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CFM FINAL EXAM STUDY GUIDE
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CFM FINAL EXAM STUDY GUIDE
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CFM FINAL EXAM STUDY GUIDEBenefits - Answers- Employment extras, such as insurance, paid vacation, and
retirement plans
Aptitude - Answers- Your potential to learn a certain skill
Job Shadowing - Answers- Following someone on their job to learn about their work
Networking - Answers- Communicating with people you know or meet to share
information and advice about job leads
Sole Proprietorship - Answers- A business completely owned by one person
Partnership - Answers- A business owned by two or more people
Corporation - Answers- A business, chartered by a state, that legally exists as a
separate entity from its owners
Entrepreneur - Answers- Someone who starts and runs their own business
Franchise - Answers- The legal right to sell a company's goods and services in a
particular area
Exempt employee - Answers- An employee that is paid a salary (as opposed to being
paid by the hour); not usually eligible for overtime pay
Nonexempt employee - Answers- An employee paid by the hour and eligible for
overtime pay
401(k) - Answers- A retirement investment plan offered through one's private employer
which offers tax advantages
403(b) - Answers- A retirement investment plan available to public employees (i.e.
workers paid by the government)
Pension - Answers- A savings plan for retirement offered by some employers as a
benefit for employees, guaranteeing fixed payments to the employee after they retire
Annual Percentage Rate - Answers- The rate of interest you'll be charged for carrying a
balance on a credit card
Insurance - Answers- A financial product that helps protect you against risk of loss.
, Mutual Fund - Answers- A type of financial investment product where a manager
chooses stocks for the fund to invest
Social Security - Answers- a federal government program that makes regular payments
to retired and disabled persons
Values - Answers- your beliefs and principles
withdrawal - Answers- money that you take out of an account
income statement - Answers- a summary of your business's income and expenses
during a specific period
aptitude - Answers- your potential for learning a certain skill
ability - Answers- a skill you have already developed
internship - Answers- a short term job or work project intended to help a person gain
job experience; often unpaid
lease - Answers- a contract to use something for a specified period of time
net profit - Answers- the amount left after operating expenses are subtracted from the
gross profit
Constructive Criticism - Answers- Criticism presented in a way that can help you learn
and grow
Flexible expense - Answers- An expense that can change from month to month.
Examples are food, power bills, medical expenses
Fixed expense - Answers- An expense that you have agreed to pay and is the same
from month to month. Examples are loan payments, rent, cable bill
Certificate of Deposit (CD) - Answers- A type of investment where you deposit an
amount of money for a fixed amount of time at a fixed interest rate
Keogh plan - Answers- A special type of investment plan, often used by self-employed
persons, to save for retirement
operating expenses - Answers- the costs of doing business, such as the costs of
manufacturing and selling a product
deductible - Answers- the set amount that you pay out-of-pocket before the insurance
company pays on a claim
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