Entrepreneurship
Setting up a business with the aim to make profit.
The highest ranking employee in the company; reports to the Board of Directors.
What is a CEO?
Owned by one person, comes with unlimited liability - personal assets not protected.
What is a sole proprietorship?
The bottom line, the actual money you are putting into your pocket.
What is net profit?
This cost does not change depending on the volume of production.
What is a fixed cost?
Being adaptable, tenacious, and responsible.
What characteristics do entrepreneurs possess?
Creates budgets, analyzes financial data, and forecasts company profits.
What is the CFO?
Responsibilities, power, and liabilities shared between two people in charge of a business.
What is a partnership?
The formula for how we determine equity from a balance sheet.
What is Equity = Assets - Liabilities?
This cost does fluctuate depending on volume of production (output of a business).
What is a variable cost?
Being able to control your own schedule is...
a benefit of entrepreneurship?
Oversees the day-to-day administrative and operational functions of a business.
What is a COO?
Ownership is represented by amount of stock held, limited liability - personal assets protected.
What is a corporation?
The amount of revenue expected for the entire year, determined by multiplying one month's revenue by 12.
What is run rate?
Assets = Liabilities + Equity.
What is the Accounting Equation?
A multi-page document describing and detailing a business and its goals.
What is a business plan?
A transaction type between a business and business.
What is B2B?
A business where the owner licenses their operations, products, services, for a royalty fee.
What is a franchise?
The amount of money a business is left over with after a month, determined by subtracting the month's ending balance by the beginning balance.
What is burn rate?
This information (liabilities, equity, and assets) can be found on a ______.
What is a balance sheet?
A slide presentation for potential investors that summarizes the key terms of a business.
What is a pitch deck?
A transaction type between a business and a consumer.
What is B2C?
Very strict qualifications to become one; only taxed once.
What is an S-Corp?
Mortgage payments is an example of this.
What is a long-term asset?
Determined by dividing net profit by the cost of investment, then multiplying this by 100.
What is a return on investment (ROI)?