Unit 1

Question 1

What is the correct Chicago style citing for websites

Answer 1

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

Question 2

What is the correct Chicago style citing for books

Answer 2

I

Question 3

Define product

Answer 3

Thing that people are able to purchase

Question 4

Define service

Answer 4

the action of helping or doing work for someone

Question 5

Define needs

Answer 5

Things you must have in order to stay alive

Question 6

Define wants

Answer 6

Things that are in extra in your life

Question 7

List factors that influence a persons needs or wants

Answer 7

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

Question 8

Define trend

Answer 8

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

Question 9

Give an example of a trend

Answer 9

Women entering the workforce

Question 10

What is a Fad

Answer 10

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

Question 11

Give an example of a fad

Answer 11

Silly Bandz

Question 12

How are trends and fads similar

Answer 12

They both spark a rise in economy

Question 13

Define Maslow’s hierarchy of needs

Answer 13

Scale that determines needs from greatest to least

Question 14

From bottom to top, name the different types of needs

Answer 14

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

Question 15

Who create Maslow’s hierarchy of needs

Answer 15

Abraham Maslow

Question 16

Where were Abraham’s findings published

Answer 16

ask

Question 17

What was Abraham’s profession

Answer 17

He was a psychologist

Question 18

How Does Maslow’s hierarchy of needs impact business decisions

Answer 18

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

Question 19

Define budgeting

Answer 19

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

Question 20

Define gross pay

Answer 20

How much money you make before tax deductions

Question 21

Define net pay

Answer 21

The total money left over after taxes and deductions

Question 22

What is disposable income

Answer 22

Another word for net pay

Question 23

What is discretionary income

Answer 23

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

Question 24

Define income taxes

Answer 24

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

Question 25

Define CPP

Answer 25

Canada pension plan

Question 26

Define fixed expenses

Answer 26

Expenses that her monthly and do not vary

Question 27

Give an example of fixed expenses

Answer 27

Mortgage and car loan and insurance

Question 28

Define income

Answer 28

Money received through work or investments

Question 29

Name for ways Canadians can bank

Answer 29

ask

Question 30

What are the different banking services

Answer 30

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

Question 31

What is a mortgage

Answer 31

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

Question 32

What is a loan

Answer 32

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

Question 33

What is a line of credit

Answer 33

The amount of credit extended to the borrower

Question 34

Define investments

Answer 34

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

Question 35

What is a bank account

Answer 35

Account set up in the bank to hold your money

Question 36

Name three ways of banks make money

Answer 36

Through bonds, loans and charging high interest

Question 37

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

Answer 37

ask

Question 38

What is CIDC

Answer 38

Canada Deposit Insurance Corporation,

Question 39

What are trust companies

Answer 39

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

Question 40

What is a credit Union

Answer 40

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

Question 41

Define credit

Answer 41

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

Question 42

What is a creditor

Answer 42

Person or company to him the money is owed

Question 43

What is a debtor

Answer 43

The person or company who owes the money

Question 44

What are different types of loan

Answer 44

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

Question 45

What is School loan

Answer 45

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

Question 46

What are the three C's for applying for credit

Answer 46

Character, capital, and capacity

Question 47

What is the 20/10 rule

Answer 47

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.

Question 48

Define stock market

Answer 48

Place to sell and trade stocks

Question 49

Define share holder

Answer 49

A person who owns stocks

Question 50

define bull market

Answer 50

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

Question 51

Define bear market

Answer 51

a market in which prices are falling, encouraging selling.

Question 52

What is full brokerage

Answer 52

Going to somebody to help you do stocks

Question 53

Define discount brokerage

Answer 53

doing the brokerage on your own

Question 54

Define book market

Answer 54

ask

Question 55

Find market Value

Answer 55

ask

Question 56

define dividends

Answer 56

a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).

Question 57

WHAT IS SIMPLE INTEREST

Answer 57

Interest earned only on the principle

Question 58

What is principal

Answer 58

The original amount of money you deposit or borrow

Question 59

What is compound interest

Answer 59

The interest paid on the original principal and the interest

Question 60

What is the formula for simple interest

Answer 60

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

Question 61

What is the formula for compound interest

Answer 61

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

Question 62

What is balance?

Answer 62

balance of an account is the principle plus interest earned