Business Basics
This type of organization reinvests its profits to support its mission rather than distribute them to owners
What is a non-profit organization?
Assets = Liabilities + Owner’s Equity
What is the accounting equation?
These are the four P’s of marketing
What are product, price, place, and promotion?
The four functions of management
What are planning, organizing, leading, and controlling?
These are the three major credit bureaus
What are Equifax, Experian, and TransUnion?
A person who starts and runs a business, taking on financial risks
Who is an entrepreneur?
This report shows what a company owns, owes, and the owner’s claim
What is a balance sheet?
The specific group of customers a business aims to serve
What is a target market?
A chart showing the structure and hierarchy of a company
What is an organizational chart?
The monthly or annual cost of having insurance
What is a premium?
This U.S. agency supports small businesses with loans, education, and contracts
What is the Small Business Administration?
This financial statement shows income and expenses over time
What is an income statement?
Breaking the market into smaller customer groups is called this
What is target market segmentation?
The brief summary that appears at the start of a business plan
What is the executive summary?
Questions like “What’s the APR?” or “Are there fees?” should be asked when doing this
What is shopping for a new credit card?
A document that outlines your business goals, target market, and financial plan
What is a business plan?
Money owed to a company by its customers
What are accounts receivable?
A symbol or image used to represent a business
What is a logo?
A business model where a person operates under another company’s brand
What is a franchise?
Member-owned financial cooperatives offering banking services
What are credit unions?
This term refers to the legal authorization needed to run a business in a specific area
What is a business permit?
The steps from recording transactions to closing the books are called this
What is the accounting cycle?
The business process of promoting and selling products
What is marketing?
A legal business structure that is separate from its owners
What is a corporation?
This number can be improved by paying bills on time and reducing debt
What is a FICO score?