Accounting
What are the three elements that can be found on the balance sheet?
Assets, Liabilities, Equities
The collections of small investments from a large number of individuals.
What is crowdfunding
*Bonus* What is the way we obtain this?
What is the purpose of incubators?
They helps businesses in the early stages of their lifespan by provided funding, training and resources
What is customer retention?
The process of getting an existing customer to come back
An employee who receives a set amount for each unit created
Piecework
What are the 3 components of an income statement?
Revenues, Expenses, Net Income
This means to launch a venture by exhausting personal funds.
Bootstrapping
Balance due to a creditor
Accounts payable
What is customer acquisition ?
The process of gaining a new customer
An employee who receives overtime for working extra time.(Most affected by minimum wage laws)
Hourly
What is the key difference between a fixed and variable expense?
Fixed= costs the same every month
Variable= fluctuates month to month
The money investors use to fund start ups and forge partnerships
Venture Capital
Balance due from a debtor
Accounts receivable
Which part of the business plan explains the logistics of a company?
Operating plan
An employee who receives payment after completing a sale
Commission
What is the key difference between credit and debit?
Credit- Money we borrowed
Debit- Money we have
An investor who makes a one time start up gift to a business venture
Angel Investor
What is another name for an income statement?
Profit and loss statement
What is wholesale?
the selling of goods in large quantities to be retailed by others
An employee who receives a set wage each week without overtime pay for extra time
Salary
What are the 3 main elements found in a cashflow statement
Operation, Investment, Financing inflows and outflows
What is the main difference between debt and equity financing ?
Debt- Funds business by taking out loans
Equity- Businesses give up some ownership
Name the 4 Ps of the marketing mix.
Price
Place
Product
Promotion
What are the design think process steps in order
Empathize, Define, Ideate, Prototype, Test
What is Brick and Mortar
Click and Mortar
Virtual Enterprise