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| The debt snowball is a method of debt repayment in which a person lists all of their debts from smallest to largest (not including the mortgage), then devotes extra money each month to paying off the smallest debt first, while making only minimum monthly payments on the other debts. |
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| Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business. |
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| The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. A start up business is going to scale/increase the size of the business. |
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| Two minutes or less pitch to sell yourself, a product and/or a company |
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| 4 ways to fund a business |
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Definition
1. DO it yourself
2. Family, friends, fools
3. Small Business loan
4. Angel Investors or Venture Capitalists |
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| Someone who starts his or her own business |
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| Chapter 7 is the most common type of bankruptcy and is often referred to as a straight bankruptcy. Under Chapter 7, you can eliminate most of your unsecured debts and some secured debts by surrendering your assets. Unsecured debts are debts not secured with collateral, including most personal loans and credit cards. |
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| This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. |
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| A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. |
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| A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. |
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| The state of being responsible for something- in business this usually refers to a sum of money such as a loan or a mortgage |
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| a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. |
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| A limited liability company (LLC) is a business structure in the United States whereby the owners are not personally liable for the company's debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship. |
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| A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. |
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the illegal use of a person's private identifying information- usually for financial gain.
-Considered a white collar crime
-Happens to 60 million people a year |
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| A monopoly refers to when a company and its product offerings dominate a sector or industry. ... The term monopoly is often used to describe an entity that has total or near-total control of a market |
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| What is the only way to control a monopoly? |
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Term
| How can a government regulate monopolies? |
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Definition
| Most public utility firms are natural monopolies and are also called as regulated monopolies. ... Government and public authorities run these monopolies directly or impose price ceilings, which are not too low from monopoly price. This saves the consumers from having to pay high monopoly prices. This limits monopoly power. |
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| A subsidy is a benefit given to an individual, business, or institution, usually by the government. ... The subsidy is typically given to remove some type of burden, and it is often considered to be in the overall interest of the public, given to promote a social good or an economic policy |
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| What date cannot be erased if you declare bankruptcy? |
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