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Buisness > Unit 3 - Economic Foundations > Flashcards

Unit 3 - Economic Foundations Flashcards

1
Q

List the required parts on a business letter and where each required part is located.

A

1) Letter head in the top left corner
2) Date 2 spaces below the letterhead
3) Inside address 3 spaces below the date
4) Subject line, salutation, body, closing, space for signature, name and title.

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2
Q

How many spaces are required for a signature on a business letter?

A

4 - 6 spaces

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3
Q

List 3 examples of software and 3 examples of hardware.

A

Software = Anything you can’t touch within a computer.
- Apps, codes, and computer programs
Hardware= Anything you can touch within a computer.
- Mouse, screen, and keyboard

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4
Q

Label a window diagram (like the one in the Information Technology PP).

A

1) Title bar
2) Maximize and minimize button
3) Close button
4) Scroll bar
5) Scroll box
6) Status bar

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5
Q

List 2 examples of an operating system.

A

Lenovo and Windows

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6
Q

List 2 examples of an Internet Service Provider.

A

Telus and Freedom

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7
Q

What are the key points in creating a business email?

A

It should be no longer than 1 page in legnth. In a readable font like Times New Roman and size 11-12 in font.

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8
Q

What is the difference between coins and banknotes?

A

Coins are used for smaller donations and are made of metal, where banknotes are used for larger donations and are made of paper/polymer.

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9
Q

List 3 different ways you can tell a banknote is counterfeit.

A

1) Feel the smooth polymer texture
2) Look for transparency through the large window containing a metallic portrait and building.
3) Feel the raised ink in the shoulders and “Bank of Canada”

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10
Q

What are the 4 functions of money?

A

1) Medium exchange - When people exchange goods and services for money.
2) Standard of value - To determine how much goods and services cost.
3) Store of value - Can be saved or stored for future use.
4) Standard of future payment - Allows the customers to calculate the future value of transactions.

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11
Q

List 3 examples of income that an individual or company can earn.

A

Allowance, Gifts, and Employment

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12
Q

What is gross, disposable, and discretionary income.

A

1) Gross - Is money earned by a person before any deductions.
2) Disposable - The total amount of money left after paying for taxes, CPP, and El.
4) Discretionary - The amount of money left over after paying for taxes and essential expenses.

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13
Q

What are the 5 key factors that influence consumers to buy and explain them?

A

1) Income and Price - Family obligations like children and disposable income greatly affects what we buy.
2) Status - Some people feel that having certain products makes them more noticed or better than others.
3) Current trends - Some people rely on trends when purchasing products.
4) Customs and Habits - Customs like family, religon, and community influences what we buy.
5) Promotion - Promotions and advertisements influence what we buy

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14
Q

What is the difference between fixed and variable expenses?

A

Fixed expenses = Expenses that occur on a daily basis and usually cannot be adjusted like phone bills.
Variable expenses = Expenses that differ from one month to the next like clothing and food.

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15
Q

What are the 3 steps to calculate a personal budget?

A

1) Step 1: Determine and calculate the amount of incomes you expect to recieve or earn.
2) Step 2: Determine and calculate the 2 types of expenses.
3) Step 3: Calculate the amount of money left over.

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16
Q

What are gross pay and net pay?

A

Gross pay = The total amount of money earned.
Net pay = Amount of money recieved after deductions.

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17
Q

How do banks make money?

A

Banks make money by providing and earning interest through loans like personal and business loans. Customer deposits provide banks with capital to make these loans and earn money.

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18
Q

Who runs The Bank of Canada and what is its purpose?

A

The Bank of Canada is run by the federal government and they help to keep the economy stable by regulating the money supply.

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19
Q

What are investments?

A

Investments are a way to use money with the hopes to make more money.

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20
Q

List and explain 2 types of investments.

A

1) Bonds - Issued by governments agencies and cooperations when they want to raise more money.
2) Mutual funds - Money is collected from various investors and is pooled together to invest in different assets. v

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21
Q

What is diversification?

A

Diversification is when you spread money over a variety of investments to reduce risk.

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22
Q

List and explain 2 different types of credit.

A

1) Consumer credit - Credit that’s used for personal items.
2) Business credit - Long term credit to purchase land and buildings, along with short term credit to buy goods and supplies.

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23
Q

What is credit used for?

A

Credit is when you use someone else’s money to purchase an item or service than you pay for it later

24
Q

List some advantages and disadvantages of credit.

A

Advantages = Instant employment, convenience, emergencies, and budgeting.
Disadvantages = Interest, impulse buying, and over buying.

25
Q

What is business credit? What are some examples?

A

Business credit is long term credit to buy land and equipment along with short term credit to buy goods and services.

26
Q

List and explain the 3 C’s on how a creditor decides if an individual is credit worthy.

A

1) Character - Borrowers trustworthiness, reliability, and willingness to make loan repayments.
2) Capacity - Borrowers ability to make payments on time.
3) Capital - Value of borrowers assets that can be used to repay debt.

27
Q

List some ways an individual would get out of debt.

A

1) Contact and explain difficulties to creditors.
2) Pay a portion of overdue payments.
3) Put away credit cards.

28
Q

Salutation

A

A greeting used to address an individual.

29
Q

Subject line

A

A brief preview or headline of the contents of the email.

30
Q

Complimentary closing

A

The words such as sincerely to express the senders regard for ther receiver.

31
Q

Return adress

A

If the letter is undeliverable it would be send to the return adress on the envelope.

32
Q

Inside address

A

Is the receivers address.

33
Q

Information Technology

A

Is the study or use of technology for storing, retrieving, and sending information.

34
Q

Desktop

A

The primary screen you see as soon as you turn on your screen.

35
Q

Wallpaper

A

The background of the screen

36
Q

Icons

A

The little picture on the screen the represents softwares or functions.

37
Q

Taskbar

A

The line at the bottom of the screen that has the time, date, etc.

38
Q

Window

A

The rectangular area on the screen that represents the contents of a folder.

39
Q

Operating systems

A

Manges the computers memories and processes, and allows you to communicate with the computer without knowing how to speak its language.

40
Q

Business directory

A

An online list of businesses within a particular niche, location, or category.

41
Q

Internet Serivce Provider

A

A company that provides internet access to anyone.

42
Q

URL

A

The address of a world wide web page. (Universal Resource Locater.

43
Q

Legal Tender

A

Coins and paper money issued by the government of Canada.

44
Q

Counterfeiting

A

Is a fake replica of a genuine product like money.

45
Q

Inflation

A

The increase of prices over a given period of time.

46
Q

Consumer Price Index

A

A figure that represents purchasing power.

47
Q

Net Income

A

The amount of money someone has after deductions.

48
Q

Gross Income

A

The total amount of money someone has earned before any deductions.

49
Q

Start-Up Business Budget

A

Shows the money needed to open a business.

50
Q

Operating Business Budget

A

Sets out ongoing expenses for a business.

51
Q

Risk

A

Factors that can cause something bad to happen.

52
Q

Liquidity

A

How quickly you can get your hands on cash.

53
Q

Credit rating

A

An estimate of someones ability to fulfill their financial commitments based on their past actions.

54
Q

Shares

A

A piece of ownership over a company.

55
Q

Stock Market

A

A place where sellers and users meet together to make trades.

56
Q

Dividend

A

When a company gives a portion of their company back to shareholders.

57
Q

Debentures

A

Same as bond, but there is no collateral.

Buisness (3 decks)

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