FBLA Entrepreneurship Practice Flashcards

This set of vocabulary flashcards covers essential entrepreneurship, accounting, marketing, and e-commerce terms based on the FBLA study materials.

accessible

the capability of a web site that al lows al l types of people to access and use the site's content

accounting period

a block of time, such as a month, a quarter, or a year, covered by an accounting report

accounts payable

the amount a business owner owes to creditors

accounts receivable

the amount customers owe a business

accrual basis

an accounting system in which income is recorded when it is earned, and expenses are recorded when they are paid

achiever

a person with a record of success

advertising agency

a company that acts as an intermediary between a business and the media to communicate a message to the target market

advertising

the paid nonpersonal presentation of ideas, goods, or services directed at a mass audience by an identified sponsor by means of print and broadcast

affiliate program

an online marketing agreement in which member web sites drive targeted traffic to an e-commerce merchant in return for a commission on the sales generated at the merchant site

angel

a private, nonprofessional investor, such as a friend, relative, or a business associate, who funds start-up companies

appointments

the furniture, equipment, and accessories contained in a building

approach

a salesperson's first contact with a customer

asset

anything of value that a business owns, such as cash, equipment, or a building

automation

the use of machines to do the work of people

B2B community

an electronic marketplace where companies can bid on products and services or offer up their services for bid

B2B e-commerce

ventures that sel l products and services to other businesses

B2B exchanges

electronic forums where businesses trade goods and services

B2C e-commerce

ventures where businesses sel l directly to consumers

bait and switch

a deceptive and il legal method of sel ling in which a customer, attracted to a store by an advertised sale, is told that either the advertised item is unavailable or is inferior to a higher-priced item that is available

balance sheet

a report of the final balances of al l asset, liability, and owner's equity accounts at the end of an accounting period

banner swapping

a form of exchanging online advertising in which sites post banner ads for each other

barriers to entry

a condition or circumstance that makes it difficult or costly for outside firms to enter a market to compete with established firm or firms

benefits (worker compensation)

any extra compensation that workers receive on a job, such as paid vacation and sick days, flextime, and child care

benefit (product value)

something that promotes or enhances the value of a product or service to a customer

best prospect list

a list complied by the government of products that other countries are looking to purchase

bootstrapping

operating a business as frugal ly as possible and cutting al l unnecessary expenses, such as borrowing, leasing, and partnering to acquire resources

brainstorm

to think freely in order to generate ideas

brand

the name, symbol, or design used to identify a product

brand loyalty

the tendency to buy a particular brand of product

break-even point

the point at which the gain from an economic activity equals the costs involved in pursuing it

bribe

a payment made to secure special services for a business or special consideration for it's products; il legal in the US

budget

a formal, written statement of expected revenue and expenses for a future period of time

bulletin board service (BBS)

a web-based service that al lows users to leave and access messages and access other electronic files

bundle pricing

a pricing technique in which several complementary products are sold at a single price, which is lower than the price would be if each item was purchased separately

burglary

the act of breaking into and entering a building with the intent to commit a felony

business broker

someone whose job it is to bring buyers and sel lers of business together for a fee

business concept

a clear and concise description of a business opportunity. It contains four elements: the product or service, the customer, the benefit, and the distribution

business cycle

the general pattern of expansion and contraction that the economy goes through

business ethics

the study of behavior and morals in a business situation

business failure

a business that has stopped operating, with a loss to creditors, and one that no longer appears on the tax rol ls

business interruption insurance

insurance coverage against the potential losses that result from having to close a business for insurable reasons; insurance pays net profits and expenses while a business is shut down for repairs or rebuilding

business model

a description of how entrepreneurs plan to make money with their business concepts

business plan

a document that describes a new business and a strategy to launch that business

buying process

a series of steps a customer goes through when making a purchase

calendar year

the accounting period of time from January $1$ to December $31$

campaign

a series of related promotional activities with a similar theme

capacity

a borrower's ability to repay a debt as judged by lenders or the legal ability to enter into a binding agreement

capital

the buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these items or the net worth of a business

capital expenditure

a long-term commitment of a large sum of money to buy new equipment or to replace old equipment

cascading style sheets (CSS)

a feature of HTML that gives users more control over how web pages are displayed

cash basis

an accounting system in which income is recorded when it is received, and expenses are recorded when they are paid

cash discount

an amount deducted from the sel ling price for payment within a specified time period

cash flow

the amount of cash available to a business at any given time

casualty insurance

insurance coverage for loss or liability arising from a sudden, unexpected event such as an accident and for the cost of defending a business in the court against claims of property damage.

