Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Grade 10 business > Exam Review > Flashcards

Exam Review Flashcards

1
Q

What is a fiscal year

A

12 consecutive months, they do not need to be starting in January

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is gross income

A

The amount of salary before deductions are made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is net profit

A

Profit left after deductions are made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is an innovation

A

Improving or adding on to something that already exists

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is invention

A

Creating something new

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a need

A

Things you must have in order to stay alive for example air, food and shelter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a want

A

Things that are extra in your life. You don’t need them to survive but they make your life more pleasant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a fad

A

A craze people take up quickly and then drop it just as quickly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is budgeting

A

A plant that has developed to help track finances and set financial goals. It is set for certain period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is variable expenses

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are fixed expenses

A

Expenses that occur monthly and don’t vary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is credit

A

Money that a bank or business will allow a person to use and then pay back in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is debt

A

An amount of money that you owe to the person, bank, company, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define ethics

A

Rules to help us tell the difference between right and wrong, standards of conduct that society believes people should follow, they encourage us to do the right thing, they always very

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is an entrepreneur

A

Someone who ventures off on their own and start a new business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are channels of distribution

A

How businesses get the product to consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is a consumer

A

People who buy products or services for businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are exports

A

Sending products off to other places [normally other countries]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are imports

A

Bringing products into a country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the 4P’s of marketing

A

Product, price, place, promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is a target market

A

A specific group that the business has decided to aim it’s marketing efforts and ultimately it’s merchandise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is domestic trade

A

Trading with in the country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is international trade

A

Trading outside the country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the stages of traditional life cycles

A

Intro, growth, maturity, decline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What are different types of nontraditional lifecycles

A

Fads, niche, seasonal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is a logo

A

A special symbol that is associated with the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is a bear market

A

When the prices are extremely low

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is the bull market

A

And prices are extremely high

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What are different types of logos

A

Symbol or icon, WordMark or letter Mark, Combination mark or emblem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is a slogan

A

Short catchy phrase is usually attached to the company’s name and logo

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

what Is demand

A

The quantity of goods or services that consumers are willing and able to buy a particular price (specific point on the graph)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is the law of demand

A

Usually consumers will increase the demand of a good or service as price decreases

33
Q

What is supply

A

Quantity of a good or service that businesses are willing and able to provide within a range of prices that people will be willing to pay

34
Q

What is the law of supply

A

As prices increase, producers will increase the quantity of goods they provide

35
Q

What is a shareholder

A

Someone who owns a portion of the business

36
Q

What is accounting

A

The process of recording, analyzing and interpreting the financial economic activities of a business

37
Q

What are the two types of accounting

A

Management and financial

38
Q

What is net worth/persons equity

A

The assets after all liabilities are deducted

39
Q

What is the liquidy

A

How fast something can be turned into cash

40
Q

What is marketing

A

Getting a product or service known

41
Q

What are the different types of businesses

A

Partnership, franchise, cooperation, corporation, sole proprietorship, Nonprofit organization

42
Q

What’s the difference between a cooperation and Corporation`

A

A corporation is a company or group of people authorized to act as a single entity. A cooperation is a business owned by the worker’s remember to buy the products or use the services of the business offers

43
Q

What are the three different leadership styles

A

Democratic, autocratic and laisse-faire

44
Q

What are the five peas of international business

A

Product, price, proximity, preference, corrosion

45
Q

What are tariffs

A

A form of tax on certain types of imports

46
Q

What is a surplus

A

When the business has more money because it’s sold more than needed to take

47
Q

What is a deficit

A

When a business has not sold enough and is the financial problems

48
Q

What is the north American free trade agreement

A

Free trade amongst North America

49
Q

What is a patent

A

Registration of inventors legal right of ownership for their invention. I prevent others from using the invention without permission

50
Q

What is copyright

A

Exclusive right to publish, produce, sell or distribute an original work of literature, art, music, software, design etc.

51
Q

Define marketplace

A

the arena of competitive or commercial dealings; the world of trade

52
Q

Define Capital

A

wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

53
Q

What is balance of trade

A

he difference in value between a country’s imports and exports

54
Q

What is disposable income

A

income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.

55
Q

What is discretionary income

A

income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items

56
Q

What is dividend

A

a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves)

57
Q

What is a bond

A

security thing that holds companies/people together on an agreement

58
Q

Define management

A

the process of dealing with or controlling things or people.

59
Q

What is net loss

A

The result that occurs when expenses exceed the income or total revenue produced for a given period of time

60
Q

What is unlimited liability

A

Unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner’s personal assets can be seized to satisfy the debts.

61
Q

What is limited liability

A

Limited liability is where a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment in a company or partnership. If a company with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors

62
Q

What is legal tender

A

coins or banknotes that must be accepted if offered in payment of a debt

63
Q

What is obsolete

A

no longer produced or used; out of date

64
Q

What is offshore outsourcing

A

using other countries labour or resources

65
Q

What are producers

A

a person, company, or country that makes, grows, or supplies goods or commodities for sale

66
Q

What is a rate of return

A

The gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment cost. Gains on investments are considered to be any income received from the security plus realized capital gains.

67
Q

What is RRSP

A

Registered Retirement Savings Plan (RRSP) is a type of Canadian account for holding savings and investment assets.

68
Q

What is RESP

A

Registered Education Savings Plan, or RESP, is an investment vehicle used by parents to save for their children’s post-secondary education in Canada. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deferred income

69
Q

What is a savings plan

A

A type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their investment account

70
Q

What is a mutual fund

A

an investment program funded by shareholders that trades in diversified holdings and is professionally managed

71
Q

What are the social costs of doing international business

A

Social costs include offshore outsourcing, human rights or labour abuses, and environmental degradation

72
Q

What is the bank of canada

A

the country’s central bank.

73
Q

What are the 3 C’s of credit

A

Character: From your credit history, a lender may decide whether you possess the honesty and reliability to repay a debt.
Capital: A lender will want to know if you have valuable assets such as real estate, personal property, investments, or savings with which to repay debt if income is unavailable.

Capacity: This refers to your ability to repay the debt. The lender will look to see if you have been working regularly in an occupation that is likely to provide enough income to support your credit use.

74
Q

What are the advantages and disadvantages of credit

A

Credit is convenient. You do not need to carry a lot of money with you. You may save money, because you can take advantage of sales.
Credit can help if you need money for emergencies, such as unemployment, illness, death, or property loss.
Credit is handy for making purchases through the mail, telephone, and Internet.
Disadvantage- Credit usually costs more than paying cash. Interest and other charges may be added to the purchase price., You may buy more than you can afford., Credit ties up future income. When you use credit, you owe money that must be paid back from future income

75
Q

What are the 4 main functions of management

A

Planning, Organizing, Leading & Controlling

76
Q

What is the difference between a mutual fun and savings fund

A

Mutual funds, on the other hand, are a type of investment. With a mutual fund, an investment firm will pool your money with other investors’ and then invest the money in stocks, bonds and other securities. Each investor owns a certain number of shares in the mutual fund, which are redeemable at any time. savings are when you save

77
Q

What are different types of investing money

A

savings and mutual

78
Q

List some entrepreneurial characteristics

A

passion, creativity, determination

79
Q

List entreprenural skills

A

Creative thinking, innovative thinking,

Grade 10 business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions