Learn from the Greats
This Crenshaw rapper said "Luck is just being prepared at all times, so when the door opens you're ready"
Who is Nipsey Hussle?
A business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation
What is a Limited Liability Company (LLC)?
A number assigned to a person that indicates to lenders their capacity to repay a loan
What is a Credit Score?
A tax paid by a person who has inherited money or property of a person who has died
What is Estate Tax?
The annual rate charged for borrowing or earned through an investment. It is usually expressed as a percentage that represents the actual yearly cost of funds over the term of the loan
What is an APR?
Money earned with minimal activity through a variety of ventures which require little daily effort or upkeep on the individual's part
What is passive income?
This trillion dollar company, that started as a small online book store, now averages about 306 transactions per second worldwide
What is Amazon?
Business owners use these networks to increase awareness, grow their customer base and achieve business goals
What is social media?
Finish this lyric:
"My hair free, care free, n*ggas ain't near free. Enjoy your chains, what's your employer name? _____ ___ ____ _____."
What is "with the hair piece" by Jay Z?
This is a business structure in which the business has no separate existence from its owner. In other words, the person who owns the business is personally responsible for all of its debts
What is sole proprietorship?
Much like a credit card, a business owner can use this and make periodic payments against an outstanding balance. This is different from a business loan due to the fact that the borrower only pays interest on the amount actually used.
At the time of this war, the highest income tax rate was 94%, the highest it has ever been in United States history
What is World War II?
As of August 2018, this is the credit card interest rate
What is 16.46%?
The addition of interest to the principal sum of a loan or deposit
What is Compound Interest?
The largest hospitality hub that owns no real estate
What is AirBnB?
This software helps you organize all of your marketing and sales activities, including storing contact information, tracking emails and storing deals
What is Customer Relationship Management (CRM)?
This Black educator who served as an adviser to multiple presidents of the United States said the following:
"Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed"
Who is Booker T. Washington?
This is a business structure in which the profits are taxed separately from its owners'
What is a C-corp?
This building is a type of commercial property that includes both commercial and residential space
What is mixed use property?
This policy offers tax-deferred cash accumulation for retirement while maintaining a death-benefit
What is an Indexed Universal Life Insurance Policy?
In 2010, this bank had a credit card interest rate of 79.9%
What is First Premier Bank?
The use of money with the expectation of achieving a profit or material result by putting it into financial schemes, shares or property
What is Investing?
In this year, the United States experience a massive market drop of 40%
What is 2008?
This method increases a web page's performance in web search results. By tweaking elements on a web page, you can move a web page up on a search result page
What is Search Engine Optimization (SEO)?
This famous investor made billions of dollars by exercising these two rules of investing:
1. Never lose your principle
2. Never forget rule #1
Who is Warren Buffett?
In this business structure, the profits made are passed on to the shareholders and are taxed based on personal returns
What is an S-corp?
This government insured mortgage aims to promote home ownership among low income and low credit score home buyers
What is a Federal Housing Administration Loan (FHA Loan)?
Entrepreneurs will usually file this form to report to the IRS any earnings they may have received from another entity or person that is not an employer.
What is a 1099 form?
This is calculated using this formula
(Principal * Interest Rate) * # of Payment Periods
What is a Mortgage Interest Rate?
This financial tool is a deposit account that typically pays a higher interest rate than a traditional savings account and almost always offers a better return than a checking account
What is a High Yield Account?
This distribution company disrupted the Transportation Industry in the early 2000's
What is Uber?
When posting ads on this popular social media platform, the conversion rate is about 9.21%
What is Facebook?
This Black entrepreneur, who was considered the wealthiest, 'self-made' African American business woman in 1919 said the following:
"I had to make my own living and my own opportunity. But I made it! Don't sit down and wait for opportunities to come. Get up and make them."
Who is Madam C.J. Walker?
This type of investment company provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital and growth capital
What is a private equity firm?
The gain from the sale or exchange of investment property, personal property (such as a home) or other capital asset, which is often entitled to preferential tax treatment.
What is Capital Gain?
This is an extra tax on gifts or on-death transfers of money or property that would otherwise escape the once-per-generation transfer tax that applies to gifts ans estates. For example, a gift from a grandmother to a granddaughter skips a generation and might be subject to this tax
What is a Generation-skipping Transfer Tax
This is the interest rate banks charge other banks to lend federal Reserve Funds. They charge this to prevent them from lending out every dollar they have.
What is a Fed Funds Rate?
This rule, created by Albert Einstein, is a quick useful formula that is popularly used to estimate the number of years required to double the invested money at a given annual rate of return
What is the Rule of 72?
The first Black billionaire in the United States and the first black person to be listed on any of Forbes world's rich list
Who is Robert L. Johnson?
This metric determines whether a business owner is keeping their customers happy can also be used to predict how fast they can grow their business. One accurate formula for calculating this metric on a monthly basis is:
((CE-CN)/(CS))*100
CE = # of customers at the end of month
CN = # of new customers acquired during the month
CS = # of customers at the beginning of the month
What is Customer Retention Rate?