Unit 1

Question 1

the use of a third party to settle a dispute by examining the arguments of the disputing parties and than imposing binding decision on the parties

Answer 1

Arbitration

Question 2

The pattern of activities a company uses to make a profit

Answer 2

Business Model

Question 3

A department of the federal government that acts as Canada’s tax collector

Answer 3

Canada Revenue Agency

Question 4

A legal form of business that exists separately from its owners (shareholders) who have limited liability for the company’s debts

Answer 4

Corporation

Question 5

Educators and employers in Canada are cooperating to foster these skills in graduates. Communications, teamwork, and computer literacy

Answer 5

Employability Skills

Question 6

Someone who risks money to make a profit

Answer 6

Entrepreneur

Question 7

Abilities that ensure the capability to make a profit. These include financial, negotiation and people skills

Answer 7

Entrepreneur Skills

Question 8

An unsatisfied need or opportunity in the market place, produced by some kind of change that has taken place. Changes may be political, social, cultural etc.

Answer 8

Gap

Question 9

Two or more people own and have the right to manage the company. Each owner in this agreement has unlimited liability for all debts of the company

Answer 9

General Partnership

Question 10

Studies that are based on flawed logic or poor application of scientific methods

Answer 10

Junk Research

Question 11

A situation where company owners do not have personal responsibility for the debts of their company

Answer 11

Limited Liability

Question 12

A legal from of business with some partners (at least 1) having unlimited liability and having some limited liability

Answer 12

Limited Partnership

Question 13

The general geographic area where a business can be found; neighborhood, municipality, region

Answer 13

Location

Question 14

The use of a neutral third party to settle a dispute by assisting the sides to come to a voluntary agreement

Answer 14

Mediation

Question 15

A very small business having fewer than 5 employees

Answer 15

Micro Enterprise

Question 16

The contract between two or more people who are entering business ownership together

Answer 16

Partnership Agreement

Question 17

Someone who would rather work for an employer but is forced into self-employment because they cannot find a suitable job in their chosen field

Answer 17

Reluctant Entrepreneur

Question 18

A specific place where a business is conducted; a particular address, suite, building, or block of streets

Answer 18

Site

Question 19

Independently owned organization existing to make a profit for its owner. Less than 500 employees

Answer 19

Small Business

Question 20

Legal form of business where 1 person owns and has legal rights to operate the company. Has unlimited liability for he company debts.

Answer 20

Sole Proprietorship

Question 21

Specializing in a particular group of potential customers

Answer 21

Targeting

Question 22

All of the illegally unreported business and consumer transactions conducted for cash or barter on which taxes are not paid

Answer 22

Underground Economy

Question 23

Total personal responsibility for the debts of a business

Answer 23

Unlimited Liability

Question 24

A legal form of business where employees are the owners of the company. Each owner has one equal vote in selecting management and directing the company

Answer 24

Worker Cooperative