Business 115 Chapter 6&20 Vocabulary
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| Entrepeneurship | Taking the risk to start up a business
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| Entrepreneurial Team | People from different area's of business who form a managerial team to develop, make, and market a new product
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| micropeneurs | entrepeneurs starting a business they know will stay small, so they can live a balanced life style
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| intrapreneurs | entrepeneurs that work inside a corporation
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| enterprise zones | specific geographic areas the gov tries to attract private business investment by offering lower taxes and gov support
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| incubators | Centers that offer new business low-cost offices with basic business services
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| small business | independantly owned and operated, not dominant in it's feild, and meets size standards
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| business plan | describes nature of the business, target market, the advantages the business will have in relation to competition, resourses and qualifications of the owners
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| Venture Capitalists | Individuals or companies that invest in new business in exchange for partial ownership
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| SBA | U.S gov agency that advises and assists small businesses by providing management training and financial advise and loans
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| Small business investment company (SBIC) | Prvate investment companies licensed by the SBA lend money to small businesses.
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| Market | People who have unsatisfied wants and needs but have both the resourses and willingness to buy
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| Service Corps of Retired Executives (SCORE) | SBA office with volunteers who counsel small businesses at no cost
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| Money | anything generally accepted for payments for goods and services.
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| Barter | Tradinf of goods and services for other goods and services directly.
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| Money Supply | amount of money the Federal reserve bank makes available for people to buy goods and services.
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| M-1 | Money that can be accessed quickly and easily
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| M-2 | Money that can take a little more time to obtain
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| Reserve Requirement | Percentage of commercial banks checking and savings account that must be physically kept in the bank
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| Open-Market Operations | buying and selling of U.S. gov bonds by the fed with the goal of regulating the money supply
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| discount rate | the interest rate that the FED charges for loans to member banks
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| nonbanks | accept no deposits but offer many services other banks offer
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| commercial bank | pro-fit seeking that uses some of the funds to make loans
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| demand deposit | technical name for a checking accout
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| time deposit | technical name for a savings account
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| Certificate of Deposite (CD) | A-time deposit (savings)account that earns interest ... delivered at maturity date.
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| Savings and loan association (S&L) | A finanacial institution the accepts both saving and checking deposits and provides home mortgage loans
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| Credit Unions | Non-Profit, member-owned financial coopertives offer full variety
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| Pension Funds | amounts of money put aside to cover financial needs of members when they retire
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| Federal Deposit Insurance Corp. (FDIC) | Independant agency of the U.S. government that insures bank deposits.
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| Savings Association Insurance Fund (SAIF) | The part of the FDIC that insures holders of the accounts in savings and loan associations
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| Electronic Funds Transfer (EFT)System | A computerized banking system
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| Electronic check conversion (EcC) | Electronic Check transaction compared to a paper check
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| Debit Card | Electronic funds transfer tool with same function of checks
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| Smart Card | combination of credit card,debit card, phone card, drivers license card, and more
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| letter of credit | promise by the bank to pay seller an amount if certain conditions are met
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| banker's accptance | promise the bank will pay some specified amout at a certain time.
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| World Bank | Primarily responsible for financing economic development
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| International Monetary Fund (IMF) | Organization that assists the smooth flow of money among nations
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