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Micro Enterprise > test two > Flashcards

test two Flashcards

1
Q

an internet phenomenon, where strangers learn about a business online and then decide whether or not to make an investment.

A

Crowdfunding

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2
Q

the amount an insurance company makes a policyholder pay as part of any claim. Ex. If your auto insurance has $500 deductible and your car has damages of $2000. You will pay the first $500 and your insurance will pay the remaining$1500

A

Deductible

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3
Q
  • Failure to repay a loan
A

Default

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4
Q

the commitment to get something done

A

Determination

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5
Q

distinguishing a product of service “different than anything else” attracting customers, generating sales and serving as the foundation for thriving business

A

. Differentiated Offering

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6
Q

money paid by a company to a person who owns stock in that company. Dividends are optional- many companies do not pay dividends. Dividends are typically paid every three months.

A

Dividend

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7
Q

A clear concise and compelling wat to descried a business or new business concept in 30 seconds; a differentiating vision to encourage potential investors or employees to learn more.

A

Elevator speech

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8
Q
  • open ended questions that prompt more than a “yes” or “no” answer
A

Engaging Question

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9
Q

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.

A

Equity (or capital)

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10
Q

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

A

Financial Literacy

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11
Q
  • the 12 month period a company uses to report financial results.
A

Fiscal Year

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12
Q

cost that do to vary based on the units sold by the enterprise ex. A lease for a building- the cost of the lease does not change according to how many units of your product is sold.

A

Fixed Cost

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13
Q
  • a computer portal offered by Louisiana secretary of state the enables entrepreneurs to go to a single source to learn which forms they need to file, the forms required by the secretary of state, and to determine which other government agencies they may need to interact with.
A

. Geaux BIZ PORTAL-

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14
Q

An individual’s self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience, and back bone

A

Grit-

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15
Q
  • 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.
A

guarantor

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16
Q

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

A

Individual retirement account (IRL)

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17
Q
  • there are no annual income tax on any dividends or profitable sales that an IRA makes. The money remains in the account and only gets taxed when the individuals retire. If an individual withdraws money from an IRA before he/she retires they are forced to pay the IRS significant penalties for early withdrawal.
A

Advantages

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18
Q
  • debt owed to someone that is paid monthly.
A

. Installment payment

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19
Q

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

A

Insurance claim

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20
Q

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

A

. Insurance policyholde

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21
Q

the amount a policyholder pays for an insurance policy.

A

. Insurance premium

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22
Q

non- physical assets created by individuals or companies that hold the exclusive legal right to commercialize

A

Intellectual property

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23
Q

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

A

copyright

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24
Q

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

A

patent-

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25
Q
  • gives the registering individual or company the sole right to benefit from a brand or image he/she created.
A

. trademark

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26
Q

) - the federal agency that collects federal taxes and perform audits.

A

Internal revenue service (IRS

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27
Q

the merchandise that a company sells too customers

A

inventory

28
Q
  • a legal decision requiring a person or company to pay another person or company.
A

Judgement

29
Q

an obligation you have to pay someone else money. Also called a debt or loan.

A

liability

30
Q

The right to take possession of collateral unit a debt is repaid.

A

Lien.

31
Q

A special type of corporation where individual owners are taxed on the profits of the company, but the corporation is liable for debts or judgments against the company

A

Limited liability Corporation

32
Q

A loan that provides the borrower a maximum amount of money he/she can borrow - the borrower can then access or use that line of credit for only as much money as they need at any particular time.

A

Line of Credit

33
Q

Cash or securities that can be immediately turned into cash, which can then repay a loan amount outstanding.

A

Liquid Assets

34
Q

The State agency that collects state taxes.

A

Louisiana Department of Revenue

35
Q

How a Business communicates to large numbers of customers, motivating them to learn more about the business and its offerings. Ex. Advertising is a marketing tool

A

marketing

36
Q

The date a loan is repaid in full

A

Maturity

37
Q

A person who coaches and supports an entrepreneur or a student studying to become an entrepreneur

A

Mentor

38
Q

The money a person borrows to buy real estate

A

Mortgage

39
Q

An investment security that includes many different stocks purchased and held together. Investors purchase mutual funds because they are less risky than holding any individual stock.

A

Mutual Fund

40
Q

“Net” means revenues after cost

A

Net income

41
Q

A payment that is owed every month

A

Obligation

42
Q

Debt obtained from a number of online companies. Borrowers need to disclose much less information about themselves to obtain online credit, and online credit companies make credit decisions much more quickly than banks. For these reasons, inline credit is much more expensive for borrowers than bank loans,`

A

Online Credit

43
Q

when a company issues a check or make a financial commitment for an amount greater than the amount the company has deposited in the bank Also called ‘’bounced check”

A

Overdraft

44
Q

Cost that a business incurs that are not part of producing the goods or service its sells, but which are required to operate legally and efficiently

A

Overhead

45
Q

Owing an asset without any associated debt

A

Own free and clear

46
Q

When two or more individuals own a company. Partners are taxed on the profits of the company, and are personally liable for any debts or judgements against the company.

A

Partnership

47
Q

The amount of money borrowed

A

Principal-

48
Q

A Latin phrase (for the sake of form) that in business means a project of future financial performance. A pro forma usually takes the form of a projection of future revenue and costs.

A

Pro Forma

49
Q

the ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis- often under pressure- to reach a solution

A

Problem solving

50
Q

Revenues minus costs

A

Profit- Revenues minus costs

51
Q

unit price minus costs of goods sold

A

Profits per unit

52
Q

most projections are for a year a “quarter” means three months. Some businesses make quarterly reports

A

Quater-

53
Q

real estate is property and the building(s) on it. Real estate can be a piece of land, or can be a home on that piece of land, or it can be building. Real estate is typically purchased using a mortgage. The down payment the buyer makes is called buyer’s “equity”

A

Real estates

54
Q

Debt that includes a legal obligation by the borrower to repay the debt personally if the business is unable to make its scheduled debt payment. A secured debt can be guaranteed by the entrepreneur or by any credit- worthy guarantor

A

Secured debt

55
Q

An investment worth money ; a financial instrument indicating ownership

A

Securities

56
Q

an investment vehicle. different types of securities include stocks and bonds and mutual funds

A

security

57
Q

the ability to pursue a task without being told to by someone else

A

self- discipline

58
Q

the ability to pursue a task without being told by someone else. Individuals who are self- motivated can find the strength to start and then finish a task without giving up

A

Self motivation

59
Q

cost that vary somewhat based on the number of units you sell

A

semi-variable

60
Q

An individual that owned a company. sole properties are taxed on the profits of the company and are personally liable for any debts or judgments against the company

A

sole proprietorship

61
Q

one of the equal parts into which a company’s id divided entitling the holder to a proportion of the profits

A

share

62
Q

an individual or company that owns share in a company

A

share holder

63
Q

all people or companies associated with an enterprise

A

stakeholders

64
Q

shares an ownership in a company stock is a general term of ownership in any company

A

stocks

65
Q

a company that provides a good or service to another country

A

supplier

Micro Enterprise (2 decks)

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