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Business > What is a business? > Flashcards

What is a business? Flashcards

is a persons regular occupation, profession or trade

1
Q

What is a business?

A

A person’s occupation, profession or trade.

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2
Q

For - Profit?

A

Companies like McDonalds and Wendys who sell products for profit.

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3
Q

Non - For Profit

A

Charities that fundraise money to benefit towards other organizations or companies

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4
Q

Revenue

A

The money a company brings from its sales of goods and services

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5
Q

Expenses

A

The payments involved in running a business and the assets that get “used up” operating it.

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6
Q

Profit

A

The income left after all costs and expenses are paid. To help better your product or you can use it to reinvest and expand your company, or for your personal use

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7
Q

Solvent

A

When a company is able to pay all of its debts and financial obligations.

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8
Q

Insolvent

A

When a company cannot afford to to pay off its debts and finical obligations

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9
Q

Channels of Distribution?

A

Retail, Online, Telephone

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10
Q

Entreprenuer

A

individuals who are risk takers and problem solvers, aware of things happening in their surroundings and take advantage of it.

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11
Q

Debt Financing

A

Capital Resource. Borrowing money to start a business.

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12
Q

Equity Financing

A

Using your money or investor savings to help save money.

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13
Q

Economic Resources (factors of production)

A

Natural Resource, Human Resource, Capital Resource (any made products / equipment used in business)

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14
Q

Joint Venture

A

Match the skills or expertise of individuals or businesses to generate both parties. Still separate but help each other.

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15
Q

Mergers

A

Businesses or companies join together

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16
Q

International Franchisee

A

A international franchise is a way to achieve an international presence by buying the rights to a chain operation from the franchiser or selling rights to your franchise in another country.

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17
Q

Strategic Alliances

A

Strategic Alliances occur when two or more business agree to commit particular resources to achieve a common set of objectives. Alliance partners remain separate and entirely independant of each other.

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18
Q

Multinational Corporation

A

A business enterprise that conducts business in another country or several different countries is a multinational corporation. A multinational corporations offers different health benefits to the country it invests in. Some positive benefits include new jobs and training for people.

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19
Q

Sole Proprietorship

A

Sole Owner; have full responsibility of the business

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20
Q

Partnership

A

When two people are running a business; profit is split

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21
Q

Corporation

A

Perhaps the most advantageous way to start a business because it exits as a separate entity.

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22
Q

Co-operative

A

Member-owned business structure with at least five members. All whom have equal voting rights regardless of their level of involvement or investment.

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23
Q

Franchise

A

Owens or “franchisors” sell the rights to their business logo, name, and model to a third party retail outlets, owned by independant, third party operators called “franchisees”, Franchises is an extremely common way of doing business

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24
Q

Economic Systems

A

Way of dealing with the selection, productions, distribution and consumption of goods and services. Government and business also work together.

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25
Q

Economics

A

Social Science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants.

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26
Q

Microeconomics

A

The study of decisions that people and businesses make regarding the allocations of resources and prices of goods and services.

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27
Q

Macroeconomics

A

Focuses on supply and demand and other forces that determine the price levels seen in the economy.

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28
Q

Demand: As the price of the product increases…

A

demand for the product decreases.

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29
Q

Demand: As the price of the product decreases…

A

demand for the product increases.

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30
Q

Factors that affect demand?

A

Income, Advertising, Substitutes, Compliments, Expectations

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31
Q

Supply: As the price of the product increases…

A

the supply of that product increases.

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32
Q

Supply: As the price of the product decreases…

A

the supply of the product decreases.

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33
Q

Factors that affect supply:

A

Change in productions costs, Natural Conditions, Expectations

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34
Q

Canadian Currency: Individuals

A

Have to pay more, could be accused

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35
Q

Canadian Currency: Businesses

A

Lose money, bankrupt can occur, might not be able to get money back, police need to get involved

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36
Q

Canadian Currency: Economy

A

Lower amount of cash in economy, lower amount of economy in general

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37
Q

Bank of Canada

A

loss of money, lawsuits

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38
Q

All Canadians

A

anyone can receive it, increases prices

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39
Q

How to detect front of Canadian Bill?

A
  1. Metallic Portrait
  2. Large Window
  3. Transparent Text
  4. Small Numbers
  5. Maple Leaf Border
  6. Metallic Building
  7. Raised Ink
  8. Hidden Number
  9. Frosted maple leaf window
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40
Q

How to detect back of Canadian Bill?

A
  1. Metallic Portrait
  2. Small numbers
  3. Metallic Building
  4. Maple leaf border
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41
Q

Factors - D

A

Deficit: the amount of which something, especially a sum of money, is too small.

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42
Q

Factors - S

A

Surplus: an amount of something left over when requirements have been met; an excess of production or supply over demand.

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43
Q

Domestic Transaction

A

Selling a product in the same country that it is produced.

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44
Q

International Transaction

A

Selling a product that was produced in another country.

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45
Q

Global

A

A global product is a standardized item that is offered in the same format in all countries.

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46
Q

Cheaper Labour

A

Lower prices as the result of cheap labour in other countries is the number one reason why consumers buy items made in different parts of the world.

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47
Q

Increased Quality of Goods

A

International business can help producers improve the quality of the products they sell.

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48
Q

Increased Quantity

A

As long as a product has international appeal, so does the potential for increased sales.

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49
Q

Access to Resources

A

Connections to international markets provides businesses with the increased access to the three types of economic resources; natural, human and capital

50
Q

5 p’s of international business

A

Product, Price, Proximity, Preferences, Promotion

51
Q

Product for International Business?

A

A countries resources determine what goods and services it produces. International trade gives consumers and businesses access to products worldwide.

52
Q

Price for International Business?

