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unit 4 vocabulary :)
| Question | Answer |
|---|---|
| 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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