Small Business Encyclopedia

Terms starting with: f

Factoring

Definition: A financing method in which a business owner sells accounts receivable at a discount to a third-party funding source to raise capital

Fair Labor Standards Act

Definition: A federal law enforcing minimum standards that employers must abide by when hiring employees

Family Businesses

Definition: A business actively owned and/or managed by more than one member of the same family

Family Medical Leave Act (FMLA)

Definition: The 1993 law that entitles a covered employee to take up to 12 weeks of leave in a 12-month period for the birth or adoption of a child or the serious health condition of the employee or the employee's child, spouse or parent

Fictitious Name Certificate

Definition: A legal document showing the operating name of a company, as opposed to the legal name of the company. In the case of a corporation, a fictitious business name is any name other than the corporate name stated in its articles of incorporation.

Financial Projections

Definition: Estimates of the future financial performance of a business

Financial Statement

Definition: A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow.

First In, First Out (FIFO)

Definition: An accounting system used to value inventory for tax purposes. Under FIFO, inventory is valued at its most recent cost.

Flexible Work Arrangements

Definition: Arrangements that allow employees to have a more variable schedule as opposed to complying with the standard 8-hour workday

Focus Group

Definition: A controlled group interview of a target audience demographic, often led by a facilitator. A set series of questions or topics are covered, and the results are used to guide marketing efforts.

Franchisable Business

Definition: A business that has the potential to be sold as a franchise opportunity, generally having the following characteristics: It is established, offers a unique concept, is teachable and can provide an adequate return to potential franchisees.

Franchising

Definition: A continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (franchisees).

Friends/Family Financing

Definition: Monies, usually in the form a loan, that a business owner gets from either family members or friends in order to help finance their startup or growing business

Fulfillment

Definition: The process of receiving, packaging and shipping orders for goods

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