Entrepreneurship & Small Business Glossary Flashcards
Terms and Definitions (109 cards)
1
Q
Costs incurred by a business for property or equipment.
A
Acquisition Costs
2
Q
An investor who is willing to wait for payback until a business starts showing profit.
A
Angel Investor
3
Q
A tangible item a business owns.
A
Asset
4
Q
A document which compares assets to liabilities plus owner’s equity.
A
Balance Sheet
5
Q
A business term which often refers to items provided to employees in addition to standard compensation.
A
Benefits
6
Q
The level of familiarity one has with a brand of item, service or business.
A
Brand Recognition
7
Q
The point in which a business’ revenue matches with expenses over a given time period.
A
Break-Even Point
8
Q
The amount of money a business plans on spending during a given time period.
A
Budget
9
Q
A point in a business’ life where a manager or other administrative employee designates an achieved goal or standard in time.
A
Business Milestone
10
Q
A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible.
A
Business Opportunity
11
Q
A document which addresses the concept, customers, and capital for a business.
A
Business Plan
12
Q
A term used to describe what can be done to increase a business’ profitability over the long term and keep the company fresh and competitive.
A
Business Sustainability
13
Q
A type of business which is good for international business.
A
C - Corporation
14
Q
A government-back currency used for payments.
A
Cash
15
Q
The amount of cash on-hand a business has at any given time.
A
Cash Balance
16
Q
An analysis and categorization of incoming and outgoing cash during a given time period.
A
Cash Flow
17
Q
A local agency with information on participating local businesses.
A
Chamber of Commerce
18
Q
A written note instructing the dispersal of funds.
A
Check
19
Q
Tangible goods a business puts up for risk in exchange for a loan.
A
Collateral
20
Q
The means of connection between people, such as businesses and customers, whereby information is exchanged.
A
Communication
21
Q
A monetary amount given to employees in return for their work in a business.
A
Compensation
22
Q
An interest calculation that accrues the interest percentages for each year of a loan.
A
Compound Interest
23
Q
A signed agreement that states an entity will not disclose information agreed upon by all parties in an arrangement.
A
Confidentiality Agreement
24
Q
A type of meeting between a professional and a potential customer where a service is discussed.
A
Consultation
25
The amount of extra money needed to start a business after the true amount of money needed has been calculated.
Contingency Amount
26
A form of protection individuals can implement to protect their intellectual property.
Copyright
27
A business term which refers to how a company is organized in order to accomplish its objectives.
Corporate Structure
28
An expense category which tracks expenses directly related to inventory a business sells.
Cost of Goods Sold
29
An estimate of the ability of a person or business to fulfill their financial obligations, based on prior history.
Credit Rating
30
A numeric score, which can range from 300 to 850, that defines the overall credit health of an individual.
Credit Score
31
An individual or business that purchases goods and services from another business.
Customer
32
Activities or strategies employed by a business with intention of keeping existing customers.
Customer Retention
33
A card used for the electronic deduction of funds.
Debit Card
34
The amount of expenses for a time period divided by the amount of revenue for the same period.
Debt Ratio
35
The level of want for a product or service.
Demand
36
Statistical data which refers to particular groups within a population.
Demographics
37
A document which details a business' profit or loss for a given time period.
Earnings Statement
38
Passion for work through ups and downs
Enthusiasm
39
An individual who aspires to start and run a successful business.
Entrepreneur
40
The Employee Stock Ownership Plan (ESOP) involves employees purchasing ownership of a retirement plan from a business owner.
ESOP
41
A series of documents which detail the overall financial health of a business.
Financial Statements
42
Costs incurred by a business that tend to stay the same for each time period or for each time the cost is incurred.
Fixed Costs
43
A business which takes its name and characteristics from an existing business chain.
Franchise
44
A mentality in which entrepreneurs look ahead for the next opportunity or challenge.
Future-Oriented
45
A type of partnership in which the business is nullified upon the death of a partner.
General/Limited Partnership
46
The amount of net sales minus the total cost of goods sold.
Gross Profit
47
The amount of sales for a time period before any deductions, such as returns.
Gross Sales
48
A strategy used to develop and increase the profitability of a company.
Growth Strategy
49
The act of one entity buying out another for the purpose of merging two businesses into one.
Harvesting
50
An offering, usually in the form of a discount or maybe a free item or service, that businesses use to encourage new and existing customers to return.
Incentive
51
A financial statement which details a business' revenue and expenses for a given time period.
Income Statement
52
A creative work or invention that an individual has given rights to.
Intellectual Property
53
Goods a business holds with the purpose of selling those goods.
Inventory
54
A person or entity willing to spend money on a business with the hopes of getting a good return on that money spent.
Investor
55
An Initial Public Offering (IPO) involves the division of ownership of a privately help company into shares purchased by the public.
IPO
56
An amount of money owed to an entity.
