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business grade 10 > exam > Flashcards

exam Flashcards

1
Q

characteristics of an entrepreneur

A

f. r.o.g. s.h.a.c. i.v. m.p.
- self-confident
- perceptive
- hardworking
- motivated
- resourceful
- able to manage risk
- creative
- goal-oriented
- optimistic
- flexible
- independent
- visionary
- able to get along with others

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2
Q

skills of an entrepreneur

A
  • interpersonal
  • critical thinking
  • creative thinking
  • practical (Plan, organize, negotiate, network, keep records (financial and other)
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3
Q

what are the 5 p’s of international business?

A
  • preference (reputation or countries specialize – belgian chocolate)
  • promotion (how they promote their products)
  • product (country’s resources determine what they sell – florida oranges)
  • price (cost of production varies by country and influences where products are made)
  • proximity (profitable for some businesses to sell products and services to consumers near a neighbouring country’s border)
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4
Q

what is offshoring

A

the practice of hiring service providers from countries where labour costs are lower to complete some or all of the steps in the production process.

Human rights issues
Labour abuses

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5
Q

what is balance of trade

A

relationship between the value of imports and the value of exports), countries try to import the same total value of products that they export.

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6
Q

imbalance in trade results in

A
  • a trade deficit in which a country pays more for imports than it earns from exports
  • a trade surplus in which a country earns more from exports than it pays for imports
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7
Q

trade surplus

A

where a country earns more from exports than it pays for imports.

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8
Q

trade deficit

A

where a country pays more for imports than it earns from exports.

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9
Q

accounts recievable

A
  • asset (short term)
  • total amount due from debtors
  • from purchasing goods or services from the business on credit

Often due within 30 or 60 days
The “seller” will have an Accounts Receivable

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10
Q

accounts payable

A
  • Liability (short term)
  • total amount owed to creditors (people or businesses that we owe money to)
  • for the purchase of goods or services on credit

Often due within 30 or 60 days
The “buyer” will have an Accounts Payable

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11
Q

revenue

A
  • amounts of money earned from the sale of goods or services during the routine operation of the business
  • revenue can be recorded from a promise of money (Accounts Receivable)

Fees Earned, Service Revenue, Sales Revenue

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12
Q

expenses

A
  • the costs of items or services used up in the routine operation of the business
  • can be recorded even if the business hasn’t paid for them yet (Accounts Payable)

Salaries, wages, advertising expenses, delivery expenses

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13
Q

net income

A

Net Income is the difference between revenue and expenses, when revenue is greater than expenses

  • referred to as profit
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14
Q

net loss

A

Net Loss is the difference between revenue and expenses, when expenses are greater than revenues

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15
Q

types of leadership styles

A

autocratic
democratic
laissez-faire

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16
Q

autocratic

A

pros:
- May be valuable in some types of business where decisions need to be made quickly and decisively
- keeps everyone on track

cons:
- Can create de-motivation and alienation of staff
- doesn’t involve other people’s decisions

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17
Q

democratic

A

pros:
- Encourages decision making from different perspectives
- Improves the sharing of ideas and experiences within the business

cons:
- Can delay decision making
- accountability

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18
Q

laissez-faire

A

pros:
- Can be very useful in businesses where creative ideas are important
- Can be highly motivational, as people have control over their working life

cons:
- Can make decision making time-consuming
- no one gets anything done

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19
Q

What are the four main functions of management?

