Test Vocab Flashcards
Close corporation
A close corporation is a corporation which is held by a limited number of shareholders and is not publicly traded.
Open corporation
An open corporation is a corporation whose ownership shares are available for exchange on a public market.
Sole proprietorship
A business owned and run by only one person and in which there is no legal distinction between the owner and the business entity.
General partnership
General partnerships are made up of the two or more persons, called general partners, who enter an agreement to conduct business for a profit.
Lawsuit
A lawsuit is when someone takes a legal problem to court to get it resolved. One person (the plaintiff) accuses another person or entity (the defendant) of doing something wrong, and they ask the court for a solution or compensation.
Monopoly
A company legally controlling its market
Stakeholder
A stakeholder is a person, group, or organization that has an interest or concern in a particular project, business, or issue and may be affected by or affect the outcomes or decisions related to it.
What is the first step in entrepreneurial discovery?
Idea Generation: every new venture begins with an idea. In our context, we take an idea to be a description of a need or problem of some constituency coupled with a concept of a possible solution.
Cloud computing applications
Cloud computing applications are internet-based tools and services, like Google Docs or Dropbox, accessed online instead of being installed on your device. They offer flexibility and convenience, allowing access from any internet-connected device.
Private enterprise
A business or industry that is managed by independent companies or private individuals rather than by the state.
Liberal trade agreements
Liberal trade agreements, or free trade agreements, are deals between countries that aim to remove barriers to international trade, like tariffs and quotas, to promote economic cooperation and growth. Examples include USMCA and CPTPP.
Capital resource
Capital resources are valuable tools like machinery, money, and technology used to produce goods or services (physical resources).
Investor
An investor is someone who puts money into financial markets or ventures, aiming to make a profit or gain a return on their investment.
Creditor
A creditor is someone or something that has provided goods, services, or money with the expectation of being repaid by a debtor. A debtor is someone or something that owes money to a creditor.
Factor
In business, a factor is a company that buys unpaid invoices from other businesses, giving them quick cash, and then collects the full amount from the customers later.
Liability
A liability is a financial obligation or debt that an individual or entity owes to someone else.
Income statements
Shows a company’s expense, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period. This information helps you make timely decisions to make sure that your business is on a good financial footing.
Interest rate
Proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
Petty cash
Cash that businesses keep on hand for small purchases. For instance, a box of staples for an office or an emergency block of cheese for a cafe.
Book value
The value of a business according to its books or accounts, as reflected on its financial statements
Gross margin
Portion of a company’s revenue left over after direct costs are subtracted
SWOT analysis
(strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and analyzing internal strengths and weaknesses and external opportunities and threats that shape current and future operations and help develop strategic goals
Customer profiles
A document that contains key information about your ideal customer
Data mining
Process of searching and analyzing a large batch of raw data in order to identify patterns and extract useful information
Market segmentation
Practice of dividing your target market into approachable groups. Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience.
Cluster analysis
A form of exploratory data analysis in which observations are divided into groups that share common characteristics
Forecasting
A decision-making tool used by many businesses to help in budgeting, planning, and estimating future growth
Prediction
Business forecasting is the process of predicting future developments in business based on analysis of trends in past and present data.
Market basket analysis
A data mining technique that analyzes patterns of co-occurrence and determines the strength of the link between products purchased together
Quality assurance program
Establishes and maintains set requirements for developing or manufacturing reliable products
Mortgage
Agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed
Down payment
Paid upfront in a financial transaction
Supply chain
Network of companies and people that are involved in the production and delivery of a product or service
Corporate governance
System by which companies are directed and controlled
Product strategy
Plan created by a company to define the vision for a product and identify how that vision will be realized
Advertising goal
Designed to increase sales and build profits gradually
Pricing objective
Goals that drive how your business sets prices for your product or service
Return on investment (ROI)
A calculation of the monetary value of an investment versus its cost
Risk management program
Formal process utilized to quantify, qualify, and mitigate specific concerns an organization may discover or define
Tangible vs. intangible products
Tangible: physical items owned by a company
Intangible: nonphysical items that have a monetary value because they represent potential revenue
ADKAR model and what is it used for
Awareness, Desire, Knowledge, Ability and Reinforcement
- A map of what needs to be done to advance a change rather than merely describing how someone proceeds through change
Creditors
Creditors are individuals or entities that have lent money to another individual or entity. They typically charge interest and the money is owed back to them. For example, a bank lending money to a person to purchase a house is a creditor.
Venture Capital
Type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential
Invoice
An invoice is a document used to notify a customer that payment is due. It also serves as a record for the issuing business so that it can track its receivables.
