Everfi
take home pay.
A portion of your monthly paycheck goes to paying taxes. The amount left over from your monthly paycheck after deductions
Creativity and Innovation
Entrepreneurs with this characteristic are creative and like to invent new ways of doing things. They ask a lot of questions about the world around them, and are always thinking of better ways to do things.
variable expenses.
Expenses that change month to month
Be Flexible
If you force yourself to examine things from different angles, even problems can become solutions.
Challenge Convention
People have a tendency to simply accept the way things are done. Instead, challenge accepted norms by asking lots of "Why?" and "What if?" questions.
Which of the following is an example of a tax? - Medicare - Line of credit - Rental payment - Cash payment
Rental payment
Think Backward
Sometimes solving a problem is easier when you start by imagining the end result you want.
startup capital.
The most important thing for you to know right now is that it is never too early to start saving
Draw Idea Maps
Use whiteboards, chalkboards and poster boards to sketch out ideas. As you sketch, one thought might branch out into six directions, and some of those branches might generate additional ideas. Drawing possibilities in this way often helps you see the bigger picture and new possibilities that you might have missed. You might also try using sticky notes on a wall or poster board. This method allows you to move ideas around.
Brainstorm in Groups and Do Not Judge
When brainstorming ideas, especially in groups, try not to be negative or prejudiced. These attitudes lower creativity, as not all ideas have to make sense in the beginning. Sometimes ideas that seem silly at first inspire other, more useful solutions later.
Risk
a chance of losing soming
Business Opportunity
a consumer need or want that can be potentially met by a new business.
Business plan
an overview of your business goals and includes details on how you think you are going to achieve them. a statement of your business goals, the reasons you think these goals can be met, and how you are going to achieve them. If you start your business without a plan, you will soon be overwhelmed by questions you haven't answered. A business plan forces you to figure out how to make your business work and helps track if the business is meeting its goals. A well-written plan will also guide you every step of the way as you develop your business.
Assets
anything that has value
External Entrepreneur
creates business ideas by identifying sources of opportunity. There are five external sources of business opportunities:
Secondary Data
existing information that was previously gathered for a purpose other than the study at hand. Secondary data may be relatively cheap and easy to obtain through sources such as Government Websites, Trade Groups, and Journals, Business Magazines, and Reports, or Local Community Resources
Medicare
federal health insurance for people over age 65. Paying now means that when you reach 65, you'll be able to receive this benefit as well!
spending plan
how to spend wisely to save for future goals, like startup capital
Income
is money received by individuals or businesses.
fixed expense
it will usually stay the same each month.
Entrepreneur
someone who starts and runs their own business.
Federal taxes
taxes you pay to the United States Federal Government. pay for the military, healthcare, and for building bridges and roads.
State taxes
taxes you pay to the state where you earn income. pay for schools, public transportation, and other important services.
Social Security
that pays for retirement benefits. You pay now and receive the benefits later in life.
startup capital
the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running. More on that later.
Taxes
the revenue the government collects in order to pay for services like roads, bridges, and even education. They are an important responsibility we carry as citizens.
Internal Entrepreneurs
who apply their hobbies, skills, and interests into a business opportunity