A

1) planning
2) controlling
3) leading
4) organizing

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20
Q

planning

A

setting goals and seeing how to achieve them

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21
Q

controlling

A

measuring performance and taking action to get desired results

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22
Q

leading

A

inspiring people to work hard to achieve high performance

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23
Q

organizing

A

arranging task, people, and other resources to accomplish work

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24
Q

marketing mix

A

4 p’s

2 c’s

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25
Q

4 p’s of marketing

A
  • product
  • price
  • place
  • promotion
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26
Q

4 p’s product

A

service done for customers

  • Quality
  • Design
  • Features
  • Benefits
  • Service & Support
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27
Q

4 p’s price

A

the cost of an item

  • Perception of the product’s value in relation to price
  • Cover costs and make a profit
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28
Q

4 p’s place

A

Where the product will be sold

- How the product / service will get to the consumer

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29
Q

4 p’s promotion

A

How will customers be made aware of the product or service

advertising, personal selling, sales promotion (coupons, contests, premiums, samples, and special events), sponsorship

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30
Q

2 c’s

A

competitive market

consumer market

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31
Q

competitive market

A

other businesses that have similar products and compete with us for consumer dollars

Direct Competition
- other sellers of products similar to ours

Indirect Competition
- other spending needs that may draw customer dollars away from our products

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32
Q

consumer market

A

The type of consumers who buy their products.

  • Demographics
    age, gender, family, life cycle, income, ethnicity and culture
  • Lifestyle
    values, beliefs and motivations
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33
Q

2 main roles of marketing

A
  1. To sell what a business makes

2. To manage the business brand

34
Q

3 components to branding

A
  1. Brand Name
  2. Logo or Trademark
  3. Slogan
35
Q

brand names

A

a word or group of words that a business uses to distinguish its products from competitors products.

Brand names should:

  • Be distinctive and stand out from the competition
  • Be easy to remember
36
Q

logo or trademark

A

A special symbol that is associated with a product.

  • It helps a product compete for consumer awareness
37
Q

slogan

A

A short catchy phrase that is usually attached to the company’s name and logo.

38
Q

logos can be 1 of the 3

A

1) monogram
2) visual symbols
3) abstract symbols

39
Q

branding

A

Once a company develops a name, slogan, or logo for a product, everything associated with that product should carry the identification.

Instant recognition and market appeal

40
Q

difference between an invention and innovation

A

invention - A product or process that does something that has never been done before. When the invented product or service fills a need, it can potentially be sold to consumers.
Innovation - An innovation requires using new technology, materials or processes to improve existing products or services or to create new production and distribution processes.

41
Q

what are wants?

A

things that are more extra in your life. you don’t need them to survive but they make your life more pleasant.
ex: phones, cars, designer clothes

42
Q

what are needs?

A

things you must have in order to stay alive.

ex: food, water, shelter, clothes

43
Q

what is supply?

A

the quantity of a good or service that businesses are willing and able to provide within a range of prices that people would be willing to pay

as prices increase, producers will increase the quantity of goods they provide.

44
Q

what is demand?

A

the quantity of goods or service that consumers are willing and able to buy at a particular price

as the price of a good increases, quantity demanded decreases.

45
Q

what is Maslow’s Hierarchy of Needs?

A

a theory of human motivation. he developed a hierarchy of needs. once lower needs are met, people move onto the next needs.
- needs are their motivators

46
Q

label the Maslow pyramid:

A

top to bottom (small to big)

level 5: self actualization
level 4: esteem needs
level 3: belongingness and love needs
level 2: safety needs
level 1: biological and physiological needs
47
Q

example of physiological needs:

A
  • oxygen
  • water
  • food
  • sleep
48
Q

example of safety needs:

A
  • free from abuse
  • security
  • law
49
Q

example of love needs:

A
  • acceptance
  • dating
  • sense of love
50
Q

example of esteem needs:

A
  • status
  • responsibility
  • reputation
51
Q

example of self actualization needs:

A
  • personal growth
  • fulfilment
  • self aware
52
Q

what is a whistleblower?

A

when an employee informs officials/public about an illegal or ethical violation. they make their allegations internally or externally.

53
Q

what is ethical dilemma?

A

a moral problem with a choice between potential right and wrong.

54
Q

ethical code of conduct

A

a document that explains specifically how employees should respond in certain situations. helps different people approach problems the same way.

