test 2 Flashcards
words
Crowdfunding
an internet phenomenon, where strangers learn about a business online
Deductible
the amount an insurance company makes a policy holder pay the claim
Default
failure to repay loan
Determination
the commitment to get something done
Differentiated offering
distinguishing a product or service
Dividend
money paid by a company to a person who owns stock in a company.
Elevator speech
a clear, concise and compelling way to describe a business or new business concept in 30 seconds
Engaging question
open ended questions that prompt more than a “yes” or a “no” answer
Equity (or capital)
funds contributed by investors to a business
Financial literacy
understanding how individuals and businesses earn money and what they spend it on
Fiscal year
the 12 month period a company uses to report financial results
Fixed costs
costs that do not vary based on the units sold by the enterprise
Grit
an individual’s self-commitment to overcome obstacles to achieve long term goals
Guarantor
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
Individual retirement account (IRA)
a special account where individuals can deposit retirement funds that can grow tax-deferred until they withdraw them after they retire.
Installment payment
debt owed to someone that is paid monthly
Insurance claim
the amount an insurance policyholder receives from the insurance company to reimburse the policyholder for a covered loss
Insurance policyholder
the individual or business that purchases an insurance policy that covers various types of things
Insurance premium
the amount a policyholder pays for an insurance policy
Intellectual property
nonphysical assets created by individuals or companies that hold the exclusive legal right to commercialize
Internal revenue service (IRS)
the federal agency that collects federal taxes and performs audits
Inventory
the merchandise that a company sells to customers
