ESB certification vocabulary

ESB certification vocabulary Break Even Formula Correct Answer: To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or ...

ESB certification vocabulary Break Even Formula Correct Answer: To calculate the break-even point in units use the formula: Break-Even point (units) = Fixed Costs ÷ (Sales price per unit - Variable costs per unit) or in sales dollars using the formula: Break-Even point (sales dollars) = Fixed Costs ÷ Contribution Margin. Driving Sales Correct Answer: the largest automotive marketing resource and car dealer social network, providing industry best practices and more Inventory Loan Correct Answer: The loan is collateralized by the inventory it is used to purchase. Operating Loan Correct Answer: (also called a line of credit) is a short-term, flexible loan that a business can use as needed to borrow up to a pre-set amount of money.To ensure it will be repaid, the bank will often include a claim on the company's inventory and accounts receivable as part of the loan agreement. Tenacious Correct Answer: tending to keep a firm hold of something; clinging or adhering closely Competency Correct Answer: a set of particular abilities and knowledge that sets a company apart from its competitors. Non-Profit Organization Correct Answer: organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers. Storefront Correct Answer: Store exterior which reflects on the image of the business Tax Liability Correct Answer: the total amount of tax debt owed by an individual, corporation, or other entity to a taxing authority like the Internal Revenue Service (IRS). Demographic Correct Answer: the collection and analysis of broad characteristics about groups of people and populations. Behavioral Correct Answer: divides consumers according to behavior patterns as they interact with a company Psychographic Correct Answer: the qualitative methodology of studying consumers based on psychological characteristics and traits such as values, desires, goals, interests, and lifestyle choices. Geographic Correct Answer: when a business divides its market on the basis of geography. Angel Investors Correct Answer: Private Investors who fund start up businesses IPO Correct Answer: initial public offering. ESPO Correct Answer: Eastern Shires Purchasing Organisation Management Buyout Correct Answer: a leveraged buyout in which the firm's top managers become significant shareholders in the acquired firm. Patent Correct Answer: Gives the holder the sole right to make, use or sell an invention for a set period of time, preventing others from using it without permission Copyright Correct Answer: Gives someone the exclusive right to publish, produce, sell, or distribute works of literature, music, art, and software Trademark Correct Answer: A word, symbol, or design, or a combination of these, used to distinguish one company's goods or services from others Invention Correct Answer: A product or process that does something that has never been done before Intellectual Property Rights Correct Answer: Something that comes from a person mind such as an idea invention or process Variable Costs Correct Answer: Expense that can go up and down during the budget period Fixed Costs Correct Answer: costs that remain the same regardless of level of production or services offered Harvesting Correct Answer: The process used by entrepreneurs and investors to reap the value of their investment in a business when they leave it. Outsourcing Correct Answer: where a company contracts with a third party to do some of the company's work on its behalf. Chamber of Commerce Correct Answer: nonprofit organization of local businesses formed to promote their interests Zoning Variance Correct Answer: an exception to a zoning ordinance that's granted on a case-by-case basis by a local government.