vocabulary part 2

Question 1

AN internet phenomenon, where strangers learn about a business online and then decide whether or not to make an investment. Crowdfunding investors are typically “fans” of an owner, but they do expect a return on investment.

Answer 1

Crowdfunding

Question 2

the amount an insurance company makes a policyholder pay as part of any claim.

Answer 2

Deductible

Question 3

failure to repay a loan.

Answer 3

Default

Question 4

the commitment to get something done.

Answer 4

Determination

Question 5

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

Answer 5

Differentiated offering

Question 6

money paid be 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.

Answer 6

Dividend

Question 7

a clear, concise and compelling way to describe a business or new business concept in 30 seconds: a different vision to encourage potential investors or employees to learn more.

Answer 7

Elevation speech

Question 8

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

Answer 8

Engaging Question

Question 9

funds contributed by investors to a business. Investors contribute capital to a business because they expect a significant return to their investment when the business succeeds.

Answer 9

Equity

Question 10

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

Answer 10

Finical literacy

Question 11

the 12-month period a company uses to report financial results. A fiscal year can be the same as a calendar year or it can be any 12-month period that makes sense.

Answer 11

Fiscal year

Question 12

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

Answer 12

Fixed cost

Question 13

a computer portal offered by the Louisiana Secretary that 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.

Answer 13

GEAUX BIZ PORTAL

Question 14

an individual’s self-commitment to overcome obstacles to achieve a long-term goal. The ability to keep pursing your dream despite challenges and defeats.

Answer 14

Grit

Question 15

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

Answer 15

Guarantor

Question 16

a special account where individuals can deposit retirement funds that can grow taxed-deferred until they withdraw them after they retire. Advantages- they are no annual income tax on and dividends or profitable sales that an IRA makes. They money remains in the account and only get taxed when the individuals retire. If an individual withdraws money from the IRA before he/she retires they are forced to pay the IRS significant penalties for early withdrawal.

Answer 16

Individual Retirement Account

Question 17

Debt owed to someone that is paid monthly.

Answer 17

installment payment

Question 18

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

Answer 18

insurance claim

Question 19

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

Answer 19

insurance policyholder

Question 20

the amount a policyholder pays for an insurance policy

Answer 20

insurance premium

Question 21

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

Answer 21

intellectual property

Question 22

the federal agency that collects federal taxes and performs audits.

Answer 22

internal revenue service

Question 23

the merchandise that a company sells that customers.

Answer 23

inventory

Question 24

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

Answer 24

judgement

Question 25

an obligation you have to pay someone else money.

Answer 25

liability

Question 26

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

Answer 26

copyright

Question 27

gives the investor the sole right to benefit commercially from he/she invention.

Answer 27

patent

Question 28

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

Answer 28

trademark