Steps for Certification Flashcards
a person in the eyes of the law
corporation
costs that make up one unit of what you sell
costs 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 debit)
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
credit worthiness
an internet phenomenon where strangers learn about a business online & then decide whether or not to make an investment
crowdfunding
the amount an insurance company makes a policyholder as part of any claim
deductible
failure to repay a loan
default
the commitment to get something done
determination
distinguishing a product or service
differentiated offering
money paid by a company to a person who owns stock in that company
dividend
a clear, concise and compelling way to describe a business or new business concept in 30 seconds
elevator speech
open ended questions that prompt more than a “yes” or “no” answer
engaging questions
funds contributed by investors to a business
equity or capital
understanding how individuals and business earn money and what they spend money on
financial literacy
the 12-month period a company uses to report financial results
fiscal year
costs that do not vary based on the units sold by the enterprise
fixed costs
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
Geaux Biz Portal
a individuals self commitment to overcome obstacles to achieve long term goals
Grit
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
Guarantor
a special account where individuals can deposit retirement funds that can grow tax differed until they withdraw them after they retire
individual retirement account
debt owed to someone that is paid monthly
installment payment
the amount an insurance policy holder receives from the insurance company to reinburse the policy holder for a covered loss
insurance claim
the individual or business that purchases an insurance policy to various types of protection
insurance policy holder
the amount a policy holder 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 ecomically from what he/she wrote
copyright
gives the inventor the sole writer to benefit commercially from his/her invention
patent
gives 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 (debit or loan)
liability
