Finance Test | Domain 4 L1,L2, Vocab, & Formulas

What are Partners?

• The expenses incurred for running day-to-day tasks in a business.

• Two or more individuals that share a business's financial responsibility.

• The amount of money charged for goods or services.

• The number of sales and other income in a business for a given period.

What is a Patent?

• 
  A form of protection individuals can implement to protect their intellectual property. Copyright is designated for print, music, film, and various other forms of creative licenses.

• A legal method used to protect an invention for a limited time.

• 
  A practice used by businesses to protect a practice, process, or formula from being shared with other competitors.

• A practice used to protect brand names, logos, and business names.

What is Personal Agency?

• One's ability to adapt to change, loss, and disappointment.

• Standards of professional conduct professionals should uphold.

• 
  A characteristic in which an individual acts to turn ideas into action.

• One's ability to act to work toward achieving a goal.

What is Piece Work?

• A fee paid to an employee for completing a task.

• A fixed payment amount provided to a full-time employee.

• A type of compensation provided for the amount of work produced.

• 
  Non-cash compensations offered to employees in place of or in addition to a lower salary.

What is a Pitch Deck?

• A presentation given to potential investors to provide a brief overview of the business plan to earn another meeting.

• A one-page document discussing key information commonly seen in a business plan.

• 
  A financial statement that details a business's revenue and expenses for a given period.

• A type of business structure with a single owner. The business is not shielded from any amount of liability.

What is Price?

• 
  An individual or business that purchases goods and services from a business.

• 
  The amount of money charged for goods or services.

• The total cost of acquiring a new customer.

• 
  A monetary amount given to employees in return for their work.

What is Primary Data?

• Data that has been previously collected
• Data that is collected by someone else
• First-hand research like surveys, interviews, and statistical data.

• Data that is collected from the internet

What is Problem Solving?

• The process of coming up with solutions to solve a problem.

• The process of creating problems
• The process of avoiding problems
• The process of ignoring problems

What is a Product?

• A person or entity willing to provide monetary funds to a business with the hopes of earning a return on their money.

• A persuasive speech prepared to entice a potential customer to purchase a service or good.

• 
  A tangible item.

• 
  An intangible service or skill that is performed.

What is Product/Market Fit?

• It is the marketing strategy for a product.

• It is the process of manufacturing a product
• The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase.

• It is the financial analysis of a product