly traded companies.

An independent body established by Sarbanes-Oxley to oversee the auditing profession and ensure the accuracy of financial reporting.

Requires the CEO and CFO to personally certify the accuracy and completeness of financial reports, facing criminal penalties for false statements.

Processes that ensure the accuracy and reliability of financial reporting, such as segregation of duties and regular audits.

Rules that ensure auditors remain objective and free from conflicts of interest, preventing biased assessments.

A structured system for identifying, measuring, recording, and retaining financial information used for accounting statements and reports.

A cybercriminal who gains unauthorized access to a computer or network to steal information, disrupt operations, or cause damage.

A cost that changes directly with the quantity of products produced and sold. It's the cost of things like raw materials and sales commissions, adding up as more goods are made.

A method to determine the sales volume needed to cover all costs. It helps businesses understand how much they need to sell to avoid a loss and start making profit.

Financial ratios that measure a company's potential to earn profit and generate returns for its owners. They show how well the company is using its resources to make money.

A key profitability ratio, calculated by dividing net income by the number of outstanding shares. This tells us how much profit each shareholder is earning.

Financial measurements that assess a company's ability to repay its debts, both short-term and long-term. They tell us if a company has enough funds to meet its financial obligations.

A short-term solvency ratio that gauges a company's ability to pay off its immediate debts. It's calculated by dividing current assets by current liabilities. A higher ratio means lower short-term risk.

Measures a company's stability over a longer period. This ratio shows how much of a company's assets are funded by debt. A lower debt-to-equity ratio means lower long-term risk.

The use of borrowed money to increase potential returns. It can be risky, but if the return on investment is higher than the cost of borrowing, it can be profitable.

A financial statement that shows a company's financial position at a specific point in time. It lists assets, liabilities, and equity.

A financial statement that summarizes a company's revenues and expenses over a period of time, showing whether the company made a profit or loss.

Resources owned by a company that are expected to provide economic benefits in the future. Examples include cash, inventory, and equipment.

Financial obligations or debts that a company owes to others. Examples include loans, accounts payable, and salaries payable.

The owner's stake or investment in a company. It represents the value of the business after all liabilities are paid.

Financial statements should not only include numbers but also management's explanations and interpretations of those numbers, providing a comprehensive picture of the company's financial health.

The Internet has replaced traditional communication methods like telephones, faxes, and standard mail.

Hyperlinks are used in the World Wide Web to connect different pieces of information on various web pages.

An intranet is a private network of internal websites accessible only to employees within an organization.

An extranet allows limited external access to a company's internal information for specific purposes.

Electronic conferencing enables groups to communicate simultaneously from different locations via e-mail, phone, or video.

VSAT is a satellite communications network using geographically dispersed transceivers to exchange voice, video, and data.

A Wide Area Network (WAN) links computers over long distances using telephone lines, microwave signals, or satellites.

A Local Area Network (LAN) connects computers within a small area, like a single building.

A Wireless Wide Area Network (WWAN) uses airborne electronic signals to connect devices over long distances.

Hardware refers to the physical components of a computer network or system, such as keyboards, monitors, and printers.

Software consists of programs that instruct the computer on how to operate. This includes system software (like operating systems) and application software (apps).

System software, like Microsoft Windows, tells the hardware how to interact with software, manages resources, and determines how to use them.

Application software (apps) are programs designed for specific user needs, such as communication, photo editing, or managing databases.

A firewall provides privacy protection by controlling network access and preventing unauthorized connections.

Wi-Fi technology allows wireless internet access through a wireless local area network (WLAN).

Software that enables team members to collaborate remotely through email, electronic meetings, message storage, scheduling, and group document editing.

A system that leverages IT resources to convert data into information, collect, process, and transmit it for decision-making.

The process of collecting, storing, and retrieving data in electronic files for analysis and reporting.

Using electronic technologies to search, sift, and reorganize data to uncover meaningful insights and patterns.

A system that supports knowledge workers by providing resources to create, store, use, and transmit new knowledge for practical applications.

An IS with software that helps knowledge workers design products by simulating and displaying them in 3D graphics.

An IS that uses computers to design and control equipment in a manufacturing process, enhancing efficiency and precision.

A computer system that provides information to support managers in decision-making by generating reports, schedules, plans, and budgets.

A security system with specialized software or hardware that protects computers from hackers by filtering incoming data based on access rules.

Software that protects computer systems by searching for and removing viruses, worms, Trojan horses, and other malware.

Software used to encode electronic communications, such as emails, ensuring that only intended recipients can decipher and access the information.

An independent organization responsible for developing a globally recognized set of accounting standards and promoting their implementation.

The IASB aims to create a single set of globally accepted accounting standards to simplify financial reporting and foster transparency across international borders.

International acceptance of accounting standards is crucial for facilitating global trade, investment, and economic integration.

The IASB works with various countries and accounting organizations to develop and implement its standards through a long-term process of negotiation and consensus-building.

A set of standardized guidelines used in the United States for preparing, presenting, and reporting financial statements.

The ability of a product to satisfy a human want or need.

Designing products with features that customers want.

Providing products when customers want them.

Providing products where customers want them.

Transferring product ownership to customers by setting prices, terms, and providing documents.

The ability of money to withstand physical wear and tear over time.

The ease with which money can be carried and transferred.

The ability to divide money into smaller units for transactions.

Money is used to buy and sell goods and services.

Money can be saved for future purchases, holding its value.

Money allows comparing the relative values of goods and services.

A measure of the money supply that includes the most liquid (spendable) forms of money, like cash, checks, and checking accounts.

A financial institution that primarily focuses on accepting deposits and providing loans, mainly for home mortgages.

A financial institution owned by its depositors, who share in the bank's profits.

A non-profit, cooperative financial institution owned and operated by its members, usually employees of a specific organization.

A pool of funds managed to provide retirement income for its members.

A non-deposit institution that invests funds collected as premiums to provide coverage for potential losses.

The interest rate offered to a bank's most creditworthy customers, often used as a benchmark.

A non-deposit institution specializing in providing loans to businesses and consumers.

A financial institution that facilitates buying and selling of stocks and bonds for both investors and its own accounts.

A tax-deferred pension fund set up by individuals to supplement their retirement savings.

Management of an estate, investments, or assets on behalf of an individual by a bank.

A bank's promise to pay a designated firm a certain amount if specific conditions are met.

A bank's promise to pay a designated firm a specified amount at a future date.

The central bank of the United States, responsible for managing the nation's money supply and banking system.

The Fed comprises a board of governors, reserve banks, and member banks.

Formulates the Fed's monetary policies to promote economic stability and growth by managing the nation's money supply.

Organizations that facilitate the flow of money from savers to borrowers by accepting deposits and making loans.

For-profit institutions that accept deposits, make loans, and offer various financial services.

Financial institutions focused on promoting savings and providing loans, often for housing.

Nonprofit cooperative financial institutions owned and run by their members, offering savings and loans at reasonable rates.

Organizations that collect funds but do not offer deposit accounts, using money for specific purposes like retirement or insurance.

Businesses that collect premiums to cover insured losses, such as deaths, accidents, or property damage.

Companies that buy and sell stocks and bonds for clients, also investing in securities for their own accounts.

Managing the nation's economic growth by controlling the money supply and interest rates.

The percentage of deposits banks must keep in cash or at the Fed, not available for lending.

The interest rate at which banks can borrow money from the Fed.

The interest rate at which banks lend reserves to each other, usually overnight.

The foundation of accounting: Assets = Liabilities + Owners' Equity.