C-cooperation

an entity that pays taxes on earnings; its shareholders pay taxes as wel l

census tract

a smal l geographic area into which a state or country is divided for the purpose of gathering and reporting census data

channel of distribution

the path a product takes from producer or manufacturer to final user or consumer

character

a borrower's reputation for fair and ethical practices, including business experience, dealings with other businesses, and reputations in the community

chart of accounts

the list of accounts a business uses in its operation

clicks and mortar

a business that operates both a traditional physical storefront and an online store

climate

the prevailing atmosphere or attitude in a business

code of ethics

a group of behavior guidelines that govern the day-to day activities of a profession or organization

collateral

security in the form of assets that a company promises(?) to a lender

common carrier

a firm that provides transportation services at uniform rates to the general public

communication

the process of exchanging information

comparative financial statement

a financial statement with financial information from two accounting periods used as an analysis tool by a business owner

competition

the rivalry between businesses for consumers' dol lars

competitive advantage

a trait that makes a product more desirable than its competitors

competitive grid

a tool for organizing important information about a business's competition

complexity

the number and diversity of contacts with which you must deal

conceptual skill

a skil l that enables a manager to understand concepts, ideas, and principles

conditions

the state at the time of the loan request, including potential for growth, amount of competition, location, form of ownership, and insurance

confidentiality notice

a statement sent along with an electronic message that says that the message is only for the eyes of the intended recipient

conflict of interest

a clash between a person's private interests and his or her responsibilities in a position of trust

conglomerate diversification

a diversification growth strategy in which a business seeks products or businesses that are total ly unrelated to its own products or businesses

consideration

what is exchanged for the promise to do something or refrain from doing something and causes a contract to be binding

consumer pretest

a procedure in which a panel of consumers evaluate an ad before its release

content

the text and graphic information contained in a Web site

contingency fund

an extra amount of money that is saved and used only when absolutely necessary

contract

a binding legal agreement between two or more persons or parties

contract carrier

a shipping company that transports freight under contract with one or more shippers

cookie

a file sent to a Web browser that is used to record and store information for later use

cooperative advertising

an arrangement in which advertising costs are divided between two or more parties

copyright

a legal device that protects original works of authors, including books, movies, musical compositions, and computer software, for the life of the author plus $70$ years

corporate venture

a new venture started inside a larger corporation

corporation

a business that is registered by a state and operates apart from its owners; it issues shares of stock and lives on after owners pass away

cost effective

economical ly worthwhile in terms of what is achieved for the amount of money spent

country code top-level domain (ccTLD)

the part of the TLD that indicates the country of the Internet address, such as .us for the United states and .fr for France

crawler

a program used to compile information about web sites

credit

an arrangement for deferred payment for goods and services; an addition to the right side of an account

credit bureau

an agency that col lects information for a fee on how promptly people and businesses pay their bil ls

current asset

cash or any other item that can be converted to cash quickly and used by a business within a year

current ratio

the comparison of current assets and current liabilities used to indicate the ability of a business to pay its bil ls

customer benefit

an advantage of personal satisfaction that a customer wil l get from a product

customer needs analysis

a study that pinpoints the features and benefits of goods or services that customers value

customer profile

a complete picture of a venture's prospective customers, including geographic, demographic, and psychographic data

cybermediary

a business that acts as a broker or agent to facilitate transactions over the Internet

data mining tools

software programs that statistical ly analyze data to identify patterns, trends, and relationships within data

debit

an addition to the left side of an account that increases the balance of assets and expense accounts

debit card

a card issued by a financial institution used as an alternative to cash; purchases are withdrawn directly from checking or savings