Test 1

Question 1

complete two-part self assessment

Answer 1

Self-assessment

Question 2

presentation to an unfamiliar workplace adult

Answer 2

Self-assessment presentation

Question 3

complete online credit application

Answer 3

micro-Enterprise Credit Application

Question 4

register a fictitious business on GeauxBiz student portal

Answer 4

company registration

Question 5

online certification exam

Answer 5

Credential Online Test

Question 6

means small business

Answer 6

micro-enterprise

Question 7

provide the majority of employment in Louisiana and the U.S.

Answer 7

Small buisinesses

Question 8

Baton Rouge Area Camber are the culture of the micro-enterprise certification

Answer 8

BRAC

Question 9

online program that provides unlimited access to industry experts in all careers,

Answer 9

Nepris

Question 10

money owned by a company to a supplier. Ex. I purchase $10,000 of beauty supplies from a distributor to put in my store. The distributor gave 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 10

Accounts Payable

Question 11

money owned 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. The $800 goes into accounts receivable in my company meaning someone owes my company $800.

Answer 11

Accounts Recievable

Question 12

individuals that make small investments in an enterprise or to support an entrepreneur where they do not expect an immediate or large return in the investment. They are typically friends and family who know the business owner and want to see them succeed.

Answer 12

Angel Investors

Question 13

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 13

Assets

Question 14

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 14

Bank Loan

Question 15

a loan. A bond is a security that investors buy and sell, that represents a legal obligation from the company issued the bond.

Answer 15

Bond

Question 16

a determination of how many units are needed to sell in order to pay for all fixed cost

Answer 16

Breakeven Analysis

Question 17

a company that provides individuals and companies with access to financial . Ex. you buy stocks and bonds from a broker.

Answer 17

Brokerage

Question 18

funds contributed by investors to a business. Investors contribute capital to a business because they expect a significant return on their investment when the business succeeds.

Answer 18

Capital (or Equity)

Question 19

proper business behavior beyond complying with legal requirements.

Answer 19

Business Ethics

Question 20

expenditures on equipment the business will use for many years.

Answer 20

capital Expenditures

Question 21

Total revenues minus total cost minus one-time expenditures (called “Capital expenditures”) on equipment the business will use for many years.

Answer 21

cash flow

Question 22

cash, publicity 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 cash 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 22

cash instruments

Question 23

equipment, inventory or other goods that are pledged to the bank in the case the company cannot make a loan payment

Answer 23

collateral

Question 24

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

Answer 24

comfort engaging with strangers

Question 25

money earned when something is sold

Answer 25

commission

Question 26

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

Answer 26

confidentiality

Question 27

a solution in which an individual might take an action to his/her advantage that would be the disadvantage of a person or company that believes this individual is serving them. Ex. a customer tells a supplier in a confidence that the 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 27

conflict of interest

Question 28

unit price minus cost of goods sold

Answer 28

contribution Margin

Question 29

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 29

corporate Social Responsibility

Question 30

a corporation is a person in the eyes of the law. The corporation is taxed for profits and is liable for any debts of judgements. Corporations are owned by shareholders (individuals or other corporations).

Answer 30

corporation

Question 31

costs that make up one unit of what you sell. These can be labor cost 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 31

cost of Goods Sold

Question 32

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

Answer 32

covered loss

Question 33

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

Answer 33

credit (or Debit)

Question 34

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

Answer 34

credit-worthiness

Question 35

What are the five components you must complete to obtain the regional micro-enterprise certification?

Answer 35

Self-assessment
Self-assessment presentation
Micro-Enterprise Credit Application
Company Registration on Geaux Biz student portal
Online credential test