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Buisness > Buisness > Flashcards

Buisness Flashcards

1
Q

What are the 6 cheque “essentials”?

A
  1. The date
  2. The amount (in numbers and words)
  3. The Payee (the guy being paid)
  4. The drawer (The person who’s paying)
  5. The drawee (that’s the bank)
  6. The account number
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2
Q

Where is the account number found on a cheque?

A

Second set of numbers at the bottom of a cheque.

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3
Q

What is a cheque with a future date called?

A

A Post-Dated Cheque.

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4
Q

How many days do you have to cash a cheque before it expires?

A

you’ve got 180 days/6 months

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5
Q

Where does Canada print its money?

A

at these 2 super secret locations

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6
Q

What are the 4 features of money?

A
  1. Standard of Value
  2. Store of Value
  3. Unit of Account
  4. Medium of exchange
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7
Q

On a personal budget, what is the income after deductions and taxes called?

A

discretionary income

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8
Q

What is the purpose of a personal budget?

A

To have $0 left because you want it to all be used up paying your expenses and the rest going into your savings

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9
Q

What is the purpose of a business budget?

A

To have as much money left as possible because that’s your profit

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10
Q

When was the first Bank Act passed?

A

in 1891 of course

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11
Q

What 3 kind of banks is the Canadian Banking system divided into?

A

Schedule 1, 2 and 3

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12
Q

What does a bank need to be in order to open and operate in Canada?

A

it needs to be chartered

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13
Q

What are the two ways money is written on a cheque?

A

In words and in numbers.

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14
Q

What’s another name for paper money/Bank Note?

A

Fiat Bill

(I have never ever ever heard someone ever call money ‘feet’)

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15
Q

What two institutions work together in Canada to print money?

A

The Bank of Canada and the Royal Canadian Mint

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16
Q

What are cheques that are written but not yet cashed called?

A

Outstanding cheque

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17
Q

If you sold 150 rubber duckies for $3, what would the total revenue be? And what is total revenue?

A

$ 450

Because Total revenue is Price of Goods x Quantity

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18
Q

what is net income?

A

Revenue - Cost of Goods sold.

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19
Q

Tell me 3 ways that banks make profit?

A
  1. They invest your money
  2. They charge interest
  3. They have service fees
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20
Q

What is money?

A

Money is a unit of exchange

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21
Q

Explain to me the first feature of money: Standard of Value; Why does money have a value?

A

money has a value because the government puts a value on it and we accept it as such

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22
Q

Explain to me the second feature of money: Store of Value

A

You can store money for a period of time and retrieve it, and it will still retain its value

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23
Q

Explain to me the third feature of money: Medium of Exchange; Why can money be used as a medium of exchange?

A

Money acts as a medium for exchange of goods and services because everyone wants money, so they’re willing to trade things for it

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24
Q

Explain to me the fourth feature of money: Unit of Account; What does money measure?

A

Money is used to measure the value of goods and services

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25
Q

Describe the 4 parts of the bank act

A
  1. All banks must be chartered to open
  2. Governs the rules for what banks can and cannot do
  3. Banks have to send regular reports to the minister of finance
  4. Governs the rules for opening and merging banks
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26
Q

What are the 4 roles of the Bank of Canada when talking about money?

A
  1. Issuing legal tender
  2. Printing bills
  3. Controlling interest rates
  4. Controlling the money supply
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27
Q

What kind of banking system is in Canada?

A

A branch banking system

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28
Q

What are schedule 1 banks in Canada?

A

The big 5 banks (td, scotia bank, etc but we probably dont need to know that maybe)

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29
Q

What are schedule 2 banks in Canada?

A

Foreign banks that have branches here (like the bank of India)

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30
Q

What are schedule 3 banks in Canada?

A

Foreign-owned banks that don’t have branches (like Capital One)

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31
Q

Know how to write a check ok?

A

i cant put images unless i get premium sadly

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32
Q

What is the simple interest formula?

A

PRT (Principle, Rate of interest and Time)

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33
Q

What is the future value formula

A

Fv = Pv(1+i)^n

Fv = future value
Pv = present value
i = rate of interest as a percent
n = time in years

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34
Q

What is a Sole Proprietorship?

A

One owner of a business

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35
Q

What are some Pros of a Sole Proprietorship?