55
Q

3 c’s of credit

A
  • Character
  • Capacity
  • Capital
56
Q

character

A

Individual financial personality

57
Q

capacity

A

Ability to repay debt on time

58
Q

capital

A

Financial value or worth of the person – assets used to repay debt

59
Q

what is a credit rating

A
  • Information is collected on both individuals and businesses for a period of seven years
  • Keep track of defaults (debt that has gone unpaid for so long that the creditors wonder if they money will ever be paid back)
60
Q

why is credit rating important

A
  • Indicates the level of risk that a consumer, business, or government will pose if credit is granted by a business
  • Bad credit rating can get you denied for a car loan or a landlord may refuse to rent to you or pay higher interest rate
61
Q

how do you establish a credit rating (3 ways)

A

Students:

  1. Getting and keeping a job
  2. Buying something on credit (with credit card) and paying it off before interest is charged
  3. Having someone, such as a family member or close friend with a good credit rating, co-sign a loan or name on parent’s credit card
62
Q

adv and disadv of credit

A

adv

  • instant enjoyment (i.e. car purchase)
  • credit rating
  • monthly statement, reward points
  • convenience
  • emergency needs

disadv

  • credit costs
  • impulse buying
  • overbuying
  • financial difficulties
63
Q

schedule 1

A
  • Owned by Canadian Shareholders
  • Shares traded on Canadian stock exchanges
  • Accepts deposits, offer investment & financial services

Think Big Five – RBC, TD, CIBC, BMO, ScotiaBank

64
Q

schedule 2

A
  • Mostly foreign-owned banks
  • Typically not traded publicly
  • Federal government limits number of branches

Examples: HSBC Bank of Canada, State bank of India, ING Bank of Canada, AMEX Bank of Canada, etc.

65
Q

schedule 3

A
  • Foreign bank branches given permission to operate in Canada
  • Work under certain restrictions

Examples: Deutsche Bank AG, Citibank, Capital One Bank, etc.

66
Q

imports

A

goods coming into the country from other countries

67
Q

exports

A

goods leaving a country for another country’s market place

68
Q

credit bureau

A

a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies and financial institutions

69
Q

fixed expenses

A

Expenses that occur monthly and don’t vary

Examples: mortgage, car loan, insurance

70
Q

variable expenses

A

Expenses that occur that vary each month (or do not occur at all)

Examples: some utilities, clothing, entertainment, food

71
Q

liquidity

A

how fast assets can be converted in to cash

72
Q

ethics and corporate social responsibility

A

being a good person and making the right decisions in the corporate world

73
Q

co-sign

A

if you sign something (house, credit card) you need someone to co-sign fo you

whoever your co-signer is has liability over your credit card and has to pay the bills

  • have to have a good credit rating to co-sign
74
Q

forms of income

A
  • gross income
  • net income
  • discretionary income
75
Q

mortgage

A

a specific loan for a house

76
Q

discretionary income

A

the amount of an individual’s income that is left for spending, investing or saving after paying taxes and paying for personal necessities, such as food, shelter and clothing

  • includes money spent on luxury items, vacations, and nonessential goods and services
77
Q

how can entrepreneurship change your life?

A
  • You become more accountable
  • You think critically about everything
  • You embrace criticism and feedback
  • You’re more confident in your abilities
  • You take more risks
78
Q

How ethics impacts you and business?

A

Ethical business practices can help companies avoid legal problems and negative financial results that arise once the unethical behaviour is discovered

  • can help save your reputation
79
Q

what affects demand

A
  • Change in consumers’ income
  • Change in consumers’ tastes
  • Changes in what we expect in the future
  • Change in population
  • Change in the price of a substitute
80
Q

what affects supply

A
  • A change in the number of producers
  • Price of related goods
  • Change in technology
  • Change in cost of production
  • Weather
81
Q

what is surplus

A

Surplus occurs when there is excess supply- that is quantity supplied is greater than quantity demanded.

(i.e. Fidget spinners)

82
Q

what is shortage

A

Shortage occurs when there is excess demand- that is quantity demanded is greater than quantity supplied.

(A fad at Christmas)

business grade 10 (3 decks)

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