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unit 4 vocabulary :)

QuestionAnswer
Assets: Items of value owned by the business
Contingency fund Cash that is set aside for unexpected
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.
Government agencies Operated by the government to provide technical assistance, counseling, grants, or other means of financial assistance at low-interest rates.
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.
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
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.
Created by: tigerr
 

 



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