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unit 04
| Question | Answer |
|---|---|
| Items of value owned by the business | Assets |
| Cash that is set aside for unexpected needs of the business | Contingency fund |
| The ongoing expenses resulting from the operation of the business | Continuing costs |
| Cooperatives formed by labor unions or employees for the benefit of the members | Credit unions |
| Willing and able to repay a debt | Credit-worthy |
| Sources of funding that require the money borrowed to be paid back with interest | Debt 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 | Equity sources |
| The cost of doing business; all business expenses except the cost of goods sold | Expenses |
| Expenses that remain the same for a period of time; must be paid regardless of the quantity of a good or service produced/sold | Fixed costs |
| Operated by the government to provide technical assistance, counseling, grants, or other means of financial assistance at low-interest rates | Government agencies |
| Debts owed by the business | Liabilities |
| 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 | Lines of credit |
| Borrowed money that is repayable over a period longer than a year | Long-term loan |
| The monetary value of the business; assets minus liabilities | Net worth |
| Expenses incurred by the entrepreneur for goods and services for personal use rather than for use in the business | Personal expenses |
| 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 | Private investors (angels) |
| A plan indicating how and when debts of the business will be paid | Repayment plan |
| A loan that is backed by collateral | Secured loan |
| Borrowed money that must be repaid within one year | Short term loan |
| One-time expenses an entrepreneur incurs when starting a business | Start up costs |
| Funds provided to entrepreneurs by the state in an effort to encourage economic development and creation of jobs | State-sponsored venture capital funds |
| Short-term financing that allows an entrepreneur credit from vendors within the business’s industry or trade | Trade credit |
| A loan that is not guaranteed by collateral | Unsecured-loan |
| 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 | Variable costs |
| Individuals or firms that invest money professionally to make money, expect a large capital gain, and look for high growth potential | Venture capitalists |
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