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Intro to Business > Test 1 > Flashcards

Test 1 Flashcards

1
Q

2 sources of wealth

A

labour and capital

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2
Q

sole proprietorship advantages

A 
easy and inexpensive to register
not many regulations
direct control
all profits go to the owner
tax advantages if the business is not doing well
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3
Q

sole proprietorship disadvantages

A

unlimited liability
income is taxable at your personal rate
difficult to raise capital
no continuity

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4
Q

general partnership advantages

A

easy and inexpensive to register
not many regulations
equal share of management, profits
tax advantages if the business is not doing well

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5
Q

general partnership disadvantages

A

unlimited liability
difficult to find a partner
possible conflicts between partners

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6
Q

corporation characteristics

A 
like a person
can own property
existence different from shareholder's
may sue or be sued
can sign contracts
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7
Q

corporation advantages

A

limited liability
ownership is transferable
continuity
easier to raise capital

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8
Q

corporation disadvantages

A

closely regulated
costly to start up
lot of documentation
conflit between shareholders

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9
Q

what is a shareholder?

A

own the corporation through shares
one share = one vote
elect the director

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10
Q

4 corporate officers

A

CEO - executive
CFO - financial
COO - operating
Secretary

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11
Q

CEO

A

ultimate responsibility, reports to board of directors

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12
Q

CFO

A

financial matters, decisions

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13
Q

COO

A

day-to-day affairs

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14
Q

Secretary

A

keeps affairs, documents, records

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15
Q

private vs. public corporation

A

private : often family owned

public: secondary market (stock market)

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16
Q

cooperation characteristics

A

legal entity
owned by members (1 member = 1 vote)
shared needs, shared goals

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17
Q

crown corporations examples

A

Via Rail
Canada Post
Hydro-Québec

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18
Q

types of competition

A

monopoly - none
oligopoly - barely
monopolistic (open) - some
perfect - very

19
Q

internal environment (5)

A 
human ressources
accounting and finance
operations
sales and marketing
management
20
Q

free market = ?

A

capitalism

21
Q

planned economy = ?

A

communism

22
Q

free market characteristics

A

labour and capital for wealth
production and distribution by individuals
prices by supply and demand

23
Q

planned economy characteristics

A

government-owned
classless
loyalty to leader and government

24
Q

four phases of the business cycle

A

expansion
peak
contraction
trough

25
Q

recession definition

A

GDP decline for 2/4

26
Q

depression definition

A

long recession

27
Q

GDP definition

A

the monetary value of all the finished goods and services produced within a country’s borders in a specific time period (a year)

28
Q

economic indicators (4)

A

GDP - gross domestic product
CPI - consumer price index
PPI - producer price index
unemployment rate

29
Q

inflation definition

A

prices rise - too many dollars trying to buy too few goods

30
Q

deflation definition

A

prices drop - too few dollars trying to buy too many goods

31
Q

start from scratch advantages

A

choice of market, products, location

no previous bad decisions

32
Q

start from scratch disadvantages

A

no preestablished clientele
harder to get credit
time consuming
logistics of suppliers, employees

33
Q

SWOT analysis

A

strengths
weaknesses
opportunities
threats

34
Q

4 ps of marketing

A

product
place
price
promotion

35
Q

2 types of markets

A

B2C

B2B

36
Q

pricing - price skimming

A

high price because of development, research

37
Q

pricing - penetration price

A

low price to attract

38
Q

pricing - discounting

A

price cutting, promotions, rewards program

39
Q

pricing - bundling

A

selling two products as a unit

40
Q

types of distribution channels

A 
producer
agent
wholesaler
retailer
customer
41
Q

promotion - advertising

A

paid communication

42
Q

promotion - public relations

A

press conferences, public images

43
Q

promotion - personal selling

A

face-to-face promotion

44
Q

promotion - sales promotion

A

contests, samples, price drop

Intro to Business (1 decks)

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