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THE ENTREPRENEURIAL MIND > M3 > Flashcards

M3 Flashcards

1
Q

TYPES OF FINANCE

A

○ Banking
○ Leverage or debt
○ Investments
○ Money
○ Markets
○ Credit

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2
Q

Who said this

“Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale.”

A

ZIG ZIGLAR

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3
Q

What did Zig Ziglar say

A

“Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale.”

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4
Q

YOU DON’T NEED MONEY TO MAKE MONEY

A

● Follow your passion
● Fake it ‘til you make it
● Entrepreneurs are born, not made
● It takes money to make money

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5
Q

T/F “I assumed that raising money was even an option.”

A

FALSE : NOT EVEN

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6
Q

T/F? “Access to start-up capital even when you don’t need it can stunt your growth.”

A

T

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7
Q

T/F?
“It does not take money to make a whole lot of money.”

A

FALSE: It often takes money

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8
Q

An involuntary fee levied on individuals or corporations and enforced by a government entity- whether local, regional, or national; in order to finance government activities.

A

TAX

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9
Q

TYPES OF TAXES

A

○ Income tax
○ Corporate tax
○ Sales tax
○ Property tax
○ Tariff
○ Estate tax

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10
Q

REASONS OF NOT PAYING TAXES

A

○ Having no idea on how to plan what is needed to be paid: ignorance
○ More concerned with perfecting the product
○ More concerned with selling the product
○ Greediness, confusion, forgetfulness

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11
Q

PAYING TAXES IDEAS

A

○ Search for basic accounting information
○ Find an accountant
○ Have a plan

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12
Q

T/F?

A CHECK IN HAND MEANS SOMETHING

A

F: IT MEANS NOTHING

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13
Q

Is a document which orders a bank to pay a particular amount of money from a person’s account to another individual’s or company’s account in whose name the checkbook has been made or issued

A

CHECK

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14
Q

Is a slang for a check that cannot be processed because the account holder has nonsufficient funds.

A

BOUNCED CHECK

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15
Q

NSF MEANS

A

NONSUFFICIENT FUNDS

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16
Q

WHY DO CHECK BOUNCE?

A
  • YOU CAN WRITE ANYTHING
  • ACCIDENTS HAPPEN
  • CLOSE ACCOUNT
  • STOP PAYMENT
  • ISSUE WITH THE CHECK
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17
Q

Also known as “money”, in physical form

A

CASH

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18
Q

Essentially the movement of money in and out of your business.

A

CASH FLOW

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19
Q

TYPES OF CASH FLOW

A
  • OPERATING ACTIVITIES
  • INVESTING ACTIVITIES
  • FINANCING ACTIVITIES
20
Q

all the things a company does to bring its
product and services to market on an
ongoing basis.

A

OPERATING ACTIVITES

21
Q

refers to the purchase and sale of long term
assets and other business investment,
within a specific reporting period.

A

INVESTING ACTIVITIES

22
Q

activities that involve the inflow and
outflow of money ( buy and sell of product or asset, stocks loans, maintaining accounts.

A

FINANCING ACTIVITIES

23
Q

when you borrow money that has to be paid back usually with interest

A

LOAN

24
Q

TWO CATEGORIES OF LOAN

A
  • UNSECURED LOANS
  • SECURED LOANS
25
Q

is a loan that doesn’t require any type of
collateral instead relying on a borrower’s assets as security (students loans, personal loans, credit cards)-interest and fees.

A

UNSECURE LOANS

26
Q

are business or personal loans that require
collateral as a condition of borrowing. , lower interest rate, huge amount, ( mortgages and car loans)

A

SECURED LOANS

27
Q

TOP FOUR MOST COMMON TYPES OF BANK LOANS

A

○ Personal Loan
○ Credit Card
○ Home Equity Loan
○ Business Loan

28
Q

T/F?

BORROW MONEY BEFORE YOU NEED IT

A

T

29
Q

T/F?

“A bank is a place that will lend you money if you can prove that you need it.”

A

F: YOU DON’T NEED IT

30
Q

T/F?

PREPAYMENT IS KING: REGARD STANDARD PAYMENT TERMS

A

F: REGARD

31
Q

Settlement of debt or installment loan in advance of its official due date.

A

PREPAYMENT

32
Q

STRATEGIES TO ENSURE FASTER PAYMENT

A

○ Build trust immediately
○ Be clear with your payment terms
○ Be aggressive with your timeline

33
Q

T/F?

HIRING A PERSONAL ACCOUNTANT IS A MONEY WELL SPENT

A

T

34
Q

THREE REASONS TO HIRE AN ACCOUNTANT

A

○ Accountants save you money
○ Accountant save you time
○ Accountant are not that expensive

35
Q

T/F?

THERE’S A DOWNSIDE ON HAVING INVESTORS

A

T

36
Q

is an asset or item acquired with the goals of generating income or appreciation

A

INVESTMENT

37
Q

In economic sense, it is the purchase of goods that are not consumed to day but are used in the future to create wealth

A

INVESTMENT

38
Q

In finance, it is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit

A

INVESTMENT

39
Q

TYPES OF INVESTORS

A

○ Banks
○ Angel Investors
○ Peer-to-peer Lenders
○ Venture Capitalists
○ Personal Investors

40
Q

ASSUMPTIONS ABOUT OUTSIDE INVESTORS

A

○ Finding investors will be easy
○ When you receive a yes from an investors, all your
money problems will go away
○ Business will immediately get better

41
Q

Also called the total sales

A

REVENUE

42
Q

The income generated from sale of goods or
services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted

A

REVENUE

43
Q

Sales Price + Number of units sold

A

SALES REVENUE

44
Q

WHY SHOULD A BUSINESS FOCUS ON BUILDING
REVENUE?

A

○ Attracts more investors
○ Profitability
○ Employees
○ Customers

45
Q

Who said this?

“If I have nothing to sacrifice, I have nothing to gain.”

A

CATHERINE NDERBA

46
Q

What did Catherine Nderba say?

A

“If I have nothing to sacrifice, I have nothing to gain.”

47
Q

T/F?

Use only one bank to minimize risk

A

FALSE: USE DIFFERENT BANKS

THE ENTREPRENEURIAL MIND (6 decks)

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