Business Basics
What is the Small Business Administration (SBA)?
This is the U.S. government group that helps small businesses with loans and advice.
What is an Income Statement?
This shows how much money a company made, spent, and if they earned a profit.
What is Planning?
This is when you make goals for a company and figure out how to reach them.
What is a Logo?
This is the picture or symbol that helps people recognize a company.
What is a FICO Score?
This score helps lenders know if you're good at paying your bills on time.
Who is an Entrepreneur?
This is someone who starts their own business, even though they have to risk their own money.
What is a Balance Sheet?
This is a financial statement that shows a company’s assets, debts, and the owner’s equity at a certain time.
What is Organizing?
This is when you give people tasks and make sure everyone has what they need to do their job.
What is Marketing?
This is the process of getting people to buy your stuff or use your services.
What is a Deductible?
This is the amount you have to pay before your insurance starts covering things.
What is a Franchise?
This is when you get to run a business using someone else’s brand and products, but you pay fees to them.
What is a Budget?
This is a plan for how much money a company expects to make and spend
What is Leading?
This is about motivating people and getting them excited to do their work.
What are Credit Unions?
These are member-run financial institutions that offer better rates than regular banks.
What are the Three Credit Bureaus?
These three companies track your credit and give reports to businesses.
What is an Executive Summary?
This part of a business plan is like a summary of all the important details.
What is the Accounting Cycle?
This is the process businesses use to track all their financial transactions.
What is Controlling?
This is when you check if things are going as planned and make changes if needed.
What is FDIC (Federal Deposit Insurance Corporation)?
This agency insures your bank account if the bank goes out of business.
What are Creditors?
These are the people or businesses who lend you money.
What is an Organizational Chart?
This chart shows how a company is organized and who does what.
What is Accounts Receivable?
This is the money customers owe to a business for goods or services they’ve received but haven’t paid for yet.
Who are Stockholders?
These people own shares in a company and might get part of the profits.
What are Examples of Health Benefits?
These are health benefits businesses might offer, like insurance or wellness programs.
What is a Loan?
This is the contract where you borrow money and agree to pay it back.