Steps for Certification Flashcards
a person in the eyes of the law. The _______ is taxed for profits and is liable for any debts or judgments. _______are owned by shareholders (individuals or other ________)
Corporation
Cost that makes up one unit of what you sell. These can be labor costs as well as material costs. Ex: when you sell a hat, the variable cost includes; the hat’s material and the labor cost required to make the hat.
Cost of Goods sold
A loss that an insurance company will reimburse a policyholder for in the event of a claim.
Covered Loss
Funds lent to a business with an agreement that the business will repay the lender with interest.
Credit (or debt)
A person or a business with a strong credit score and the financial resources that make it likely they will be able to repay and loan.
Credit Worthiness
An internet phenomenon, where strangers learn about a business online and then decide whether or not to make an investment. ________ investors are typically “fans” of an owner, but they do expect a return on their investment.
Crowdfunding
The amount an insurance company makes a policyholder pay as part of any claim. Ex: If your auto insurance has $500 and your insurance will pay the remaining $1500.
Deductible
Failure to repay a loan.
Default
The commitment to get something done.
Determination
Distinguishing a product or service “different than anything else” attracting customers, generating sales and serving as the foundation for a thriving business.
Differentiated Offering
Money paid by a company to a person who owns stock in that company. It is optional and many companies do not pay for it. It is typically paid every three months.
Divided
A clear, concise and compelling way to describe a business or new business concept in 30 seconds; a differentiating vision to encourage potential investors or employees to learn more.
Elevator Speech
Open ended questions that prompt more than a “yes” or “no” answer.
Engaging Questions
Funds contributed by investors to a business. Investors contribute _____ to a business because they expect a significant return on their investment when the business succeeds.
Equity (or Capital)
Understanding how individuals and businesses earn money and what they spend money on.
Financial Literacy
a 12-month period a company uses to report financial results. It can be the same as a calendar year or it can be any 12-month period that makes sense.
Fiscal Year
Costs that do not vary based on the units sold by the enterprise. Ex: a lease for a building- the cost of the lease does not change according to how many units of your product is sold.
Fixed Cost
a computer portal offered by the Louisiana Secretary of State that enables 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 may need to interact with.
geaux BIZ Portal
An individual’s self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience, adn backbone.
Grit
A credit-worthy individual or business with sufficient liquidity that promises to repay a loan in the event that the debtholder can’t make a required payment.
Guarantor
5 Steps Of Micro-Enterprise Credential:
Self-assessment- complete two-part self-assessment
Self-assessment presentation- Presentation to an unfamiliar workplace adult.
Micro-Enterprise Credit Application- complete online credit application.
Company Registration- register a fictitious business on Geaux Biz student portal.
Credential Online Test- online certification exam.
special account where individuals can deposit retirement funds that can grow tax-deferred until they withdraw them after they retire. If an individual withdrawals the ____ before retirement, they will be forced to pay the IRS significant penalties.
Individual Retirement Account (IRA)
Debt owed to someone that is paid monthly. Ex: your car or truck payment, your cards, and your mortgage payment are all paid in monthly________ ________.
Installment Payment
the amount of insurance policyholder receives from the insurance company to reimburse the policyholder for a covered loss.
Insurance Claim
The individual or business that purchases an insurance policy for various types of protection.
Insurance Policyholder
The amount a policyholder pays for an insurance policy.
Insurance Premium
Non-physical assets created by individuals or companies that hold the exclusive legal right to commercialize.
Intellectual Property
give the author the sole right to benefit economically from what he/she wrote.
Copyright
gives the inventor the sole right to benefit commercially from his/her invention.
Patent
fives the registering individual or company the sole right to benefit from a brand or image he/she created.
Trademark
The federal agency that collects federal taxes and performs audits.
Internal Revenue Service (IRS)
The merchandise that a company sells to customers.
Inventory
A legal decision requiring a person or company to pay another person or company.
Judgement
An obligation you have to pay someone else money. Also called a debt or loan.
Liability
