Accounting
Liabilities + owners equity; anything a business owns that has value
What are assets?
Ownership in a business
What is equity?
One of the most common types of crime that affects businesses.
What is burglary?
Money that is left over after all expenses of running a business have been deducted from the income
What is profit?
A specific group of customers whom a business wishes to reach.
What is a target market?
A statement/document that covers an accounting period and provides a picture of financial position
What is a financial report?
The 2 main sources of obtaining start-up money for a business.
What is bootstrapping or finding investors?
Crime, natural disasters, and accidents.
What are the categories of pure risk?
Being your own boss, doing something you enjoy, being creative, deciding your own schedule, being recognized in the community.
What are the rewards of entrepreneurship?
A small, specialized segment of the market based on customer needs discovered in market research.
What is a niche?
How often you should update your journal of business transactions
What is every day?
A type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings
What is stock?
A type of business that is more likely to be a victim of crime.
What is a small business?
A market structure in which a particular commodity has only one seller
What is a monopoly?
The tendency to buy a particular brand of a product.
What is brand loyalty?
Posting to the general ledger, keeping track of payments, keeping payroll records, keeping tax records, and filing records
What are weekly accounting activities?
The sale of stock in a company on a public stock exchange
Initial public offering (IPO)
Long hours, uncertain income, full responsibility, risking someone's investment.
What are the risks of entrepreneurship?
A market structure in which there are just a few competing firms
What is an oligopoly?
The study of consumers based on social and psychological characteristics, including personalities, values, opinions, beliefs, motivations, attitudes, and lifestyle elements
What is psychographics?
A report of how much cash a business took in and where the cash went
What is a statement of cash flow?
Money a business uses to support its operations in the short term
What is operating capital?
The threat of a loss to a business without any possibility of gain, such as robbery or employee theft.
What is pure risk?
Reducing your taxable income, which reduces the amount of income subject to tax. Common deductions include mortgage interest, charitable donations, and contributions to retirement accounts (401(k), IRA)
What are tax benefits?
A complete picture of a venture’s prospective customers, including geographic, demographic, and psychographic data
What is a customer profile?