Your Life Is Your Business

Question 1

What type of goal is joining an exclusive country club?

Answer 1

Status goal

Question 2

What type of goal is helping your teenager learn lines for a school play?

Answer 2

Primary relationship goal

Question 3

What type of goal is shopping for a used car?

Answer 3

Economic security goal

Question 4

What type of goal is attending a conference on effective investing?

Answer 4

Economic security goal

Question 5

What type of goal is Going to a singles club meeting

Answer 5

Primary relationship goal

Question 6

What type of goal is Taking a course in philosophy

Answer 6

Value goal

Question 7

What type of goal is buying a designer dress

Answer 7

Status goal

Question 8

Define financial management

Answer 8

Art of getting the greatest benefit from limited financial resources

Question 9

Define fixed expenses

Answer 9

Fixed expenses are items such as rent mortgage food and utilities which occur on a regular basis often once a month.

Question 10

Define discretionary expenses

Answer 10

In contrast to fixed expenses discretionary expenses don’t occur on a regular basis are are much more under our control.

Question 11

Define security spending

Answer 11

Money outlays intended to protect our assets.

Question 12

Define short term savings

Answer 12

Emergency cash reserve expected expenditures

Question 13

Define assets

Answer 13

Things owned or held by a business that have a monetary value

Question 14

Define Liabilities

Answer 14

What the business owes to banks or others on loans plus the total amount owed to creditors

Question 15

Define equity

Answer 15

What the business actually owns in part or in whole

Question 16

Define creditor

Answer 16

A person to whom money is owed

Question 17

What is an income statement

Answer 17

Often called a profit and loss statement it is meant to show you the degree to which are in the clear or in the whole. The basic format is: Income-Expenses= profit or loss

Question 18

Fixed or discretionary?

Telephone service

Answer 18

Fixed

Question 19

Fixed or discretionary?

Rent

Answer 19

Fixed

Question 20

Fixed or discretionary?

Hobby supplies

Answer 20

Discretionary

Question 21

Fixed or discretionary?

Groceries

Answer 21

Fixed

Question 22

Working within an organization teaches you to what?

Answer 22

Follow a supervised plan For organizing your time and energy.

Follow standard procedures set for you by managers or supervisors.

Identify yourself with your job.

Question 23

Five general processes for beginning a new business.

Answer 23

Creative thinking
Research
Planning
Gathering resources
Production and marketing

Question 24

Creative thinking basic questions

Answer 24

What are your financial resources?
what are your special skills? 
Are you a people person? 
Where do you live? 
What do you like doing with your time? 
What do you want from your business?

Question 25

Ways to identify your customers?

Answer 25

Customer surveys.
The use of secondary resources to identify customer patterns
Consulting with people who already have successful businesses in your field
Employing a market research service

Question 26

What does a focus group do?

Answer 26

Provide firsthand feedback from people about what they actually want

Question 27

What are demographic profiles

Answer 27

Profiles that what you know the age gender and lifestyle preferences of selected group

Question 28

What are the nine p’s to starting a business

Answer 28

Purpose
Process
Place
Product
Personnel 
Promotion
Price
Projections
Performance

Question 29

What is your shoestringing

Answer 29

A method of financing start up by using money borrowed from an existing savings account or borrowing from a personal credit card.