Podcast
Questions and Answers
What does the term 'Break-Even Point' refer to in business?
What does the term 'Break-Even Point' refer to in business?
Which of the following best describes an 'Angel Investor'?
Which of the following best describes an 'Angel Investor'?
What is a 'Balance Sheet' primarily used for?
What is a 'Balance Sheet' primarily used for?
What is signified by 'Customer Retention' strategies?
What is signified by 'Customer Retention' strategies?
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Which of the following accurately defines 'Gross Profit'?
Which of the following accurately defines 'Gross Profit'?
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What is the purpose of a 'Budget' in a business context?
What is the purpose of a 'Budget' in a business context?
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What does 'Intellectual Property' encompass?
What does 'Intellectual Property' encompass?
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What best describes 'Fixed Costs'?
What best describes 'Fixed Costs'?
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In business terms, what does 'Compensation' refer to?
In business terms, what does 'Compensation' refer to?
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Which of the following describes a 'Franchise'?
Which of the following describes a 'Franchise'?
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What is 'Net Sales' defined as?
What is 'Net Sales' defined as?
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What is meant by 'Collateral' in the context of a loan?
What is meant by 'Collateral' in the context of a loan?
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What does the term 'Corporate Structure' outline?
What does the term 'Corporate Structure' outline?
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What does 'Cash Flow' analysis involve?
What does 'Cash Flow' analysis involve?
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What does the term 'Operating Costs' refer to in a business context?
What does the term 'Operating Costs' refer to in a business context?
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What is the purpose of a Patent?
What is the purpose of a Patent?
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What does 'Risk Tolerance' indicate in business?
What does 'Risk Tolerance' indicate in business?
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Which of the following correctly defines 'Referral' in business?
Which of the following correctly defines 'Referral' in business?
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What can be classified as 'Variable Costs' for a business?
What can be classified as 'Variable Costs' for a business?
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What does 'Supply Chain' refer to?
What does 'Supply Chain' refer to?
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What is a 'Sales Pitch' designed to accomplish?
What is a 'Sales Pitch' designed to accomplish?
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How is 'Profit' calculated?
How is 'Profit' calculated?
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Which statement best describes 'Zoning Variance'?
Which statement best describes 'Zoning Variance'?
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What are Royalty Fees?
What are Royalty Fees?
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What does 'Simple Interest' calculate?
What does 'Simple Interest' calculate?
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What is meant by 'Value Proposition'?
What is meant by 'Value Proposition'?
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What is defined as 'Opportunity' in a business context?
What is defined as 'Opportunity' in a business context?
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What role does the SBA play for small businesses?
What role does the SBA play for small businesses?
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Study Notes
Business Terminology
- Acquisition Costs: Costs a business incurs for property or equipment.
- Angel Investor: An investor who prioritizes the business's future profitability over immediate return. They typically accept a lower return compared to regular investors.
- Asset: Tangible items owned by a business; examples include office furniture, fixtures, vehicles, and inventory.
- Balance Sheet: A financial document that balances assets against liabilities and owner's equity.
- Benefits: Perks or provisions offered to employees in addition to salary; such as health insurance, retirement plans, and stock options.
- Brand Recognition: Familiarity with a brand of item, service, or company.
- Break-Even Point: The point where a business's revenue equals its expenses.
- Budget: Planned spending for a specific time period.
- Business Milestone: A significant goal or standard achieved by a business, often designated by management.
- Business Opportunity: A potential venture that an entrepreneur evaluates to assess its viability.
- Business Plan: A document outlining a business's concept, target market, and financial needs.
- Business Sustainability: Strategies for long-term profitability and competitiveness.
- Corporation: A business structure suitable for international activities.
- Cash: Government-backed currency used for transactions.
- Cash Balance: Amount of cash a business has on hand.
- Cash Flow: Analysis of cash inflows and outflows over a specified period.
- Chamber of Commerce: Local organization providing information about businesses.
- Check: Written instrument instructing a payment.
- Collateral: Tangible assets pledged as security for a loan.
- Communication: The exchange of information between parties, such as businesses and customers.
- Compensation: Monetary payment for services rendered.
- Compound Interest: Interest calculated on principal and accumulated interest.
- Confidentiality Agreement: A contract ensuring non-disclosure of confidential information.
- Consultation: A meeting between a professional and client to discuss a service.
- Contingency Amount: Extra funds set aside for unexpected start-up costs.
- Copyright: Legal protection for creative works, including print, music, and film.
Business Finances and Operations
- Corporate Structure: How a company is organized for its objectives and management.
- Cost of Goods Sold: Expenses directly linked to the inventory sold.
- Credit Rating: Assessment of a business's ability to meet financial obligations.
