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An individual or company that owns shares in a company
Shareholder
Advertising through social media, newspapers, televisions, and etc.
Marketing
A person who coaches and supports an entrepreneur
Mentor
An individual that owns a company
Sole Proprietorship
When you sell a hat, the variable costs include the hat’s material and the labor cost
Cost of Goods Sold
How a business moves a specific customer to buy their service or offering
Selling
Something of value
Asset
The ability to pursue what you think is right or necessary to do despite temptations to quit.
Self Discipline
When two or more individuals own a company
Partnership
My fire insurance policy has a _____ of $500. I had a fire last year where there was $20,000 of damage to my store. I had to pay for the first $500 of damage, then my insurance company reimbursed me for the other $19,500 in damages.
Deductible
Repaying the loan
Satisfy a Loan
The federal agency that collects federal taxes and performs audits
IRS
An individual’s self-‐commitment to overcome obstacles to achieve long-‐term goals
Grit
Owned by shareholder
Corporation
I usually have to pay my supplier within 30 days of receiving their goods. But if I order extra for a big sale that features their product my supplier gives me ____ so I don't run out of money
Extended Payment Terms
When a company issues a check or makes a financial commitment for an amount greater than the amount the company has deposited in the bank.
Overdraft
Revenues after cost
Net Income
The practice of operating openly and communicating fully
Transparency
A special type of corporation where individual owners (or “members”) are taxed on the profits of the company, but the corporation (not the member- owners) is liable for debts or judgments against the company.
LLC
I sued that company for failing to repay the loan I gave them. I won a ____ for all the money they owed me plus the money I paid to my lawyer to sue them.
Judgement
A payment that is owed every month.
Obligation
Required forms that a company must complete and submit to the appropriate government agency
Legal Filings
Working with others to address a challenge.
Provides individuals and companies with access to financial markets
Brokerage
The bank has a ____ on my company's inventory. If we can't repay the bank loan, the bank has the right to take possession of our inventory and sell it to pay themselves the money we owe them
Lien