Business Basics
What is a non-profit organization?
A non-profit organization helps others and is not for profit.
What is strategic planning?
Planning sets goals and plans.
What is the accounting equation?
Assets = Liabilities + Equity.
What is the Small Business Administration?
U.S. agency supporting small businesses.
What is an entrepreneur?
Business creator and risk-taker.
What is a logo?
Company symbol or design.
What are the three credit bureaus?
Equifax, Experian, TransUnion.
What are the four management functions?
Planning, organizing, leading, controlling.
What is a franchise?
Licensed business model.
What is FDIC?
Insures bank deposits.
What is a budget
Financial plan for income/expenses.
What is an income statement?
Shows revenue and profit.
What is accounts receivable?
Money owed by customers.
What is the executive summary in a business plan?
Business plan summary.
What is an organizational chart?
Organization structure diagram.
What is a balance sheet?
Snapshot of assets/liabilities.
What are credit unions?
Member-owned financial cooperatives.
What is the accounting cycle?
Steps to record transactions.
What are ways to improve a FICO score?
Pay on time, reduce debt.
What is a deductible?
Out-of-pocket insurance cost.
What is marketing?
Promoting and selling products.
What are examples of health benefits?
Insurance, dental, vision care.
What is a premium as it relates to insurance?
Insurance payment amount.
What are examples of assets?
Cash, property, equipment.
What are the 4 P’s of marketing?
Product, price, place, promotion.