IBT
What are examples of an asset?
anything owned that has financial value, like a home, car, or money in a bank account
What questions should you answer when shopping for a new credit card?
LIKE What are my credit scores?
What are the four management functions? And what are their responsibilities?
planning, organizing, leading, and controlling
What is an organizational chart?
a visual diagram that illustrates the internal structure of an organization, including the roles, responsibilities, and relationships between individuals and teams.
Understand the importance of the Civil Rights Act of 1964?
a particular group of consumers at which a product or service is aimed.
What are the 4 P’s of marketing?
Product, Price, Place, and Promotion
What is business insurance?
covers losses related to unexpected events like lawsuits, accidents, or natural disasters, among others.
What is a franchise?
a business arrangement where one company (the franchisor) grants another individual or company using the franchisor's name, brand, and business model in exchange for fees and adherence to established standards.
Name ways a person can improve their FICO score.
prioritize on-time payments, reduce revolving debt, limit new credit applications, and maintain a long and diverse credit history.
What is business insurance?
covers losses related to unexpected events like lawsuits, accidents, or natural disasters, among others.
Name examples of liabilities?
accounts payable, loans, mortgages, deferred revenue, accrued expenses, and bonds payable
What is strategic planning?
a process where an organization defines its goals, develops strategies to achieve them, and allocates resources effectively
What is a budget?
a plan you write down to decide how you'll spend your money each month
Give examples of health benefits?
a range of services and support aimed at promoting and maintaining well-being, such as health insurance, dental and vision coverage, and mental health services.
Define target market segmentation?
the process of dividing a broad consumer or business market into smaller, more well-defined groups based on shared characteristics
What is the accounting equation?
Assets = Liabilities + Equity
What is a premium as it relates to insurance?
the amount you pay each month (or each year) to keep your insurance policy active
What is an income statement?
a financial statement that shows you the company's income and expenditures
What is marketing?
the activity or business of promoting and selling products or services, including market research and advertising.
Define the Small Business Administration?
a U.S. government agency that supports and promotes the growth of small businesses in the United States.
What is strategic planning?
a process where an organization defines its goals, develops strategies to achieve them, and allocates resources effectively
What are the three credit bureaus?
Equifax, Experian and TransUnion
What is the executive summary in a business plan?
a concise, one to four-page overview that provides a high-level overview of the entire business plan.
Understand the importance of having insurance?
is important because it provides a financial safety net, helping individuals and families protect their assets and manage unexpected costs.
Define corporation?
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.