Steps for Certification

Question 1

a person in the eyes of the law

Answer 1

corporation

Question 2

costs that make up one unit of what you sell

Answer 2

costs 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 debit)

Question 5

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

Answer 5

credit worthiness

Question 6

an internet phenomenon where strangers learn about a business online & then decide whether or not to make an investment

Answer 6

crowdfunding

Question 7

the amount an insurance company makes a policyholder as part of any claim

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

Answer 10

differentiated offering

Question 11

money paid by a company to a person who owns stock in that company

Answer 11

dividend

Question 12

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

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

Answer 14

equity or capital

Question 15

understanding how individuals and business earn money and what they spend money on

Answer 15

financial literacy

Question 16

the 12-month period a company uses to report financial results

Answer 16

fiscal year

Question 17

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

Answer 17

fixed costs

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

Answer 18

Geaux Biz Portal

Question 19

a individuals self commitment to overcome obstacles to achieve long term goals

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 debit holder cant make a required payment

Answer 20

Guarantor

Question 21

a special account where individuals can deposit retirement funds that can grow tax differed until they withdraw them after they retire

Answer 21

individual retirement account

Question 22

debt owed to someone that is paid monthly

Answer 22

installment payment

Question 23

the amount an insurance policy holder receives from the insurance company to reinburse the policy holder for a covered loss

Answer 23

insurance claim

Question 24

the individual or business that purchases an insurance policy to various types of protection

Answer 24

insurance policy holder

Question 25

the amount a policy holder pays for an insurance policy

Answer 25

insurance premium

Question 26

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

Answer 26

intellectual property

Question 27

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

Answer 27

copyright

Question 28

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

Answer 28

patent

Question 29

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

Answer 29

trademark

Question 30

the federal agency that collects federal taxes and performs audits

Answer 30

internal revenue service (IRS)

Question 31

the merchandise that a company sells to customers

Answer 31

inventory

Question 32

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

Answer 32

judgement

Question 33

an obligation you have to pay someone else money (debit or loan)

Answer 33

liability