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Grade 10 business > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

What is the correct Chicago style citing for websites

A

Firstname Lastname, “Title of Web Page,” Publishing Organization or Name of Website in Italics, publication date and/or access date if available, URL.

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2
Q

What is the correct Chicago style citing for books

A

I

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3
Q

Define product

A

Thing that people are able to purchase

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4
Q

Define service

A

the action of helping or doing work for someone

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5
Q

Define needs

A

Things you must have in order to stay alive

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6
Q

Define wants

A

Things that are in extra in your life

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7
Q

List factors that influence a persons needs or wants

A

Society, interests, priorities, income, trends and fads, culture, age

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8
Q

Define trend

A

A general direction in society that may last for a long time

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9
Q

Give an example of a trend

A

Women entering the workforce

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10
Q

What is a Fad

A

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

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11
Q

Give an example of a fad

A

Silly Bandz

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12
Q

How are trends and fads similar

A

They both spark a rise in economy

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13
Q

Define Maslow’s hierarchy of needs

A

Scale that determines needs from greatest to least

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14
Q

From bottom to top, name the different types of needs

A

Psychological, safety, love and belonging, esteem, self actualization

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15
Q

Who create Maslow’s hierarchy of needs

A

Abraham Maslow

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16
Q

Where were Abraham’s findings published

A

ask

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17
Q

What was Abraham’s profession

A

He was a psychologist

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18
Q

How Does Maslow’s hierarchy of needs impact business decisions

A

It helps us to understand consumer buying and behavior, helps understand the psychological factors that determine their in behavior and that’s consumers buying behaviour [money], and of these develop products to help satisfy particular needs and they can focus on one need or multiple needs at a time

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19
Q

Define budgeting

A

A plan that is developed to help track finances and set financial goals. It is set for certain amount of time Budgets help us track a much money we bring in and spend

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20
Q

Define gross pay

A

How much money you make before tax deductions

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21
Q

Define net pay

A

The total money left over after taxes and deductions

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22
Q

What is disposable income

A

Another word for net pay

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23
Q

What is discretionary income

A

The total left over after you’ve paid for all of your necessary bills

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24
Q

Define income taxes

A

Certain amount of money taken by the government pending on how much money you make per year

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25
Q

Define CPP

A

Canada pension plan

26
Q

Define fixed expenses

A

Expenses that her monthly and do not vary

27
Q

Give an example of fixed expenses

A

Mortgage and car loan and insurance

28
Q

Define income

A

Money received through work or investments

29
Q

Name for ways Canadians can bank

A

ask

30
Q

What are the different banking services

A

Mortgage, loans, wine of credit, investments [GICs/mutual funds], bank accounts

31
Q

What is a mortgage

A

When you get a loan from the bank and in order to pay it off you give them a monthly amount each month until it is all paid off

32
Q

What is a loan

A

an amount of money a company or bank will give you with expected interest in return

33
Q

What is a line of credit

A

The amount of credit extended to the borrower

34
Q

Define investments

A

When you put money into a certain project or stock expecting to get money back in return

35
Q

What is a bank account

A

Account set up in the bank to hold your money

36
Q

Name three ways of banks make money

A

Through bonds, loans and charging high interest

37
Q

What is the difference between schedule one, two, and three banks

A

ask

38
Q

What is CIDC

A

Canada Deposit Insurance Corporation,

39
Q

What are trust companies

A

Similar to banks but can manage estates, pension plans, trusts and banks can’t

40
Q

What is a credit Union

A

Geared towards employers, ethnic backgrounds, geo areas and provides them with benefits, it is member controlled

41
Q

Define credit

A

The ability of a customer to obtain goods or services with the trust that they will pay for it later

42
Q

What is a creditor

A

Person or company to him the money is owed

43
Q

What is a debtor

A

The person or company who owes the money

44
Q

What are different types of loan

A

Credit cads, store credit, mortgage, line of credit, school loan [osap or bank loan)

45
Q

What is School loan

A

Money given to students so that they can do post secondary school

46
Q

What are the three C’s for applying for credit

A

Character, capital, and capacity

47
Q

What is the 20/10 rule

A

avoid borrowing more than 20 percent of your annual net income on all of your loans (not including a mortgage). And payments on those loans shouldn’t exceed 10 percent of your monthly net income.

48
Q

Define stock market

A

Place to sell and trade stocks

49
Q

Define share holder

A

A person who owns stocks

50
Q

define bull market

A

a market in which share prices are rising, encouraging buying.

51
Q

Define bear market

A

a market in which prices are falling, encouraging selling.

52
Q

What is full brokerage

A

Going to somebody to help you do stocks

53
Q

Define discount brokerage

A

doing the brokerage on your own

54
Q

Define book market

A

ask

55
Q

Find market Value

A

ask

56
Q

define dividends

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 SIMPLE INTEREST

A

Interest earned only on the principle

58
Q

What is principal

A

The original amount of money you deposit or borrow

59
Q

What is compound interest

A

The interest paid on the original principal and the interest

60
Q

What is the formula for simple interest

A

I (interest earned)= p(principle)r(interest rate per year)t(time in years)

61
Q

What is the formula for compound interest

A

B(balance)=p(principle) [1 + r(interest rate per year)] Time —that is a power

62
Q

What is balance?

A

balance of an account is the principle plus interest earned

Grade 10 business (4 decks)

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