📊 Category 1: Business Basics
| What is a non-profit organization? |
What is an organization that operates to serve a public or mutual benefit rather than to make a profit?
What is the accounting equation?
What is Assets = Liabilities + Equity?
What is a budget?
What is a written plan that outlines expected income and expenses over a certain time period?
What are the four functions of management?
What are planning, organizing, leading, and controlling?
What is a deductible?
What is the amount a person pays out-of-pocket for insurance-covered services before the insurance kicks in?
What is strategic planning?
What is the process of defining an organization’s direction and allocating resources to pursue that direction?
What are accounts receivable?
What is money owed to a business by customers who purchased on credit?
What are the three credit bureaus?
What are Equifax, Experian, and TransUnion?
What is an organizational chart?
What is a visual diagram that shows the structure of a business and relationships between roles?
What is a premium?
What is the regular payment made to an insurance company for coverage?
Who is an entrepreneur?
What is an individual who starts, organizes, and manages a business while taking on financial risks?
What is a balance sheet?
What is a financial statement showing a company’s assets, liabilities, and equity at a specific point in time?
What is the FDIC?
What is the government agency that insures deposits in U.S. banks up to a certain limit?
Who are stockholders?
What are individuals or institutions that own shares in a corporation?
What are examples of health benefits?
What are health insurance, wellness programs, and preventive care services?
What is a franchise?
What is a business model where a person is granted the rights to operate under a company's brand and business system?
What is an income statement?
What is a report that summarizes a company's revenue, expenses, and profit or loss over a period of time
How can someone improve their FICO score?
What are making on-time payments, reducing debt, and limiting new credit inquiries?
What is the Small Business Administration (SBA)?
What is a U.S. agency that supports small businesses through loans, advice, and resources?
Why is insurance important?
What is it protects individuals financially from unexpected events like illness or accidents?
What is the executive summary in a business plan?
What is a brief overview of a business plan that highlights key points such as goals and strategies?
What is the accounting cycle?
What is an 8-step process used to track, record, and analyze financial transactions?
What is a credit union?
What is a not-for-profit financial cooperative owned by its members that offers banking services?
What is a logo?
What is a graphic symbol or design used to represent a company or brand?
What is the purpose of a premium in health insurance?
What is to ensure coverage and help the insurer cover medical costs of policyholders?