Business Tech
Define a non-profit organization
an entity established not to make a profit, but to serve a charitable, social, or public purpose.
What are the three credit bureaus?
The three main credit bureaus in the United States are Equifax, Experian, and TransUnion. These bureaus collect and store information about your credit history, which is used to create your credit reports and calculate your credit scores.
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 balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. It essentially shows what a company owns (assets), what it owes (liabilities), and the owners' stake (equity) in the company. This information is presented in a way that balances the equation: Assets = Liabilities + Equity.
What is marketing
the activity or business of promoting and selling products or services, including market research and advertising.
What is strategic planning?
a process where organizations define their long-term direction, set goals, and allocate resources to achieve their objectives.
What are the four management functions? And what are their responsibilities?
planning, organizing, leading, and controlling.
What is an income statement?
An income statement, also known as a profit and loss statement or statement of operations, is a financial report that summarizes a company's revenue, expenses, and net income or loss over a specific period of time. It's one of the key financial statements used to track a company's financial performance and profitability.
Define credit unions
a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
Give examples of health benefits
Health benefits refer to various services and protections provided to individuals and families, primarily through insurance plans or employer-sponsored programs, to support their physical and mental well-being.
What is the accounting equation?
The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of accounting science. Like any equation, each side will always be equal.
Define Stockholders
someone who has shares in a company.
Define accounts receivable
money owed to a company by its debtors.
Define the accounting cycle
a systematic process businesses follow to record, process, and report their financial transactions.
What is a premium as it relates to insurance
in insurance, a premium is the price you pay for a policy to receive coverage. It's the amount you pay regularly, usually monthly, to maintain your insurance policy and ensure that you are covered in case of an insured event.
Define the Small Business Administration
a U.S. government agency that supports and promotes the growth of small businesses in the United States.
What is a franchise
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.
What is the executive summary in a business plan
a concise overview, typically one to two pages, that highlights the key aspects of the business idea and its potential.
Name ways a person can improve their FICO score
To improve a FICO score, prioritize on-time payments, reduce outstanding balances, and maintain a long credit history. Also, limit new credit applications and regularly check your credit report for errors.
What are examples of an asset
cash, property, investments, and intellectual property.
Define an entrepreneur.
an individual who starts and manages a business, taking on the risks and responsibilities associated with ownership.
Define FDICl
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 visual diagram that illustrates the internal structure of an organization, including the roles, responsibilities, and relationships between individuals and teams.
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.