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