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MGST 217 > Final exam > Flashcards

Final exam Flashcards

1
Q

What are the five characteristics of entrepreneurs?

A

Confidence: an entrepreneur needs to act decisively and lead
Energy: Put in long hours
Internal Drive: control their own destiny
Vision: think strategically and creatively. Effectively manage details required to make their vision a reality
Tolerance for Risk:

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2
Q

do small businesses make large or small amounts of GDP?

A

Large

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3
Q

What are the five major components of a business plan?

A

Executive summary
Product description and market analysis
Marketing Plan
Operations plan
Financial projections

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4
Q

What does the executive summary do?

A

Overview of why business will succeed

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5
Q

what does the product description and market analysis do?

A

Description of product
why unique
what does it solve? to whom?
Market demand

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6
Q

What does the marketing plan do?

A

Strategy for pricing distributing and promoting

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7
Q

What does the marketing plan do?

A

Strategy for facility and personnel, and launch

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8
Q

Finaincial projections

A

everything finance other than pricing.

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9
Q

what does the B/C 2 B/C stand for?

A

B - business
2 - to
C - consumer

(any combo)

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10
Q

What is angel investing vs venture capital?

A

VC is large and highly competitive firms to raise money fast

AI - for companies that are overlooked by banks and other stuff

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11
Q

what is the fastest type of company to trade ownership?

A

corp

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12
Q

Corporate (Dual) Taxation is?

A

How corporations get taxed double on things. Profit tax, then taxed as dividend income, then personal income tax

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13
Q

what is the opposite of corporate (dual Taxation)?

A

Pass through taxation.

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14
Q

Consumer coop?

A

Provides products or services to members

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15
Q

Producer coop?

A

Markets goods or services produced by members

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16
Q

Worker coop

A

provide employment and limited liability (owned and operated by employees)

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17
Q

Multi stakeholder coop

A

multiple membership groups

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18
Q

What is managerial accounting?

A

provides info about revenues and costs for managers?

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19
Q

What is finaincial accounting

A

a uniform set of statements.

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20
Q

what did the canadian GAAP do?

A

OLD Accounting rules and standards

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21
Q

IFRS

A

Set of globally accepted accounting standards for public and some private companies

22
Q

Accounting standards for private enterprises ASPE

A

all the standards for canadian companies

23
Q

Statement of financial position?

A

snapshot of companies financial position

balance sheet

24
Q

Statement of comprehensive income

A

Income statement
companies earnings and costs

25
Q

Statement of cash flows

A

cash flow statement
money in and out of business over a period of time.

26
Q

Balance sheet order

A

asset liability owners equity

27
Q

what are deemed long term assets?

A

ones longer then a year

28
Q

Formula for assets

A

assets = liabilities + owners equity

29
Q

what does the order of comprehensive income go?

A

Current → long term.

30
Q

what are demand deposits

A

can be withdrawn at any time

31
Q

what are time deposits

A

money invested for a certain time

32
Q

what does m1 consist of?

A

non-chequable deposits, currency, and personal and non-personal chequable accounts

33
Q

m2

A

savings accounts (time based deposits)

34
Q

m3

A

Canadian resident’s foreign currency deposits and non-personal deposits non_chequable deposits

35
Q

what is open market operations? what does it do

A

bank of Canada buying securities

buy - ↑ economy
sell - ↓ economy

36
Q

Overnight rate is interest rate? what does it do

A

avg interest rate.

higher rate lower economy

37
Q

how much does CDIC insure for non investing accounts

A

100000

38
Q

what are unsecured loans

A

no collateral

39
Q

secured loans

A

have collateral

40
Q

how many times can a company go public?

A

once

41
Q

common shares

A

more volatile then perferred

42
Q

Capital preservation methods

A

Bank accounts and Money market accounts or guaranteed investment certificates, term deposits

43
Q

investments for income

A

gov bonds, shares

44
Q

large market cap stocks are around

A

higher then 10 billion

45
Q

investments for growth

A

blue chip, foreign stocks

46
Q

diversification

A

mutual or ETF funds

47
Q

personal financing steps

A

set goals
take control
alternatives
implement and revise

48
Q

self insurance

A

monetary fund to cover losses

49
Q

fidelity bond

A

protects business from theft

50
Q

whole LI

A

provides both protection and savings

51
Q

endowment LI

A

protection payments of stated amount after a certain amount of years

52
Q
A

MGST 217 (2 decks)

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