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week 5 vocabu
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| Question | Answer | |
|---|---|---|
| Contingency fund | : Cash that is set aside for unexpected needs of the business | |
| Continuing costs | The ongoing expenses resulting from the operation of the business | |
| Credit unions | Cooperatives formed by labor unions or employees for the benefit of the members. | |
| Credit-worthy | Willing and able to repay a debt | |
| Debt sources | Sources of funding that require the money borrowed to be paid back with interest. | |
| Equity sources | Capital sources that trade cash for some portion of ownership in the business; sometimes called risk capital because the investor puts his/her money at risk. | |
| Expenses | The cost of doing business; all business expenses except the cost of goods sold | |
| Fixed costs | Expenses that remain the same for a period of time; must be paid regardless of the quantity of a good or service produced/sold | |
| Government agencies | Operated by the government to provide technical assistance, counseling, grants, or other means of financial assistance at low-interest rates. | |
| Liabilities | Debts owed by the business | |
| Lines of credit | : Agreements made by a bank to lend money at a stated interest rate whenever the owner needs it. A fee is charged for the privilege whether the money is used or not, and interest is charged on any money that is used. | |
| Long-term loan | : Borrowed money that is repayable over a period longer than a year | |
| Net worth | The monetary value of the business; assets minus liabilities | |
| Personal expenses | : Expenses incurred by the entrepreneur for goods and services for personal use rather than for use in the business | |
| Private investors (angels | Wealthy individuals functioning as non-professional investors who are willing to invest in local businesses for financial or emotional reasons and who sometimes prefer to remain anonymous. | |
| Repayment plan | : A plan indicating how and when debts of the business will be paid | |
| Secured loan | : A loan that is backed by collateral | |
| Short term loan | : Borrowed money that must be repaid within one year. | |
| Start up costs | One-time expenses an entrepreneur incurs when starting a business | |
| State-sponsored venture capital funds | Funds provided to entrepreneurs by the state in an effort to encourage economic development and creation of jobs. | |
| Trade credit | Short-term financing that allows an entrepreneur credit from vendors within the business’s industry or trade. | |
| Unsecured-loan | A loan that is not guaranteed by collateral | |
| Variable costs | Expenses that may change from month to month depending on the needs of the business; costs that increase and decrease with the quantity of the good or service produced/sold. | |
| Venture capitalists | Individuals or firms that invest money professionally to make money, expect a large capital gain, and look for high growth potential. | |
| Assets: | Items of value owned by the business |
Created by:
niyo
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