Liability
57
A type of business which is similar to a sole proprietorship but is not taxed at a rate as high as a sole proprietorship.
Limited Liability Corporation
58
An amount of credit given to a business so that it can make purchases and pay for them at a later date.
Line of Credit
59
An amount of money advanced to a business with the intention that the business will grow to the point to where it can pay back the loan, usually with interest.
Loan
60
The place in which a business is set up and started; one of the determining factors in whether a new business is a good idea.
Location
61
A transfer of business ownership from one entity to an individual or group of people who are currently running the operations of a business.
Management Buyout
62
A form of communication between businesses and customers which relays a message promoting services and/or goods.
Marketing
63
A minimum hourly amount that must be paid to an employee as a form of compensation.
Minimum Wage
64
The cost of services and resources agreed upon between two business entities, often a service industry and a manufacturer.
Negotiated Costs
65
The amount of profit for a given time period, which consists of gross profit minus operating expenses and taxes.
Net Profit
66
The amount of revenue for a given time period, which consists of gross sales minus sales returns.
Net Sales
67
A way to share and market business information through a local chamber of commerce, a trade show, social media, or through face-to-face meetings.
Networking
68
A type of business that has no owner and does not pay federal U.S. taxes.
Nonprofit Corporation
69
A form of networking involving social media outlets such as Twitter (X), Facebook, or Instagram.
Online Networking
70
The expenses incurred for running day-to-day tasks in a business.
Operating Costs
71
A chance for something to happen with a positive outcome.
Opportunity
72
A term used in a business environment which refers to goods and services that are provided by individuals or organizations not associated with the host corporation.
Outsourcing
73
A form of intellectual property protection which protects an individual's inventions for a set period and gives them the sole right to make and sell the invention.
Patent
74
In business terms, a certificate which allows for a building of a business or for an expansion of a building.
Permit
75
The amount of money charged for goods or for a service.
Price
76
The likelihood of an event occurring.
Probability
77
The amount of financial gain for a business.
Profit
78
The encouragement from a satisfied customer to potential customers to use a particular business' services or goods.
Referral
79
The amount of sales and other income in a business for a given time period.
Revenue
80
The possibility of something negative happening. In the context of business of a small business, the possibility of loss time and money.
Risk
81
The level of willingness to lose time and money when starting a business.
Risk Tolerance
82
Fees paid for the use of a brand name or image.
Royalty Fees
83
Like a C - Corporation, an S - Corporation is good for international business.
S - Corporation
84
A phone call made by a business representative to potential customers in order to sell a service or goods.
Sales Call
85
A prospective customer of a service or goods, often gained through advertising and other marketing efforts.
Sales Leads
86
A conversation between a professional and a potential customer between their initial contact and the final sale.
Sales Meeting
87
A persuasive speech prepared by a professional used to entice potential customers to purchase a service or goods.
Sales Pitch
88
A loss on sales due to product returns, canceled services, or other given credits.
Sales Return
89
The Small Business Administration (SBA) specializes in getting small business owners help to get their businesses up and running.
SBA
90
Previously known as the Service Corps of Retired Executives, but now known as Counselors to America's Small Business, an agency which provides mentoring and counseling to current and potential business owners.
SCORE
91
Methods used to target potential customers.
Segmentation Methods
92
A tool used to assess strengths, weaknesses, and risk tolerance of a potential entrepreneur.
Self-Assessment
93
A trait in which an entrepreneur consistently believes in the dream if owning a business.
Self-Reliant
94
A business practice which refers to the roles individuals have inside of a company.
Separation of Duties
95
An interest calculation to where the interest percentage is only applied once on a loan.
Simple Interest
96
Websites that allow users to create and share content with other users, including advertisements.
Social Media
97
A type of business with a single owner.
Sole Proprietorship
98
The total amount of money needed to start a business.
Startup Capital
99
A financial document which analyzes incoming and outgoing cash for a time period.
Statement of Cash Flows
100
The line of communication and resources a company has with their manufacturers or other business partners.
Supply Chain
101
A term which refers to what taxes a corporation may or may not have to pay based on its corporate structure.
Tax Implications
102
Surcharges on purchased goods and/or income that become liabilities to local, state, or federal agencies.
Taxes
103
An industry-specific gathering of entrepreneurs that presents marketing and networking opportunities.
Trade Show
104
A type of intellectual property protection which is used to protect a symbol, word, or group of words used to represent a company or product.
Trademark
105
A business deal, or the instance of purchasing a service or goods.
Transaction
106
The desire to succeed and achieve over the desire for money.
Value Achievement
107
A reason for gaining investments and/or customers for a business.
Value Proposition
108
Costs incurred by a business that tend to fluctuate each time they are incurred.
Variable Costs
109
A certificate which allows someone to use a building for a purpose than its original zone designation, such as in the case a building in a residential zone for a business.
Zoning Variance
