The smallest chunk a good or service can be purchased in
What is a unit of sale
100
How many owners does a sole proprietorship have?
What is one person, or in some cases, a married couple
100
A specific type of money
What is a currency
100
When a company sets aside a specific amount of an employee's paycheck for specific purposes, such as taxes
What is payroll withholding
100
When you get money by borrowing it and promising to pay it back later
What is debt funding
200
The total amount of money a business receives from consumers in exchange for its goods or services
What is revenue
200
A separate legal business entity that is legally independent from its owners
What is corporation
200
The amount one unit of currency is worth when converted to another currency
What is an exchange rate
200
A way for businesses and self-employed people to set aside money toward their taxes four times during the year, instead of paying the full amount due at tax time
What is estimated tax
200
The movement of money in and out of a business
What is cash flow
300
The money left over after subtracting all variable and fixed costs from the company's revenue
What is net profit
300
A legal term for being held accountable and obligated to fulfill a commitment
What is liability
300
What are the three main types of bank transactions?
What is deposit, withdrawal, and transfer
300
A commitment to pay for something in the future, instead of buying it right away
What is credit
300
What are four common sources of funding for a small business?
What is The entrepreneur,
Family and friends,
Angel investors,
Banks
400
What are three ways to increase productivity?
What is technology, division of labor, and motivating employees
400
An LLC has some of the benefits of which two forms of business ownership?
What is a corporation and a partnership
400
What are two things a good investment might do?
What is grow in value or produce income
400
What are three alternate ways of building up enough credit to get a credit card?
What is Department store or gas cards,
Secured credit,
Co-signing
400
What are the three main causes of risk for a small business owner?
What is Human, Natural, and Economic
500
What is the difference between variable and fixed costs?
What is Variable costs change depending on the amount of the product the company is providing. Fixed costs are the same no matter how much of the product or service the company is providing
500
What are three of the main departments in a company?
What is Production,
Finance,
Marketing,
Sales,
Customer service,
HR,
Research,
IT,
Legal,
Tax
500
What are equity investments?
What are debt investments?
What is Investments in the ownership of something, Investments without ownership that promise a specific return on the investment
500
What are four tips for using credit wisely?
What is Pay all bills on time,
Don't create more credit card debt than you can pay off in a month,
Pay off credit card balances in full each month. Don't just make the minimum payment,
Don't use more than 30% of your available credit at a time. Less than 10% is best
500
What are four common types of startup costs?
What is Location,
Utilities,
Employees,
Supplies,
Equipment,
Office supplies,
Promotion,
Administrative,
Finance,
Cash reserve