Familiarize yourself with Veteran-level financial literacy terminology! Can you complete the entire set?
1
A business model is a written document outlining a company's goals, strategies, target market, financial projections, and operational plan
2
Target audience is the process of gathering and analyzing data about competitors and industry trends
3
A patent is a legal right granting the inventor exclusive ownership of a product or innovation
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Valuation is the process of determining how much a company or asset is worth
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Break-even point is the point where total revenue equals total expenses, meaning the business is neither making a profit nor a loss
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Accounts receivable is money a business owes to suppliers and vendors
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A business license is a legal permit allowing a company to operate in a specific location
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A trandmark is the process of creating a unique identity for a business through name, logo, messaging, and customer experience
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Conversion rate refers to the percentage of website visitors or leads who complete a desired action, such as making a purchase
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Retention rate is the percentage of customers who continue to buy from a business over time
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A sole proprietorship is a legal business entity separate from its owners, offering lliability protection and tax benefits
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A sales funnel is the process of guiding potential customers from awareness to purchase
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Cash flow refers to the movement of money in and out of a business
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Venture capital refers to investment funds provided by firms or individuals to high-growth startups in exchange fore equity
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An exit strategy is a plan for how business owners will sell their stake or transition out of the company
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A competitive advantage is a feature or capability that allows a business to outperform competitors
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Operating expenses are the costs necessary for running a business, such as rent, utilities, and payroll
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Profit margin is the total income a business earns before expenses
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A pivot is the ability of a business to grow and handle increased demand without a proportional increase in costs
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Digital marketing is a system where businesses reward partners for referring customers
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A freemium model offers a basic version of a product for free while charging for premium features
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A corporation is a business owned and operated by one person, with no legal distinction between the owner and the business
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A negotiation is a strategic discussion between two parties to reach a mutually beneficial agreement
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Market research is a specific group of consumers most likely to buy a company's product or service
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Crowdfunding is raising small amounts of money from many people, often through online platforms like Kickstarter or GoFundMe
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Leverage is borrowing more money to invest more money, hoping for higher returns
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Revenue is a measure of profitability, calculated as (net profit/revenue) x 100
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Contract law is the legal framework governing agreements between businesses, clients, or vendors
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Accounts payable is the money owed to a business by customers for goods or services provided
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A business credit score is a measure of a company's creditworthiness based on payment history, debt usage, and financial stability
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Equity financing is borrowing money, usually in the form of business loans, that must be repaid with interest
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Affiliate marketing refers to the use of online chanels such as social media and emails to promote a business
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A LLC is a business structure that protects owners from personal liability while providing flexibility
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Branding is a symbol, logo, or name legally registered to protect a brand's identity
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Bootstrapping refers to funding a business using personal savings, revenue, or minimal external capital
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Debt financing is raising capital by selling shares of the business
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A value proposition is the unique benfit a product or service offers to customers, differentiating it from competitors
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Scalability is a fundamental shift in a business strategy to better align with market needs
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A business plan is a framework that describes how a company creates, delivers, and captures value
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