Reginal Micro-Enterprise Credential

Question 1

To obtain the regional micro-enterprise credential you must complete five components. What are they?

Answer 1

1. Self-assessment- complete two-part self-assessment
2. Self-assessment presentation- Presentation to an unfamiliar workplace adult.
3. Micro-Enterprise Credit Application- complete online credit application.
4. Company Registration- register a fictitious business on GeauxBiz student portal.
5. Credential Online Test- online certification exam.

Question 2

Micro-Enterprise means?

Answer 2

Small business

Question 3

Small businesses provide majority of employment where?

Answer 3

Louisiana and the U.S.

Question 4

BRAC

Answer 4

Baton Rouge Area Chamber are the creators of the micro-enterprise certification.

Question 5

Online program that provides unlimited access to industry experts in all careers.

Answer 5

Nepris

Question 6

money owed by a company to a supplier. Ex: I purchased $10,000 of beauty supplies from a distributor to put in my store. The distributor gives me 60 days to pay it back. The $10,000 is now in accounts payable for my company meaning that I owe it to someone.

Answer 6

Accounts Payable

Question 7

Money owed by a customer to a company. Ex: You purchased a new computer from me for $1,000. You put down $200 and signed a contract agreeing to pay the remaining $800 within the next 30 days. That $800 goes into accounts receivable in my company meaning someone owes my company $800.

Answer 7

Accounts Receivable

Question 8

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. They are typically friends or family who know the business owner and want to see them succeed.

Answer 8

Angel Investors

Question 9

Something of value. Anything owned. Ex: A house, a diamond ring, A security is a financial asset- a piece of paper that represents ownership in something and is worth money.

Answer 9

Assets

Question 10

Debt from a bank. Banks require much more information from potential borrowers, and take more time to make a lending decision based on a great deal of analysis. Therefore, bank loans are less expensive than online lines of credit.

Answer 10

Bank Loan

Question 11

A loan. A bond is a security that investors buy and sell, that represents a legal obligation from the company issuing the bond that they will repay the funds they received when they issued the bond.

Answer 11

Bond

Question 12

A determination of how many units are needed to sell in order to pay for all fixed costs.

Answer 12

Breakeven Analysis

Question 13

A company that provides individuals and companies with access to financial markets. Ex: You buy stocks and bonds from a broker.

Answer 13

Brokerage

Question 14

Proper business behavior beyond complying with legal requirements.

Answer 14

Business Ethics

Question 15

Funds contributed by investors to a business. Investors contribute ______ to a business because they expect a significant return on their investments when the business succeeds.

Answer 15

Capital (or Equity)

Question 16

Expenditures on equipment the business will use for many years.

Answer 16

Capital Expenditures

Question 17

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

Answer 17

Cash Flow

Question 18

Cash, publicly traded stocks, government bonds, or corporate bonds that can be quickly turned into cash. Cash instruments can be turned into cash at values that are predictable and available to all holders of the cash instrument. Ex: Apple stock is a can instrument because it can be sold and converted to cash immediately and the amount that anyone would get for that stock would be the same.

Answer 18

Cash Instruments

Question 19

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

Answer 19

Collateral

Question 20

The ability to interact in a friendly and effective way with unfamiliar people. The ability to seem welcoming and easy to talk to, even with people who are different in age, appearance, or background.

Answer 20

Comfort Engaging with Strangers

Question 21

Money earned when something is sold.

Answer 21

Commission

Question 22

A promise to keep information you learn secret. This promise is often formalized by signing a Non-Disclosure Agreement (or NDA).

Answer 22

Confidentiality

Question 23

A situation in which an individual might take an action to his/her advantage that would be to the disadvantage of a person or company that believes this individual is serving them. Ex: a customer tells a supplier in confidence that they are buying a large quantity of a specific product to advertise a major sale in two weeks. It would be a conflict of interest for that supplier to go to the competitor stores and use this information to get them to buy more of this product and put it on sale immediately.

Answer 23

Conflict of Interest

Question 24

Unit price minus cost of goods sold.

Answer 24

Contribution Margin

Question 25

Actions entrepreneurs and companies take that go beyond their financial self- interest. Ex: a local pet store makes a large donation to an animal shelter.

Answer 25

Corporate Social Responsibility