Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business > Summative business test > Flashcards

Summative business test Flashcards

1
Q

What is the difference between profit and non-profit businesses?

A

Profit businesses aim to generate profit for owners/shareholders, while non-profits focus on social, cultural, or community goals.

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

What are goods and services?

A

Goods are tangible items (e.g., cars, clothes), while services are intangible (e.g., teaching, consulting).

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

What is the scale of operation for large vs. small businesses?

A

Large businesses operate on a national/international level; small businesses often serve local markets.

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

What is the difference between physical and virtual businesses?

A

Physical Business: Operates from a fixed location, interacts face-to-face, has higher overhead, and serves local customers.

Virtual Business: Runs online, interacts remotely, has lower costs, operates 24/7, and reaches a global audience.

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

What are the different operational scopes of businesses?

A

Businesses can operate within a local area, across provinces, or nationwide.

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

What are the advantages of sole proprietorships?

A

Easy to start, full control, owner keeps profits.

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

What are the disadvantages of sole proprietorships?

A

Unlimited liability, limited resources.

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

Provide an example of a sole proprietorship.

A

Local bakery.

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

What are the advantages of partnerships?

A

Shared responsibility, more resources.

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

What are the disadvantages of partnerships?

A

Shared profits, potential conflicts.

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

Provide an example of a partnership.

A

Law firms.

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

What is a public corporation?

A

Shares traded on the stock market.

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

What are the advantages of corporations?

A

Access to capital, limited liability.

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

What are the disadvantages of corporations?

A
  • High setup costs and complex legal requirements.
  • ## Double taxation on corporate profits and dividends.-Strict regulations and mandatory disclosures.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Provide an example of a public corporation.

A

Apple Inc.

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

What is a private corporation?

A

Shares not publicly traded.

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

What are the advantages of private corporations?

A

Control remains with a few people.

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

What are the disadvantages of private corporations?

A

Limited funding.

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

Provide an example of a private corporation.

A

Family-owned businesses.

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

What is a crown corporation?

A

Government-owned.

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

Provide an example of a crown corporation.

A

Canada Post.

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

What are co-operatives?

A

Owned and operated by members.

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

What are the advantages of co-operatives?

A

Democratic decision-making.

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

What are the disadvantages of co-operatives?

A

Limited profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Provide an example of a co-operative.
Credit unions.
26
What is a franchisee?
Buys the rights to operate.
27
What is a franchisor?
Sells rights and supports franchisees.
28
What are franchise fees?
Initial and ongoing payments.
29
What are royalties in a franchise?
Percentage of revenue paid to franchisor.
30
What are the forms of legal tender?
Coins, paper money, digital payments.
31
How does inflation affect money's purchasing power?
Inflation decreases value over time.
32
What is gross income?
Total earnings before deductions.
33
What is disposable income?
Income after taxes.
34
What is discretionary income?
Income after necessities.
35
What influences our buying decisions?
Income, price, status, trends, customs, habits, and promotions.
36
What is comparison shopping?
Evaluate price, quality, features, and services.
37
When is a good time to buy?
During sales, second-hand stores.
38
What is budgeting?
Set personal goals, plan for fixed (rent) and variable (groceries) expenses.
39
What are reasons for saving?
Emergency funds, future purchases, retirement.
40
What is an RRSP?
Retirement savings.
41
What is an RESP?
Education savings.
42
What are savings accounts?
Low risk.
43
What is simple interest?
Earned only on principal.
44
What is compound interest?
Earned on principal and interest.
45
What are mutual funds?
Pooled investments in various assets.
46
What is the role of marketing?
Promotes products, builds brand awareness, increases sales.
47
What is branding?
Creates a unique identity for a product/business.
48
What are the stages of the product life cycle (PLC)?
Introduction, Growth, Maturity, Decline.
49
What are non-traditional PLCs?
Fad: Short-lived popularity; Seasonal: Recurs annually; Niche: Targets specific groups.
50
What is the marketing mix?
Product, Price, Place, Promotion, Customer, Competition.
51
What does AIDA stand for in advertising?
Attention, Interest, Desire, Action.
52
What are the types of advertising?
Print, digital, TV.
53
What is the difference between publicity and advertising?
Publicity is free; advertising is paid.
54
What is diversification in stocks?
Spread investments to reduce risk.
55
What are dividends?
Profit paid to shareholders.
56
Who are shareholders?
Own shares of a company.
57
What is the TSX?
Toronto Stock Exchange.
58
What is preferred stock?
Preferred stock is a type of company ownership that offers shareholders priority in receiving dividends and assets during liquidation but typically does not grant voting rights.
59
What is common stock?
Common stock represents ownership in a corporation, giving shareholders voting rights and the potential to share in the company’s profits through dividends.
60
What should you consider before investing?
Research, risk assessment, diversification.
61
Why do companies sell shares?
Raise capital.
62
What are assets?
Owned resources.
63
What are liabilities?
Debts owed.
64
What is owners' equity?
Owner’s share.
65
What is liquidity?
Ability to pay short-term obligations.
66
What is the accounting equation?
Assets = Liabilities + Owner’s Equity.
67
What is revenue?
Income from sales.
68
What are expenses?
Costs incurred.
69
What is profit/loss/net income?
Revenue - Expenses.
70
What is a balance sheet?
Snapshot of financial position.
71
What is an income statement?
Shows revenue, expenses, and profit/loss.
72
Role of the Consumer
Consumers drive demand by purchasing goods and services, influencing what businesses produce.
73
Needs:
Essential items required for survival, such as food, water, and shelter.
74
Wants
Non-essential items that enhance quality of life, such as luxury cars or entertainment.
75
Supply
The quantity of a product or service that businesses are willing to offer at various prices.
76
Demand
The quantity of a product or service that consumers are willing to buy at various prices.
77
Planning and Comparing Where to Buy
-Price and Quality: -Features and Services: -Where to Buy: Options include local stores, online platforms, second-hand shops, or wholesalers.
78
What is Ethical Behavior?
Acting in a way that is morally right and socially responsible, following principles of honesty, fairness, and respect for others.
79
How to Resolve Ethical Dilemmas Steps include:
- Identifying the ethical issue. - Considering the impact on stakeholders. - Consulting relevant laws, company policies, or moral guidelines. - Evaluating options and choosing the most ethical solution.
80
CSR principles
Environmental Responsibility Focuses on sustainable practices, reducing carbon footprints, conserving natural resources, and minimizing environmental harm. Economic Responsibility Balances profitability with social and environmental goals to create long-term value for stakeholders and society. Ethical Responsibility Adheres to moral principles, fairness, and respect for human rights, ensuring ethical treatment of employees, customers, and suppliers. Philanthropic Responsibility Involves voluntary actions like donations, supporting social causes, and engaging in community development.
81
(AIDA) Attention
- Goal: Capture the audience's attention. - How: Use eye-catching visuals, bold headlines, or intriguing opening statements. - Example: A billboard with a striking image or a provocative question.
82
(AIDA) Interest
Interest - Goal: Keep the audience engaged by highlighting benefits or unique aspects of the product/service. - How: Provide relevant and appealing information. - Example: A video showing how the product solves a common problem.
83
(AIda) Desire
- Goal: Create a strong emotional connection and make the audience want the product. - How: Showcase testimonials, unique features, or limited-time offers. - Example: "Customers who switched saved 50% on energy costs!"
84
Action (aida)
- Goal: Encourage the audience to take the desired action (purchase, sign up, etc.). - How: Use clear calls-to-action (CTAs) and provide an easy way to follow through. - Example: "Click here to order now!" or "Visit our store today for a free trial."

Business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions