Micro-enterprise study guide 1

Question 1

what are the 5 steps to obtaining a Micro-Enterprise certification?

Answer 1

Self-assessment- 2 part assessment, self - assessment presentation- to an unfamiliar workplace adult, credit application- complete online credit application,company registration - GueaxBiz student portal ( run by state), credential online test

Question 2

means small business

Answer 2

micro-enterprise

Question 3

provides the majority of employment in LA & U.S.

Answer 3

small businesses

Question 4

what does BRAC stand for

Answer 4

Baton Rouge Area Chamber

Question 5

what is an online program that provides unlimited access to industry experts except in all careers

Answer 5

nepris

Question 6

money owed to a comp to a supplier

Answer 6

accounts payable

Question 7

money owed by a customer to a company

Answer 7

accounts recievable

Question 8

individuals that make small investments in an enterprise/ to support an entrepreneur where they don’t expect an immediate/ large return on the investment. they r typically friends who know the business

Answer 8

angel investor

Question 9

something of value

Answer 9

assets

Question 10

debt from bank

Answer 10

bank loan

Question 11

a loan

Answer 11

bond

Question 12

determination of how many units r needed to sell in order to pay for all fixed costs

Answer 12

break-even analysis

Question 13

comp that provides individuals & comps. w access financial markets

Answer 13

brokage

Question 14

proper business behavior bond complying w legal requirements

Answer 14

business ethnics

Question 15

funds contributed by investors to a business . investors contribute capital to a business bc they expect a significant return on their investment when the business succeeds

Answer 15

capital( equity)

Question 16

expenditures on equipment the business will use for many years

Answer 16

capital expenditures

Question 17

total revenue minus total cost minus one-time expenditures ( capital expenditures) on equipment that will be used for many years.

Answer 17

cash flow

Question 18

cash, publicly traded stock, govt bonds/ corporate bonds that can be quickly turned in to cash. can be turned into cash quickly @ values that r predictable & available to all holders of the cash instrument

Answer 18

cash instrument

Question 19

equipment, inventory , / other goods that r pledged to the bank in the case the comp cannot make a loan payment

Answer 19

collateral

Question 20

ability to interact in a friendly effective way w unfamiliar people. ability to seem welcoming & easy to talk to, even w people who r different age, appearance, & background.

Answer 20

comfort engaging w strangers

Question 21

money earned when something is sold

Answer 21

commission

Question 22

a promise to keep info u learn secret. formalized by signing a Non- Disclosure Agreement (NDA)

Answer 22

confidentiality

Question 23

price- cost of goods sold

Answer 23

contribution margin

Question 24

action entrepreneurs & comps take that go beyond their financial self- interest

Answer 24

corporate social responsibility

Question 25

a person in the eyes of the law. taxed for profits & is liable for any debt/ judgments. owned by shareholders (individuals/other corporations)

Answer 25

corporation

Question 26

cost that make up one unit of what u sell. these can be labor cost as well as material cost

Answer 26

cost of goods sold

Question 27

that an insurance comp will reimburse a policy holder for in the event of a claim

Answer 27

covered loss

Question 28

funds lent to a business w an agreement that the business will repay the lender w interest

Answer 28

credit(/debt)

Question 29

person/ business w a strong credit score & financial resources that make it likely they will be able to repay you

Answer 29

credit-worthiness