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Business- Grade 10 > Unit 1- Business Fundamentals > Flashcards

Unit 1- Business Fundamentals Flashcards

1
Q

What are the three types of businesses?

A

Service
Retail
Manufacturing

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2
Q

What is a not for profit organization?

A

A business with a purpose of something other than profit for themselves.

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3
Q

What is a business?

A

An organization that produces or sells goods or services to satisfy the needs, wants and demands of consumers.

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4
Q

What is manufacturing?

A

A business that makes profit from raw materials and then sells them

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5
Q

Profit= ?

A

Profit= Revenue-costs-expenses

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6
Q

What is a profit?

A

What is left after costs and expenses are paid

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7
Q

What are expenses?

A

The cost of running a business

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8
Q

What are costs?

A

The amount of money required to make the product.

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9
Q

What are the factors of production?

A

Natural Resources
Human Resources
Capital Ressources
Entrepreneurship

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10
Q

What are natural resources?

A

Material supplied by nature

Ex. Soil, Trees, Wildfire

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11
Q

What are Human Resources?

A

The people who work to create the goods and services.

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12
Q

What are capital resources?

A

The buildings, equipment, and tools used

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13
Q

What is entrepreneurship?

A

A person who combines other factors of production to earn a profit.

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14
Q

What are the stages of Maslow’s Hierarchy of needs?

A 
Physiological Needs
Safety Needs
Love and Belonging Needs
Esteem Needs
Self-Actualization
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15
Q

What are the factors that influence consumption?

A
  1. Income and Price
  2. Status
  3. Current Trends
  4. Customs and Habits
  5. Safety
  6. Promotion
  7. Situational Influences
    • Time
    • Physical and Social Surroundings (where)
    • Terms and Conditions of Purchase
    • Objective of Purchase (why)
    • States and Moods
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16
Q

What are the types of business ownership?

A
  • Sole Proprietorship
  • Partnership
  • Corporations
  • Franchises
17
Q

What are advantages of a sole proprietorship?

A
  • You receive all profits
  • You can be your own boss
  • Easy startup
18
Q

What are disadvantages of a sole proprietorship?

A
  • Unlimited Liability
  • You are responsible for all losses
  • Harder to borrow money
  • You may not be farmiliar with all aspect of the business
19
Q

What are advantages of a partnership?

A
  • Easier to borrow money
  • Shared responsibilities
  • Inexpensive to set up and organize
20
Q

What are disadvantages of a partnership?

A
  • Unlimited liability in a general partnership
  • Difficult to find partners
  • You may disagree on things
21
Q

What are the advantages of a corporation?

A
  • Limited liability
  • Ran by a board of directors
  • Ownership is easily transferable
  • More financial resources
  • Easier to get a loan from the bank
22
Q

What are the disadvantages of a corporation?

A
  • If you don’t own a lot of shares, you don’t have much influence
  • Costly to start up
  • Closing can be costly and time consuming
  • Changes in the stock market could affect finances
23
Q

What are the advantages of a franchise?

A
  • Brand recognition
  • Training period for franchisees and employees
  • Shared advertising with other locations of the same franchise
  • Less stress in initial set-up
24
Q

What are the disadvantages of a franchise?

A
  • Franchise fee
  • Monthly fee
  • Expensive to buy
  • Little say in business decisions
25
Q

What is the law of supply?

A

As prices go up, supply goes up

As prices go down, supply goes down

26
Q

What is the law of demand?

A

As prices go up, demand goes down

As prices go down, demand goes up

27
Q

What is the equilibrium?

A

Where demand and supply meet. This is where what consumers want to buy is equal to what producers want to sell.

28
Q

What are the four factors that cause a change in demand?

A
  • Change in income
  • Change in population
  • Change in consumer tastes/preferences
  • Change in consumer expectations
28
Q

What are the four factors that cause a change in supply?

A
  • Change in the number of producers
  • Change in the costs of production
  • Changes in technology
  • Changes in the environment

Business- Grade 10 (2 decks)

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