You Got What it Takes?
This is trusting one's self, goals and progress
What is self-reliance?
A financial statement that details a business's revenue and expenses for a given period.
What is an income statement?
Revenue - Cost of Goods Sold (COGS)
What is Gross Income?
An independent government agency specializing in providing small businesses with assistance to get their business up and running
What is the Small Business Administration?
A business that takes its name and characteristics from an existing business chain.
What is a franchise?
This is the belief that one can accomplish anything with hard work.
What is a growth mindset?
A tangible item a business owns.
What is an asset?
Total Revenue - Total Expenses
What is net income?
The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase.
What is Product/Market fit?
A business with pass-through taxation where owners pay taxes through their personal taxes, but their assets are protected.
What is a limited liability company (LLC)?
The characteristic of being able to tackle goals with courage and perseverance
What is grit?
The amount of money owed to an entity.
What is a liability?
Cost Price + (Cost Price × Markup %)
What is selling price?
A method used to get a product from the manufacturer to the end-users.
What is a Distribution Channel?
A type of business that has no owner and does not pay federal US taxes.
What is a nonprofit?
This is one's ability to act to work toward achieving a goal.
What is personal agency?
A document that compares assets to liabilities plus owner's equity.
What is a balance sheet?
Fixed Costs ÷ (Selling Price - Variable Cost per Unit)
What is the Breakeven Point?
This calculation used to determine how much an investment is making
What is Return on Investment (ROI)?
A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.
What is a C Corporation?
This is one's ability to adapt to change, loss, and disappointment.
What is resiliency?
The expenses incurred for running day-to-day tasks in a business.
What is operating costs
(Customers at End of Period − New Customers Acquired During Period) ÷ Customers at Start of Period) × 100
What is the Customer Retention Rate?
A group of customers a company chooses to market its products and services.
What is a Target Market?
A type of business structure with a special tax advantage that allows the company to pass its income, losses, deductions, and credits through its shareholders.
What is an S Corporation?