1st

Question 1

an internet phenomenon, where strangers learn about business online and then decide whether or not to make and investment. Crowdfunding investors are typically “fans” of an owner, but they do expect a return on investment

Answer 1

crowdfunding

Question 2

the amount an insurance company makes a policyholder pay as part of any claim.

Answer 2

deductible

Question 3

failure to repay a loan

Answer 3

default

Question 4

the commitment to get something done

Answer 4

determination

Question 5

distinguishing a product or service “different than anything else” attracting customers, generating sales and serving as the foundation for a thriving business

Answer 5

differentiated offering

Question 6

money paid by a company to a person who owns stock in that company. Dividends are optional – many companies do not pay dividends. Dividends are typically paid every 3 months

Answer 6

dividend

Question 7

clear concise and compelling way to describe a business or new business concept in 30 seconds; a differentiating vision to encourage potential investors or employees to learn more

Answer 7

elevator speech

Question 8

open ended questions that prompt more than a

“yes or no” answer

Answer 8

engaging question

Question 9

funds contributed by investors to a business. Investors contribute capital to a business because they expect a significant return on their investment when the business succeeds

Answer 9

equity or capital

Question 10

understanding how individuals and businesses earn money and what they spend money on

Answer 10

financial literacy

Question 11

the 12 month period a company uses to report financial results. A fiscal year can be the same as a calendar year or it can be any 12 month period that makes sense.

Answer 11

fiscal year

Question 12

costs that do not vary based on the units sold by the enterprise

Answer 12

fixed cost

Question 13

a computer portal offered by the Louisiana secretary of state that enables entrepreneurs to go to a single source to learn which forms they need to file the forms required by the secretary of state and to determine which other government agencies they may need to interact with

Answer 13

geaux biz portal

Question 14

an individual’s self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. perseverance, resilience, and backbone

Answer 14

grit

Question 15

credit-worthy individual or business with sufficient liquidity that promises to repay a loan in the event that the debtholder can’t make a required payment

Answer 15

guarantor

Question 16

a special account where individuals can deposit retirement funds that can grow tax-deferred until they withdraw them after they retire. Advantages – there are no annual income taxes on any dividends or profitable sales that an IRA makes. The money remains in the account and only gets taxed when the individual withdraws money from an IRA before he/she retires they are forced to pay the IRS significant penalties for early withdrawal

Answer 16

individual retirement account (IRA)

Question 17

debt owed to someone that is paid monthly

Answer 17

installment plan

Question 18

the amount an insurance policyholder receives from the insurance company to reimburse the policyholder for a covered cost

Answer 18

insurance claim

Question 19

individual or business that purchases an insurance policy for various types of protection

Answer 19

insurance policy holder

Question 20

amount a policyholder pays for an insurance policy

Answer 20

insurance premium

Question 21

non-physical assets created by individuals or companies that hold the exclusive legal right to commercial

Answer 21

intellectual property

Question 22

gives the author sole right to benefit economically from what he or she wrote

Answer 22

copy right

Question 23

gives the inventor the sole right to benefit commercially from his or her invention

Answer 23

patent

Question 24

gives the registering individual or company the sole right to benefit from a brand or image he or she created

Answer 24

trademark

Question 25

federal agency that collects federal taxes and preforms audits

Answer 25

internal revenue service

Question 26

the merchandise that a company sells to a customer

Answer 26

inventory

Question 27

legal decision requiring a person or company to pay another person or company

Answer 27

judgment

Question 28

obligation you have to pay someone else money. Also called debt or loan.

Answer 28

liability