A
  • Be your own boss (yay)
  • Easy peasy lemon squeezy to start
  • All profits go to you (yay feet!)
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36
Q

What are some Cons of a Sole Proprietorship?

A
  • Everything is now your job and yours alone to handle
  • If something goes wrong its all your fault
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37
Q

What is a Partnership?

A

2 owners share a business.

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38
Q

What are some Pros of a Partnership?

A
  • The work is now split half and half so it’s not all up to you anymore
  • If your partners really good, he can help you take this business to places you’d never be able to get to all on your own
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39
Q

What are some Cons of a Partnership?

A
  • Your partner might fight or disagree with you :(
  • You don’t have complete control over your own business now
  • the money is also split between you two
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40
Q

What is a Corporation?

A
  • a kind of business
  • Alotta share holders
  • Every share you own gets you one vote
  • There’s also a board of directors now
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41
Q

What are some Pros of a Corporation?

A
  • if something goes wrong, it’s not your fault
  • you have alot of different kinds of people putting in their ideas for how the business should run
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42
Q

What are some Cons of a Corporation?

A
  • it takes a really really long time to create a corporation
  • you don’t have much control over the corporation
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43
Q

What is a Co-Operative?

A
  • a kind of business
  • owned by members
  • every member has 1 vote no matter how many shares they own
  • it has a board of directors
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44
Q

What are some Pros of a Co-Operative?

A
  • Easy to set up
  • lots of different kinds of people to help out
  • if things go wrong its not your fault
45
Q

What are some Cons of a Co-Operative?

A
  • these people just can’t decide on anything
    -you, yourself, don’t have much control over the business
46
Q

What is a Franchise?

A

A kind of business that sells its brand. For example, you want to open a restaurant but do not know how to get people to come in, so you ask McDonald’s if you can name your restaurant McDonald, then they make you pay a monthly fee and tell you how the restaurant should be built, and now you have your restaurant. People come to it since McDonald’s is recognizable.

47
Q

What are some Pros of a Franchise?

A
  • Instant recognizability
  • Shared marketing
48
Q

What are some Cons of a Co-Operative?

A
  • Franchise fees
  • Monthly fees
  • Franchiser will tell you to do things you don’t wanna
49
Q

What’s the place where producers and consumers meet called?

A

The Market

50
Q

What does Unlimited Liability mean? In terms of owning a business.

A

The owner(s) have full responsibility for any debts or losses.

51
Q

What’s the primary job of a non-profit organization?

A

To serve the community.

52
Q

What is debt financing?

A

Borrowing money to finance your business

53
Q

What are businesses that have physical buildings called?

A

Brick and Mortar

54
Q

A good business idea needs to be what 3 things?

A

Feasible, achievable and sustainable

55
Q

What is Equity Financing?

A

Financing your business through investments from investors

56
Q

What is fraud?

A

Pretending to be someone else

57
Q

What is forgery?

A

A form of fraud that sometimes involve passing bad cheques by forging someone else’s name

58
Q

What is embezzlement?

A

Violation of a trust fund by a person who moves funds into their account instead of the correct account.

59
Q

What is discrimination?

A

racism and stuff whys this even here

60
Q

What is concealing information?

A

Not disclosing data that could be shared

61
Q

What is a Misuse of Funds?

A

idk really but I’m gonna guess it’s like when you ask people to fund your game on Kickstarter, but then you use all their money to buy a PS5

62
Q

What is Tampering with Records?

A

Changing legal documents. Usually, to hide something you did.

63
Q

What is Theft.

A

when you steal a thingy

64
Q

What is Environmental Violations?

A

Hurting the environment, like dumping garbage into a lake instead of the dump

65
Q

What is Employer Theft?

A

When an employee steals from their employer

66
Q

What is Insider Trading?

A

Investing in companies because you have secret access to knowledge your fellow investors don’t.

Using confidential information to decide what you invest in.

For example you bribed a CEO to say this thing that will get investors excited and invest more, so you invest early and wait for the money to roll in.

67
Q

Why do advertisers use the color red in advertisements?

A

It makes you make quick decisions

68
Q

Why do advertisers use the color blue in advertisements?

A

It’s the most favorite color of most adults

69
Q

Why do advertisers use the color yellow in advertisements?

A

It’s the first color your eyes are attracted to

70
Q

Why do advertisers use the color orange in advertisements?

