micro-enterprise test 2

Question 1

internet phenomenon, strangers learn about a business online, decide to make investment or not

Answer 1

crowdfunding

Question 2

amount an insurance makes a policy holder pay as part of any claim

Answer 2

deductible

Question 3

failure to repay loan

Answer 3

defualt

Question 4

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 thriving business.

Answer 5

differentiated

Question 6

Money paid by a company to a person who owns stock in that company. optional, typically paid every three months.

Answer 6

dividend

Question 7

A clear, concise and compelling way to describe a business or new business concept in 30 seconds

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

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

12-month period a company uses to report financial reports

Answer 11

fiscal year

Question 12

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

Answer 12

fixed costs

Question 13

computer portal offered by the Louisiana Secretary of State that enables the 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 need to interact with.

Answer 13

GeauxBIZ Portal

Question 14

An individual’s self-commitment to overcome obstacles to achieve long-term goals

Answer 14

grit

Question 15

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

Answer 15

guarantor

Question 16

special account where individuals can deposit retirement funds that can grow tax-deferred until they withdraw them after they retire.

Answer 16

Individual Retirement Account (IRA

Question 17

Debt owed to someone that is paid monthly.

Answer 17

Installment Payments

Question 18

amount of money an insurance policyholder receives from the insurance company to reimburse the policyholder for a covered loss.

Answer 18

Insurance Claim

Question 19

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

Answer 19

Insurance Policyholder

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 exclusive legal right to commercialize.

Answer 21

Intellectual Property

Question 22

Give the author the sole right to benefit economically from what he/she wrote.

Answer 22

copyright

Question 23

Gives the inventor the sole right to benefit commercially from his/her invention.

Answer 23

patent

Question 24

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

Answer 24

trademark

Question 25

federal agency that collects federal taxes and perform audits.

Answer 25

IRS

Question 26

Merchandise that a company sells to a company

Answer 26

inventory

Question 27

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

Answer 27

judgement

Question 28

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

Answer 28

liability