Micro-enterprise study guide 1 Flashcards
what are the 5 steps to obtaining a Micro-Enterprise certification?
Self-assessment- 2 part assessment, self - assessment presentation- to an unfamiliar workplace adult, credit application- complete online credit application,company registration - GueaxBiz student portal ( run by state), credential online test
means small business
micro-enterprise
provides the majority of employment in LA & U.S.
small businesses
what does BRAC stand for
Baton Rouge Area Chamber
what is an online program that provides unlimited access to industry experts except in all careers
nepris
money owed to a comp to a supplier
accounts payable
money owed by a customer to a company
accounts recievable
individuals that make small investments in an enterprise/ to support an entrepreneur where they don’t expect an immediate/ large return on the investment. they r typically friends who know the business
angel investor
something of value
assets
debt from bank
bank loan
a loan
bond
determination of how many units r needed to sell in order to pay for all fixed costs
break-even analysis
comp that provides individuals & comps. w access financial markets
brokage
proper business behavior bond complying w legal requirements
business ethnics
funds contributed by investors to a business . investors contribute capital to a business bc they expect a significant return on their investment when the business succeeds
capital( equity)
expenditures on equipment the business will use for many years
capital expenditures
total revenue minus total cost minus one-time expenditures ( capital expenditures) on equipment that will be used for many years.
cash flow
cash, publicly traded stock, govt bonds/ corporate bonds that can be quickly turned in to cash. can be turned into cash quickly @ values that r predictable & available to all holders of the cash instrument
cash instrument
equipment, inventory , / other goods that r pledged to the bank in the case the comp cannot make a loan payment
collateral
ability to interact in a friendly effective way w unfamiliar people. ability to seem welcoming & easy to talk to, even w people who r different age, appearance, & background.
comfort engaging w strangers
money earned when something is sold
commission
a promise to keep info u learn secret. formalized by signing a Non- Disclosure Agreement (NDA)
confidentiality
price- cost of goods sold
contribution margin
action entrepreneurs & comps take that go beyond their financial self- interest
corporate social responsibility
a person in the eyes of the law. taxed for profits & is liable for any debt/ judgments. owned by shareholders (individuals/other corporations)
corporation
cost that make up one unit of what u sell. these can be labor cost as well as material cost
cost of goods sold
that an insurance comp will reimburse a policy holder for in the event of a claim
covered loss
funds lent to a business w an agreement that the business will repay the lender w interest
credit(/debt)
person/ business w a strong credit score & financial resources that make it likely they will be able to repay you
credit-worthiness