A

It makes you hungry

71
Q

Why do advertisers use the color black in advertisements?

A

It represents sophistication and technological

72
Q

Why do advertisers use the color white in advertisements?

A

It represents purity

72
Q

Why do advertisers use the color brown in advertisements?

A

It represents earthliness

73
Q

Why do advertisers use the color green in advertisements?

A

environment and stuff

74
Q

What color is my dog and why?

A

Black and white so that means she’s pure and super epik because she’s a sophisticated doggo

75
Q

What is direct competition?

A

Competition between companies performing the same or very similar businesses. Ex. Metro and FreshCo (Both are grocery stores)

76
Q

What is indirect competition

A

Competition between companies performing different businesses yet still competing for customers. Ex. Amazon and Indigo (One is an online retailer, the other is a book store, but Amazon steals customers from Indigo because they sell books too)

77
Q

What is advertising?

A

Paid promotion of a product; is usually less believable than publicity. Also it’s done by the company that made the product.

78
Q

What is publicity?

A

Unpaid promotion of a product; is usually more believable than advertising. Also it’s done by consumers of the product.

79
Q

What are mutual funds?

A

Pool of money from lots of different people being managed by investment professionals to invest it

80
Q

What are some Pros of Mutual Funds?

A
  • You don’t have to do anything
  • A professional invest the money for you
  • very diversified
81
Q

What are some Cons of Mutual Funds?

A
  • You have to pay management fees
  • No protection against losses
82
Q

What are Stocks?

A

A unit of ownership of a company, the price of it increases with more demand

83
Q

What are some Pros of Stocks?

A
  • You get to be part owner of a company!
  • You can make alotta money pretty fast if your lucky
84
Q

What are some Cons of Stocks?

A
  • Pretty risky
  • A single stock is not very diversified
  • Even though you’re part owner, you don’t have any say for what the companies should do (usually)
85
Q

What is Real Estate?

A

Land and anything attached to it

86
Q

What are some Pros of Real Estate?

A
  • You can rent it out to make a steady passive income
  • It can appreciate in value
87
Q

What are some Cons of Real Estate?

A
  • You might have to wait a while for a renter to want to rent your house (except in this country, everyone needs to rent a house)
  • It takes a while for the property to appreciate in value
  • you’ve gotta maintain the real estate too
88
Q

What are RRSP’s?

A

Register Retirement Saving Plans. They’re made by the government

89
Q

What are some Pros of RRSP’s?

A
  • No tax on them
  • No risk
  • Guaranteed income during retirement
90
Q

What are some Cons of RRSP’s?

A
  • Take many, many, many years to grow
  • You have to pay ALOT of tax on it if you withdraw early
91
Q

What is Market Share (of a brand)?

A

Percentage of the market that a brand has

92
Q

Why didn’t Mr. Murry put somethign on edsby that tells us exaclty whats on the exam and whats not

A

that’s kinda mean of him, now i don’t know if these flash cards have everything or not :(

93
Q

What is Demographic?

A

The study of obvious characteristics like age, gender, height, etc

94
Q

What is Brand Name?

A

A word or group of words that a company uses to distinguish its products from other companies, otherwise known as a ‘name.’

95
Q

What is Product Research?

A

Examining every detail of a product or service and analyzing the impact they may have on the market

96
Q

What is a Logo?

A

The symbol a company uses to represent itself

97
Q

What is Consumer Research?

A

Discovers what type of product consumers want and predicts overall sales

98
Q

What is Market Segment?

A

Part of the overall market that has similar characteristics

99
Q

What is Brand Equity?

A

The value of a brand in a marketplace

100
Q

What are the 4 Ps of Marketing

A

Product, price, place and promotion

101
Q

Explain the first P of marketing: Product

A

You first need a product to market. The product shoudl be of good quality

102
Q

Explain the second P of marketing: Price

A

The price determines the value of the product

103
Q

Explain the third P of marketing: Place

A

You want to market your product where the people who want your product are

104
Q

Explain the fourth P of marketing: Promotion

A

You want to let people know about your product

105
Q

What are the 2 Cs of marketing?

A

Competition and Consumer Market

106
Q

What are the 2 types of competition?

A

Direct and Indirect competition

107
Q

What is a Consumer Market?

A

The Demographics and Lifestyle of the consumer

Buisness (1 decks)

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