Steps for Certification

Question 1

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 ________)

Answer 1

Corporation

Question 2

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.

Answer 2

Cost of Goods sold

Question 3

A loss that an insurance company will reimburse a policyholder for in the event of a claim.

Answer 3

Covered Loss

Question 4

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

Answer 4

Credit (or debt)

Question 5

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.

Answer 5

Credit Worthiness

Question 6

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.

Answer 6

Crowdfunding

Question 7

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.

Answer 7

Deductible

Question 8

Failure to repay a loan.

Answer 8

Default

Question 9

The commitment to get something done.

Answer 9

Determination

Question 10

Distinguishing a product or service “different than anything else” attracting customers, generating sales and serving as the foundation for a thriving business.

Answer 10

Differentiated Offering

Question 11

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.

Answer 11

Divided

Question 12

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.

Answer 12

Elevator Speech

Question 13

Open ended questions that prompt more than a “yes” or “no” answer.

Answer 13

Engaging Questions

Question 14

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.

Answer 14

Equity (or Capital)

Question 15

Understanding how individuals and businesses earn money and what they spend money on.

Answer 15

Financial Literacy

Question 16

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.

Answer 16

Fiscal Year

Question 17

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.

Answer 17

Fixed Cost

Question 18

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.

Answer 18

geaux BIZ Portal

Question 19

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.

Answer 19

Grit

Question 20

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.

Answer 20

Guarantor

Question 21

5 Steps Of Micro-Enterprise Credential:

Answer 21

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.

Question 22

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.

Answer 22

Individual Retirement Account (IRA)

Question 23

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________ ________.

Answer 23

Installment Payment

Question 24

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

Answer 24

Insurance Claim

Question 25

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

Answer 25

Insurance Policyholder

Question 26

The amount a policyholder pays for an insurance policy.

Answer 26

Insurance Premium

Question 27

Non-physical assets created by individuals or companies that hold the exclusive legal right to commercialize.

Answer 27

Intellectual Property

Question 28

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

Answer 28

Copyright

Question 29

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

Answer 29

Patent

Question 30

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

Answer 30

Trademark

Question 31

The federal agency that collects federal taxes and performs audits.

Answer 31

Internal Revenue Service (IRS)

Question 32

The merchandise that a company sells to customers.

Answer 32

Inventory

Question 33

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

Answer 33

Judgement

Question 34

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

Answer 34

Liability