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Grade 10- Business > Unit 2 test material > Flashcards

Unit 2 test material Flashcards

1
Q

What is accounting?

A

it is the proccess of recording, analyizing and interpreting the financial activities of a business

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2
Q

What are transactions?

A

they are any business activity that involves changing the financial position or net worth of a company or person

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3
Q

What is bookkeeping?

A

the recording of all these transactions

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4
Q

What is a double entry accounting system?

A

each transaction consists of changing at least 2 accounts

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5
Q

What is an asset?

A

things of value that we own. Ex. house, car, cash, toys, electronics, etc.

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6
Q

What is a liability?

A

they are things, debts, cash, that we owe to other people or companies. ex. mortages, bank lons, accounts payable, etc.

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7
Q

What is owner’s equity?

A

it is the net worth of a company or person. Owner’s Equity= Assets-Liabilities

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8
Q

What is net worth?

A

Net worth= amount we own- amount we owe or net worth= assets- liabilities

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9
Q

What are the 4 steps of the production process?

A
  1. Purchasing
  2. Processing
  3. Quality Control
  4. Grading
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10
Q

What is purchasing?

A

the main job is to aquire the needed products at the best rpice. They are usually raw materials. /some large companies have their own purchasing departments.

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11
Q

What is processing?

A

converts one thing into another. This may require large amounts energy depending on what is being made.

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12
Q

What is quality control?

A

ensures that the product confrosm to certain standards. Standards are usually set by the company, but some products (food, medicine) must meet government standards.

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13
Q

What is grading?

A

Some products are checked for size and quality against fixed standards for the product catergory.

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14
Q

What are the 6 factors of Production?

A
  1. Management
  2. Natural Resources
  3. Raw Materials
  4. Labour
  5. Capital
  6. Information
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15
Q

What is management?

A

allocates the companies resources, bothcapital and human an deciedes what to buy, to make and to hire

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16
Q

What is natural resources?

A

everything is made of 6 types of natural resources: fishing/trapping, agriculture, mining, water, fuel/energy, and forestry

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17
Q

What is raw materials?

A

are unfinished goods from nature used in manufactereuring finished goods. Almost all natural resources we consume were once raw materials

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18
Q

What is labour?

A

Includes all physcial and mental work needed to produce gods and services

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19
Q

What is capital?

A

is the money invested in a business. Liquid capital: cash, stocks, bonds, accounts payable. Non-liquid: buildings, equipment, property, etc.

20
Q

What is information?

A

to produce goods and services competitively in a global economy requires information: about new technology, customers, competition, political conditions, etc.

21
Q

What are the 4 functions of management?

A
  1. Planning
  2. Organizing
  3. Leading
  4. Controlling
22
Q

What is planning?

A

setting realistic short and long term goals and deciding how to achieve them. The long term economic goals of most businesses is to maximize profit and msot short term goals are expressed as sales or income targets. Managers must develop strategies to achieve these goals

23
Q

What is organizing?

A

arranging people and tasks to carry out the businesses plans. Each department hires employees and writes job descriptions. Many companies are organized into 3 levels of managemtnt (see levels of management note)

24
Q

What is leading?

A

Focus employees on achieving objectives and motivate staff to accomplish them. Leading teams and managing confict or stress. Communicating effectively and encouraging staff which increases productivity. A good leader communicates directions clearly and effectively.

25
Q

What is controlling?

A

Increase, maintain or decrease hte resources they are allocated. Employee desicpline, performance appraisals, and budgeting. //the budgeting proccess is very important as it can be cut if a department fials to reach its goals.

26
Q

What is an autocratic leader?

A
  • takes control, does not allow employees to participate in the decision making proccess
  • works best when getting instructions that must be followed quickly and without questions. Often good in large corporations, military, government organization.
  • not goos because there are no second opinions, so decisions could be wrong, employees are not part of the decision making, can feel undervalued
  • ex. mussolini, Attila de Huyn, Stalin, Hitler
27
Q

What is lassiez-faire leadership?

A
  • leave employees alone to do their job without direction
  • works best when the company is looking for creativity, uniqueness and artistic
  • not good because when you need a job done a specific way, quickly, instructions must be followed
  • Ex. Larry Page (Google), Ghandi
28
Q

What is democratic leadership?

A
  • lets employees contribute to the decision making proccess, but someone is in charge and has final say
  • works best when: most of the time, large corporations, voting system in place
  • not good beacuse employees may not see the bug picture and voting leads to wrong decision
  • ex. Stephan Harper, Obama
29
Q

What are the 9 functions of human resources?

A 
1- research the labour market
2- determine the need for new employees
3- look for the right employee
4- application proccess and interviews
5- job training 
6- keeping good employees
7- employees who leave the company 
8- handling compensation
9- health and safety
30
Q

What is the role: research the labour market?

A
  • which occupations and skills are available?
  • what education and training are provided?
  • what are the economic conditions in the area?
  • they also make occupational forecasts (predict the future job market)
31
Q

What is the role: determine the need for new employees

A
  • develop a staffing plan (how many employees are needed when it opens and in the future)
  • forecast a companies employee turnover (the rate that employees join and leave a company)
32
Q

What is the role: look for the right employee

A
  • how can you find employees:

- tv ads, personal reference, employees wanted, job fair, recruit on university/college campus, co-op programs

33
Q

What is the role: application proccess and interviews

A
  • recieve applicationa and resumes and choose applicants whose qualifications meet those of the job
  • interview proccess: questions (regarding personalityt, work habits, interests,etc.) and reference check
34
Q

What is the role: job training

A
  • oreintation- take a tour of workplace and meet other employees
  • introduced to businesses policies (work hours, rules of behaviour, dress codes)
  • training on equipment
35
Q

What is the role: keeping good employees

A
  • perks:

- raises, more hours, cafeteria, daycare service, games room

36
Q

What is the role: employees who leave the company

A
  • Departures: employees who leave a company voluntarily:cut a deal instead of getting laid off, found a better job, job dissatisfaction, maternity leavve/family requirements
  • dissmissals: employees who leave involuntarily: get fired, company goes bankrupt/employee layoffs
  • Retirements: HR organizes an employees pension (a smaller income for the rest of their lives)
37
Q

What is the role: handling compensation

A

types:

  • hourly wages
  • salary
  • salary plus comission
  • straight comission
  • incentive bonus
  • performance based
  • fee for service
  • royalty/liscensing fee
38
Q

What is the role: health and safety

A
  • sick pay:coordinate paying wages to employees who are absent due to illness
  • ergonomics: ensure the workplace is safe
  • WHMIS: designed to prevent accidents in the workplace
39
Q

What are the 4 P’s and 2 C’s of marketing?

A 
Product
Price
Place
Promotion
Consumer 
Competition
40
Q

What is product?

A

make sure the product has good quality, design, features, benefits, and service or support. (product/service mix)

41
Q

What is price?

A

how it compares with competitors, customers perception of its value, its impact on sales and profit.

42
Q

What is place?

A

how your product gets to the customer (channel of distribution)Includes: direct, indirect and speciality channels

43
Q

What is promotion?

A

how a company encourages consumers to buy the product (coupons, samples, etc.) Includes: coupons, contests, premiums, samples, special events, advertising, publicity.

44
Q

What is competition?

A

other businesses that compete for the consumers dollar. Can be direct or indirect

45
Q

What is consumer?

A

characteristics of people who buy the product. Include:

Age, gender, family life cycle, income level, ethnicity and culture

Grade 10- Business (4 decks)

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