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Grade Ten - Business > Unit 2 Test > Flashcards

Unit 2 Test Flashcards

1
Q

what is an Entrepreneur

A

someone who organizes, manages, and takes on the risk of starting and operating a new enterprise

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2
Q

what is an invention

A

creating an entirely new product

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3
Q

what is an innovation

A

taking an existing product aand making changes based on the needs of consumers to improve it

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4
Q

what is a patent

A

gives you the legal right to exclusively make and sell a product (no on can copy your idea)

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5
Q

what is a trend

A

patterns that occur in the marketplace

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6
Q

what is a manager

A

a person responsible for controlling or administering all or part of a company orr similar organization

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7
Q

what are the pros of being an entrepreneur

A 
- Complete control 
can oversee any decisions made 
- can bring an idea to reality 
- flexible schedule 
- educational 
- you decide your salary 
- there’s more freedom
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8
Q

what are the cons of being an entreprenur

A 
riskier for you 
takes a lot of personal funds 
- takes a lot of 
- perseverance 
- tedious  
- work-life balance is - difficult to manage 
- a lot of responsibility 
- a lot of stress
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9
Q

what are some skills and characteristics of an entrepreneur

A 
self-discipline,
motivated,
determined,
hardworking,
risk-takers,
creative,
ambitious,
leadership,
organized,
passionate,
flexible,
responsible
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10
Q

what are the four steps in the entrepreneurial process

A
  1. idea generation
  2. evaluate solutions to develop oppertunities
  3. choose the solution
  4. anticipate future challenges
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11
Q

what are some examples of an invention

A

vaccinations, the internet, lightbulbs

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12
Q

what are some examples of an innovation

A

mobile phone, music players

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13
Q

what are some canadian inventions

A

heart pacemaker, snowblower, ovens, walkie talkie, goalie mask, snowmobile

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14
Q

what are the four functions of a manager

A

leading, controlling, planning, organizing

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15
Q

what are the three leadership styles

A

autocratic, democratic, laissez-faire

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16
Q

what is human resources management

A

they are responsible for managing people, specifically attracting, developing, and keeping good, satisfied employees

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17
Q

what are the six functions of HR

A

recruitment, selection, training, employee assessment, compensation, employee relations

18
Q

what is employee turnover

A

when employees quit and we need to hire new ones

19
Q

what is unlimited liability

A

the owners financial responsibility for the business is unlimited

20
Q

what is limited liability

A

the owners financial responsibility is limited to the amount you invested in the business

21
Q

what are the three types of business ownership

A

sole proprietorship, partnership, corporation

22
Q

what are the pros of a sole propriertorship

A

complete control

  • sole decision-maker
  • you are your own boss
  • keep all the profits
  • do what you want
  • privacy
23
Q

what are the cons of a sole-proprietorship

A
  • you take all the risk
  • you need to take out a loan in your name
  • no one to manage you and keep you in check
  • you don’t have a second opinion
  • more work is required
  • you are responsible for all your decisions
24
Q

what are the pros of a partnership

A
  • more ideas
  • share responsibility
  • share the start-up costs and financial costs
  • share work/time
25
Q

what are the cons of a partnership

A
  • conflict/disagreement between partners
  • share the profit
  • relying on other partners that may make decisions that you disagree with
  • lose control/say - not your ideas
26
Q

what is leading

A

a function of a manager that motivates employees as well as monitoring the employees and their work

27
Q

what is organizing

A

a function of a manager that uses physical, human and financial resources to achieve an objective. assign tasks, delegate authority

28
Q

what is planning

A

the function of a manager that decides where the company is going and how to take them there

29
Q

what is controlling

A

the function of a manager that determines company goals and identifies what is holding them back from achieving them

30
Q

what is autocratic leadership

A

when the leader makes decisions without the input of their employees

31
Q

what is democratic leadership

A

when the leader makes the final decision based on input and advice from others

32
Q

what is Laissez-faire Leadership

A

when the leader lets the employees make decisions on their own. The leader just acts as a guide

33
Q

what is recruitment

A

a function of hr that is responsible for attracting people to come and work for the business

34
Q

what is selection

A

the function of hr of hiring (choosing) the right people to come work for the company.

35
Q

what is training and development

A

the function of hr that
trains employees on specific skills that are needed in the job. It is also responsible for helping employees develop leadership, communication, and teamwork skills.

36
Q

what is employee assessment

A

the funtion of hr that is responsible for creating formal evaluations of employees to see what they are doing wrong and right so that they can help them to improve

37
Q

what is employee compensation

A

the function of hr that is responsible for
rewarding employees by determining employee salaries, wages and any bonuses, employee benefits (dental care, gym membership, eye care etc.)

38
Q

what is employee relations

A

is responsible for keeping employees happy and satisfied, it would include Social events, Health and safety in the workplace. It makes sure that the company has a good relationship with its employees.

39
Q

what is sole propriertorship

A

a business owned by one person

40
Q

what is a partnership

A

a business owned by two or more people

41
Q

what is a corporation

A

a type of business ownership in which the business is seen as a separate legal entity from the owners

Grade Ten - Business (4 decks)

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