- Credit Score: A numerical representation of an individual's creditworthiness.
- Customer: Individual or entity purchasing goods/services.
- Customer Retention: Strategies to retain existing customers.
- Debit Card: Card for electronic funds withdrawal.
- Debt Ratio: Ratio of expenses to revenue over a period.
- Demand: Consumer desire for a product/service.
- Demographics: Statistical data about population groups.
- Earnings Statement: Document that reports profit or loss over a time period.
- Enthusiasm: Passion for work through challenges.
- Entrepreneur: Person starting and running a business.
- ESOP (Employee Stock Ownership Plan): Plan allowing employees to purchase company stock.
- Financial Statements: Documents detailing a business's financial health. These include earning statements, income statements, cash flow statements, and balance sheets.
- Fixed Costs: Expenses that remain constant over a period.
- Franchise: Business using an existing brand with some autonomy.
- Future-Oriented: Focus on future opportunities and challenges.
- General/Limited Partnership: Partnership dissolved on a partner's death.
- Gross Profit: Revenue less cost of goods sold.
- Gross Sales: Total sales before deductions like returns.
- Growth Strategy: Method to develop and expand profitability.
- Harvesting: Acquisition of one company by another to merge them.
- Incentive: Offer (discount, free item) to encourage customer return.
- Income Statement: Financial report of revenue & expenses over a period.
- Inventory: Goods held by a business for sale.
- Investor: Person or entity investing in a business.
- IPO (Initial Public Offering): Public sale of a privately held company's shares.
- Liability: Amount owed to an entity.
- Limited Liability Corporation (LLC): Business with liability protection, similar to a sole proprietorship but less taxed.
- Line of Credit: Pre-approved amount of credit accessible for business use.
- Loan: Money borrowed by a business with interest payments.
- Location: Place of business operations.
- Management Buyout: Business ownership transfer to its operational team.
- Marketing: Promoting goods/services to customers.
- Minimum Wage: Lowest hourly wage permitted.
Business Interactions, Practices and Strategies
- Negotiated Costs: Agreed-upon costs of services/resources between businesses.
- Net Profit: Profit after deducting expenses & taxes.
- Net Sales: Revenue after deducting returns.
- Networking: Sharing business information through various channels.
- Nonprofit Corporation: Tax-exempt business with no owners.
- Online Networking: Networking via social media or direct email.
- Operating Costs: Day-to-day expenses for running a business.
- Opportunity: Chance for a positive outcome.
- Outsourcing: Obtaining goods/services from external providers.
- Patent: Legal protection for inventions.
- Permit: License for building or expansion.
- Price: Amount paid for goods/services.
- Probability: Likelihood of an event occurring.
- Profit: Financial gain.
- Referral: Satisfied customer recommending a business.
- Revenue: Total sales & income.
- Risk: Potential for negative outcomes.
- Risk Tolerance: Level of willingness to accept risk.
- Royalty Fees: Payments for using a brand name or image.
- Sales Call: A phone call with potential customers.
- Sales Lead: Prospective customer.
- Sales Meeting: Interaction to influence a sale.
- Sales Pitch: Persuasive presentation for a sale.
- Sales Returns: Revenue losses due to product returns.
- SBA (Small Business Administration): US agency assisting small businesses.
- SCORE (Counselors to America's Small Business): Mentoring and counseling for business owners.
Business Characteristics and Analysis
- Segmentation Methods: Grouping potential customers based on demographics, behavior, geography, or psychology.
- Self-Assessment: Evaluating entrepreneurial strengths, weaknesses, and risk tolerance.
- Self-Reliant: Confidence in one's business ventures.
- Separation of Duties: Division of responsibilities within a company.
- Simple Interest: Interest calculated only on the principal.
- Social Media: Online platforms for content sharing & advertising.
- Sole Proprietorship: Business with a single owner.
Business Resources & Support
- Startup Capital: Funds needed to launch a business.
- Statement of Cash Flows: Document analyzing cash inflows and outflows.
- Supply Chain: Linkages between a company and its suppliers.
- Tax Implications: Potential taxes based on business structure.
- Taxes: Charges on goods/income.
- Trade Show: Industry event for business presentations and networking.
- Trademark: Legal protection for company symbols.
- Transaction: Business deal or sale of a service or good.
Business Goals & Concepts
- Value Achievement: Prioritizing success over profit.
- Value Proposition: Reason for attracting customers and investors.
- Variable Costs: Expenses that change with production.
- Zoning Variance: Permit to use a building for a different purpose.
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Description
Test your knowledge on essential business terminology with this quiz. Explore terms ranging from acquisition costs to break-even points and gain a clearer understanding of fundamental concepts in the business world. Perfect for students and professionals alike!
