test 2

Question 1

Crowdfunding

Answer 1

an internet phenomenon, where strangers learn about a business online

Question 2

Deductible

Answer 2

the amount an insurance company makes a policy holder pay the claim

Question 3

Default

Answer 3

failure to repay loan

Question 4

Determination

Answer 4

the commitment to get something done

Question 5

Differentiated offering

Answer 5

distinguishing a product or service

Question 6

Dividend

Answer 6

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

Question 7

Elevator speech

Answer 7

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

Question 8

Engaging question

Answer 8

open ended questions that prompt more than a “yes” or a “no” answer

Question 9

Equity (or capital)

Answer 9

funds contributed by investors to a business

Question 10

Financial literacy

Answer 10

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

Question 11

Fiscal year

Answer 11

the 12 month period a company uses to report financial results

Question 12

Fixed costs

Answer 12

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

Question 13

Grit

Answer 13

an individual’s self-commitment to overcome obstacles to achieve long term goals

Question 14

Guarantor

Answer 14

a credit-worthy individual or business with sufficient liquidity that promises to repay a loan in the event that the debt holder can’t make a required payment

Question 15

Individual retirement account (IRA)

Answer 15

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

Question 16

Installment payment

Answer 16

debt owed to someone that is paid monthly

Question 17

Insurance claim

Answer 17

the amount an insurance policyholder receives from the insurance company to reimburse the policyholder for a covered loss

Question 18

Insurance policyholder

Answer 18

the individual or business that purchases an insurance policy that covers various types of things

Question 19

Insurance premium

Answer 19

the amount a policyholder pays for an insurance policy

Question 20

Intellectual property

Answer 20

nonphysical assets created by individuals or companies that hold the exclusive legal right to commercialize

Question 21

Internal revenue service (IRS)

Answer 21

the federal agency that collects federal taxes and performs audits

Question 22

Inventory

Answer 22

the merchandise that a company sells to customers