micro-enterprise test 1

Question 1

what are the 5 steps to obtain the certification?

Answer 1

1. self-assessment
2. Self-assessment presentation
3. micro-enterprise credit application
4. company registration
5. credential online test

Question 2

means a small business

Answer 2

micro-enterprise

Question 3

majority of employment in Louisiana and the U.S.

Answer 3

small business

Question 4

baton rouge area chamber- creator of the micro enterprise certification

Answer 4

BRAC

Question 5

money owed by a company to a supplier

Answer 5

accounts payable

Question 6

money owed by a customer to a company

Answer 6

accounts receivable

Question 7

Individuals that make small investments in an enterprise or to support an entrepreneur where they do not expect an immediate or large return on the investment.

Answer 7

angel investors

Question 8

something of value

Answer 8

assests

Question 9

debt from a bank

Answer 9

bank loan

Question 10

a loan-a security that investors buy and sell

Answer 10

bond

Question 11

how many units are needed to sell in order to pay for all fixed cost. analysis

Answer 11

breakeven analysis

Question 12

company that provides individuals and companies with access to financial markets. EX. you buy stocks and bonds from broker

Answer 12

brokerage

Question 13

proper business behavior beyond complying with legal requirements

Answer 13

business ethics

Question 14

funds contributed by investors to a business

Answer 14

capital (or equity)

Question 15

expenditures on equipment the business will use for MANY YEARS

Answer 15

capital expenditures

Question 16

Total Revenue minus total cost minus one-time expenditures (called “capital expenditures”) on equipment that will be used for many years

Answer 16

cash flow

Question 17

Cash, publicly traded stocks, government bonds, or corporate bonds. quickly turned to cash

Answer 17

cash instruments

Question 18

equipment, inventory or other goods that are pledged to the bank in the case the company cannot make a loan payment.

Answer 18

collateral

Question 19

interact in a friendly way and effective way with unfamiliar people

Answer 19

comfort engaging with strangers

Question 20

money earned when somethings sold

Answer 20

commisssion

Question 21

promise to keep information you learn a secret

Answer 21

confidentiality

Question 22

individual might take action to his/her advantage that would be to the disadvantage of a person or company that believes this individual is serving them

Answer 22

conflict of interest

Question 23

price minus cost of goods

Answer 23

contribution margin

Question 24

Actions entrepreneurs and companies take that go beyond their financial self- interest.

Answer 24

corporate social responsibility

Question 25

person in the eyes of the law

Answer 25

corporation

Question 26

cost that make up what you sell

Answer 26

cost of goods sold

Question 27

loss that an insurance company will reimburse a policy holder for in the event of a claim.

Answer 27

covered loss

Question 28

funds lent to a business with an agreement that the business will repay the lender with interest

Answer 28

credit (or debt)

Question 29

person or business with a strong credit score and the financial resources that make it likely they will be able to repay any loan.

Answer 29

credit-worthiness

Question 30

online program that provides unlimited access to industry experts

Answer 30

nepris