Accounting
Something a business owns
What is an asset?
Something you desire to have
What is a "want"?
The most important thing to do well before you start a business
What is planning?
Where individuals and families live
What is Households?
Analysis of the Strengths, Weaknesses, Opportunities and Threats of a new business idea
What is SWOT analysis?
Cash received from Sales or Services
What is income?
Making a decision between 2 or more options
What is choice?
Goals that are specific, measurable, attainable, relevant and timely
What are SMART goals?
Banks, finance companies, insurance companies etc
What is the Financial Sector?
Money paid to an insurance company to insure property
What are insurance premiums?
Debt
What is a liability?
An expensive item you might save up to purchase
What is a luxury good?
When a business does not make a profit or a loss
What is break-even?
Indirect tax paid when purchasing
What is GST? (or Goods and Services Tax)
Name given to the person who assumes the risk for a new business
What is an entrepreneur?
Money invested by the owner
What is Capital/Equity?
The next best option forgone, when a choice is made
What is Opportunity Cost?
When three choices are narrowed down to one
What is decision-making?
Two-way reliance
What is interdependence?
Investment in a portion of a company
What are shares?
Balance Sheet
What is the Statement of Financial Position?
Personal beliefs that influence our decision making
What are values?
Finding out who your target market is, what they want and how much they are willing to pay
What is market research?
Government spending to encourage production of certain goods
What are subsidies?
Money loaned to the Government for a period of time, earning fixed interest
What are Government Bonds?