test 1

Question 1

money owned by a company to a supplier

Answer 1

Accounts Payable

Question 2

money owed by a customer to a company

Answer 2

Accounts receivable

Question 3

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

Answer 3

Angel Investors

Question 4

something of value. Anything owned.

Answer 4

Assets

Question 5

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 5

Bank Loan

Question 6

a loan. A bond us a security that investors buy and sell, that represents a legal obligation from the company issuing the bond that they will repay the funds they receive when the issue the bond.

Answer 6

Bond

Question 7

a determination of how many unit’s areas needed to sell in order to pay for all fixed costs

Answer 7

Breakeven Analysis

Question 8

a company that provided individuals and companies with access to financial markets

Answer 8

Brokerage

Question 9

proper business behavior beyond complying with legal requirements

Answer 9

Business ethics

Question 10

funds contributed by investors to a business

Answer 10

Capital (or Equity)

Question 11

expenditures on equipment the business will use for many years.

Answer 11

Capital expenditures

Question 12

total revenues minus total cost minus one-time expenditures on equipment that will be used for many years.

Answer 12

Cash flow

Question 13

cash, publicity traded stocks, government bonds, or corporate bonds that can be quickly turned into cash.

Answer 13

Cash instruments

Question 14

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

Answer 14

Collateral

Question 15

the ability to interact in a friendly and effective way with unfamiliar people

Answer 15

Comfort Engaging with Strangers

Question 16

money earned when something is sold.

Answer 16

Commission

Question 17

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

Answer 17

Confidentiality

Question 18

a situation in which an individual might take an action to his/her advantage that would be to the disadvantage of a person to company that believes this individual is serving them.

Answer 18

Conflict of interest

Question 19

unit price minus cost of goods sold

Answer 19

Contribution Margin

Question 20

actions entrepreneurs and companies take that go beyond their financial self-interest.

Answer 20

Corporate social responsibility

Question 21

a corporation is a person in the eyes of the law. The corporation is taxed for profits and is liable for any debts or judgments. Corporations are owned by shareholders

Answer 21

Corporation

Question 22

costs that make up one unit of what you sell. These can be labor costs as well as material costs.

Answer 22

Cost of goods sold

Question 23

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

Answer 23

Covered loss

Question 24

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

Answer 24

Credit (or Debt)

Question 25

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

Answer 25

Credit-worthiness

Question 26

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

Answer 26

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

Question 27

means small business

Answer 27

Micro-Enterprise

Question 28

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

Answer 28

small businesses

Question 29

what is BRAC?

Answer 29

Baton Rouge Area Chamber and the creator of the Micro-Enterprise certification

Question 30

what is the online program that provides unlimited access to industry experts in all careers?

Answer 30

Nepris