test 2

Question 1

a person in the eyes of the law

Answer 1

corporation

Question 2

cost 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 policy holder 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 intrest

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 any loan

Answer 5

credit worthiness

Question 6

an internet phanoemenon , where strangers learn about a business online and then decide if you qualify for an investment . Typically “fans” of an owner, but do expect a return on investment .

Answer 6

crowdfunding

Question 7

the amount an insurance company makes a policyholder pay as a 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

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 desire 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 question

Question 14

funds contributed by investors to a business

Answer 14

Equity or capital

Question 15

understanding how individuals and businesses earn money and what they spend it 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

commitment to overcome obstacles to achieve long term goals

Answer 18

Grit-self

Question 19

a credit worthy individual or business with sufficient equity that promises to repay a loan in the event that the debtholder cant make a required payment

Answer 19

Guarantor

Question 20

Account where individuals can deposit retirement funds that can grow tax-defered until they withdraw them after they retire

Answer 20

individual retirement

Question 21

debt owed to someone that is paid monthly

Answer 21

installment payment

Question 22

the amount an insurance policyholder recieves from the insurance company to reimburse the policy holder for a covered loss

Answer 22

insurance claim

Question 23

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

Answer 23

insurance policyholder

Question 24

the amount a policyholder pays for an insurance policy

Answer 24

insurance premium

Question 25

non physical assests created by indivduals or companies that hold the exclusive legal right to commercialize

Answer 25

intellectual property

Question 26

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

Answer 26

copyright

Question 27

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

Answer 27

patent

Question 28

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

Answer 28

trademark

Question 29

federal agency that collects federal taxes and performs adults

Answer 29

internal revenue service

Question 30

merchandise that a company sells to a customers

Answer 30

inventory

Question 31

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

Answer 31

judgement

Question 32

obligation you have to pay someone else money, also called debt or loan

Answer 32

liability