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Business Chap. 6&20

Business 115 Chapter 6&20 Vocabulary

QuestionAnswer
Entrepeneurship Taking the risk to start up a business
Entrepreneurial Team People from different area's of business who form a managerial team to develop, make, and market a new product
micropeneurs entrepeneurs starting a business they know will stay small, so they can live a balanced life style
intrapreneurs entrepeneurs that work inside a corporation
enterprise zones specific geographic areas the gov tries to attract private business investment by offering lower taxes and gov support
incubators Centers that offer new business low-cost offices with basic business services
small business independantly owned and operated, not dominant in it's feild, and meets size standards
business plan describes nature of the business, target market, the advantages the business will have in relation to competition, resourses and qualifications of the owners
Venture Capitalists Individuals or companies that invest in new business in exchange for partial ownership
SBA U.S gov agency that advises and assists small businesses by providing management training and financial advise and loans
Small business investment company (SBIC) Prvate investment companies licensed by the SBA lend money to small businesses.
Market People who have unsatisfied wants and needs but have both the resourses and willingness to buy
Service Corps of Retired Executives (SCORE) SBA office with volunteers who counsel small businesses at no cost
Money anything generally accepted for payments for goods and services.
Barter Tradinf of goods and services for other goods and services directly.
Money Supply amount of money the Federal reserve bank makes available for people to buy goods and services.
M-1 Money that can be accessed quickly and easily
M-2 Money that can take a little more time to obtain
Reserve Requirement Percentage of commercial banks checking and savings account that must be physically kept in the bank
Open-Market Operations buying and selling of U.S. gov bonds by the fed with the goal of regulating the money supply
discount rate the interest rate that the FED charges for loans to member banks
nonbanks accept no deposits but offer many services other banks offer
commercial bank pro-fit seeking that uses some of the funds to make loans
demand deposit technical name for a checking accout
time deposit technical name for a savings account
Certificate of Deposite (CD) A-time deposit (savings)account that earns interest ... delivered at maturity date.
Savings and loan association (S&L) A finanacial institution the accepts both saving and checking deposits and provides home mortgage loans
Credit Unions Non-Profit, member-owned financial coopertives offer full variety
Pension Funds amounts of money put aside to cover financial needs of members when they retire
Federal Deposit Insurance Corp. (FDIC) Independant agency of the U.S. government that insures bank deposits.
Savings Association Insurance Fund (SAIF) The part of the FDIC that insures holders of the accounts in savings and loan associations
Electronic Funds Transfer (EFT)System A computerized banking system
Electronic check conversion (EcC) Electronic Check transaction compared to a paper check
Debit Card Electronic funds transfer tool with same function of checks
Smart Card combination of credit card,debit card, phone card, drivers license card, and more
letter of credit promise by the bank to pay seller an amount if certain conditions are met
banker's accptance promise the bank will pay some specified amout at a certain time.
World Bank Primarily responsible for financing economic development
International Monetary Fund (IMF) Organization that assists the smooth flow of money among nations
Created by: astefanik
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