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BBI - Intro to Business > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

What is the profit equation?

A

Profit = Revenue – Expenses

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2
Q

Is a glass of water considered a want?

A

No

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3
Q

How many owners does a sole proprietorship have?

A

One

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4
Q

Who owns and operates a Crown Corporation?

A

The Government

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5
Q

_________________ means the owner is responsible for claims against the business that goes beyond the amount invested and can extend to personal assets.

A

Unlimited Liability

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6
Q

Which types of business ownership sell their shares on a public stock exchange?

A

A Corporation

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7
Q

What are the 3 types of corporations?

A

Public, Private & Crown

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8
Q

What are the 3 kinds of economic resources?

A

Natural, Human & Capital

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9
Q

Is a doctor an example of a capital resource?

A

No

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10
Q

What does E-commerce stand for?

A

Electronic Commerce

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11
Q

A moral problem that occurs when a business has a decision to make that weighs values and morals against profitability and competitiveness is called …

A

An Ethical Dilemma

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12
Q

An employee who informs company officials or the public about a legal or ethical violation that has occurred in their workplace is called …

A

A Whistleblower

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13
Q

True or False: Fraud is the crime of lying or pretending.

A

True

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14
Q

Buying or selling of company shares based on confidential information that is not available to the general public is known as …

A

Insider Trading

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15
Q

What 3 basic rights do workers have in the workplace?

A

To refuse unsafe work, to participate in workplace health and safety activities and to know about actual workplace hazards.

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16
Q

All the business transactions necessary for creating, shipping and selling goods and services across national borders is called …

A

International Business

17
Q

One of the disadvantages to International Trade are the hidden costs of doing business that have a negative impact on people or the environment. These costs are called …

A

Social Costs

18
Q

True or False: An import is a good or service produced in Canada but sold in another country.

A

False

19
Q

An agreement between countries which allows goods and services to flow more freely across their borders, such as the NAFTA or CUSMA, is called …

A

A Trade Agreement

20
Q

The relationship between a country’s total imports and total exports is known as …

A

The Balance of Trade

21
Q

The people who buy goods and services are known as …

A

Consumers

22
Q

Businesses that make products or provide services are known as …

A

Producers

23
Q

True or False: Wants are items necessary for survival such as food, clothing or shelter.

A

False

24
Q

The quantity of the good or service that consumers are willing and able to buy at a particular price is referred to as …

A

Demand

25
Q

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

A

Supply

26
Q

Who licenses the rights to its name, operating procedure, designs and business expertise to another business?

A

The Franchiser

27
Q

Start up money for a business is available through two kinds of sources. What are those two sources?

A

Debt Financing and Equity Financing

28
Q

_________ is the relocation of some of a company’s operations to another country.

A

Offshoring

29
Q

What is it called when one company combines with or takes over ownership of another company?

A

A Merger

30
Q

_________ are the rules that help us tell the difference between right and wrong, and encourage us to do the right thing.

A

Ethics

31
Q

A business that is concerned about how they protect consumers and the treatment of their employees and shareholders is demonstrating __________________.

A

Corporate Social Responsibility

32
Q

__________ refers to those behaviours that are found to be threatening or disturbing, those that are not acceptable in society.

A

Harassment

33
Q

__________ is the practice of helping producers in developing countries bypass middlemen so they can sell their goods in other countries for a fair profit.

A

Fair Trade

34
Q

An invisible barrier often facing women, disabled or those from visible minority groups as they approach senior management positions is called …

A

The Glass Ceiling

35
Q

Selling a pair of Roots track pants made by Roots to a Canadian resident is considered what type of transaction?

A

A Domestic Transaction

36
Q

What kind of labour is defined as regular employment of children under the age of 16?

A

Child Labour

37
Q

A form of tax charged on certain imports, and used by the government to help manage trade are called …

A

Tariffs or Custom Duties

38
Q
  1. An ______________ is a tax on the manufacture, sale or consumption of a product within a country.
A

Excise Tax

BBI - Intro to Business (2 decks)

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