IBT
define a non-profit organization
an entity established not to make a profit, but to serve a charitable, social, or public purpose.
what is the accounting equation
A=L+E
What is a budget?
a plan you write down to decide how you'll spend your money each month
What is a balance sheet
a financial statement that contains details of a company's assets or liabilities at a specific point in time
What is marketing
the process of promoting and selling a company's products or services to a target audience
what is a strategic planning
a process where an organization defines its goals, develops strategies to achieve them, and allocates resources effectively
a U.S government agency that supports and promotes the growth of small businesses in the united states
What is an income statement
a financial statement that shows you the company's income and expenditures.
Define credit unions
a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
Give examples of health benefits
medical
Dental and vision care
Wellness programs
Mental health programs
define an "entrepreneur"
an individual who starts and manages a business, often taking on significant risks for potential rewards
define a logo
a symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc
Define accounts receivable
money owed to a business by its customers for purchases made on credit.
Define the accounting cycle
a standard, 8-step process that tracks, records, and analyzes all financial activity and transactions within a business
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 are the three credit bureaus?
Equifax, Experian and TransUnion
What are the four management functions? And what are their responsibilities?
planning, organizing, leading, and controlling
What is the executive summary in a business plan
a concise overview of the entire plan, acting as an "elevator pitch" to quickly grab the reader's attention and highlight the key aspects of the business idea
Name ways a person can improve their FICO score.
individuals should focus on making timely payments, reducing credit card balances, and avoiding new credit applications. Additionally, checking and disputing any errors on credit reports, becoming an authorized user on an established credit account, and keeping older accounts open can also help boost a FICO score.
What are examples of an asset
cash, real estate, equipment, inventory, investments, and intellectual property like patents.
Define Stockholders
someone who has shares in a company
Define FDIC
an independent agency of the United States government that protects bank depositors against the loss of their insured deposits if a bank fails
What is an organizational chart
a diagram that visually represents the structure of an organization, including its hierarchy of roles, departments, and the relationships between them
Define a deductible
able to be deducted, especially from taxable income or tax to be paid.
What are the 4 P’s of marketing
Product, Price, Place, and Promotion