A

The cost of producing goods and services varies from country to country

53
Q

Proximity for IB?

A

It may be more advantageous and profitable for some businesses to sell products and services to consumers near a neighbouring countries border rather than to its domestic customers.

54
Q

Preference for IB?

A

Consumers often purchase foreign goods and services based on their reputation and specialization, even though similar products are produced domestically.

55
Q

Promotion for IB?

A

Technology, especially the internet and social media, makes it easy for the business to promote their products.

56
Q

Offshore Outsourcing?

A

The practise of hiring companies with lower labour costs to complete some or all of the steps in the production process

57
Q

Human Rights and Labour Abuses

A

Workers in less developed countries can face a wide range of abuses, including; physical and sexual abuse, non - payment of wages, denial of food and health care, excessive working ours with few breaks or days off.

58
Q

Child Labour

A

Regular employment of children under the age of 16

59
Q

Environmental Degradation

A

The depletion of the earths resources and environments at a faster rate than it can be restored. International businesses contributed to environmental degradation in many ways.

60
Q

Sustainable Development

A

Development that allows those to meet their needs in the present, without jeopardizing future generations from meeting their needs.

61
Q

Comparative Advantages?

A

The ability to produce something at a lower opportunity cost than a competitor

62
Q

Absolute Advantages?

A

The ability of a country to produce a greater quantity of a good, more efficiently than competitors. (producing more of a good when using the same amount of resources)

63
Q

What is marketing?

A

Advertising and Promotion, as well as developing, promoting and distributing products, or goods and services to satisfy the customers needs and wants.

64
Q

4 P’s?

A

Product (tangible) / Service (intangible) (humans inventions or innovations. Price $$$, Promotion (how will people find out about your product), Place (where will your product be sold)

65
Q

2 C’s

A

Customer (makes the purchase), Competition (who is selling almost the same product)

66
Q

Consumer Profile : Demographics

A

Age, Gender, Culture, Income

67
Q

Consumer Profile: Geographics

A

Where is consumer from? Urban / Suburban

68
Q

Consumer Profile: Psychographics

A

Beliefs, Opinions, Interests

69
Q

Product Life

A

Introduction, Growth, Maturity, Decline, Decision Point

70
Q

Fad

A

A product, service or idea that is extremely popular for a very brief period of time.

71
Q

Trend

A

More lasting effect in market

72
Q

Niche

A

small part of market

73
Q

Seasonal

A

Christmas Trees

74
Q

Fixed

A

Costs that stay the same regardless of the amount produced.

75
Q

Variable

A

Costs that are determined by the variable number of items produced

76
Q

Competition

A

Companies must react to their competitors products

77
Q

Company Objectives

A

What type of company you want to be known as

78
Q

Target Market

A

Knowing your target market helps figure out how much they will be willing to pay.

79
Q

Value Pricing

A

Pricing based on the customers perceived value of the products, not the costs of production.
E.G Technology, clothing, cosmetics

80
Q

Penetration Pricings

A

Company starts with a low price to increase sales and market share, then slowly raises its price. Usually a higher quality product.
E.G A new airline starts with a low price and gradually increases

81
Q

Skimming Prices

A

Company initially offers a high price to capture (skim) extra profits, then lowers to reach a wider market.
E.G books are first sold in expensive hardcover then a less expensive softcover. New technology - early adopters.

82
Q

Competition Pricing

A

Adjusting your pricing based on the price of your competitors. E.G gas stations

83
Q

Product Line Pricing

A

Having a range of similar products at different price points.
E.G Mach 3

84
Q

Premium Pricing

A

Setting a high price to keep an image of high quality and exclusiveness
E.G high end clothes

85
Q

Psychological Pricing

A

Certain pricing can have psychological impact on consumers

E.G $2.99 . 2 for $3.00

86
Q

Bundle Pricing

A

Combining products together at a lower price than separate.

E.G phone/internet

87
Q

Optional Pricing

A

Selling a base product with many different options that can be added on.
E.G cars, airlines, hotels

88
Q

Promotional Pricing

A

Short term pricing to increase sales

E.G NO TAX 30% off

89
Q

Captive Product Pricing

A

Companies will charge low price for the initial place but higher prices for the complementary good to go with the initial product.
E.G printer and ink

90
Q

Ethos

A

Using celebrities to catch an appealing eye from others

91
Q

Pathos

A

Path to hear (emotional / touching)

92
Q

Logos

A

Logical appeal

93
Q

Income Statement: Profit

A

the increase in owners equity that results from the operation of a successful business

94
Q

Income Statement: Revenue

A

Amounts earned from the sale of goods and services during the operation of a business

95
Q

Income Statement: Expenses

A

The costs of items used in the operation of the business

96
Q

Income Statement: Net Income

A

The difference between revenue and expenses when revenue is greater than expenses

97
Q

Income Statement: Net Loss

A

The difference between revenue and expenses when expenses are greater than revenue

98
Q

To calculate net income or net loss?

A

Revenue - Expenses = Net Profit/Loss

99
Q

When writing revenue it goes from?

A

Greatest to Least, total in the right hand column

100
Q

If it is Net Loss you?

A

Put brackets around the number

101
Q

Assets

A

Anything a company owns that has dollar value. Cash, equipment, account receivable.

102
Q

Assets are shown by

A

Liquidity. “I can pay my cash before being able to pay off my equipment”

103
Q

Liabilites

A

Debts owed by an organizations or a person to another organization or person

104
Q

Accounts Payable

A

Anything you have to pay to run your business

105
Q

Accounts Relievable

A

Profits you can receivable by doing something beneficial

106
Q

Liabilities (how you see them)

A

Usually in the order they are to be paid

E.G accounts payable first, mortgage last.

107
Q

Simple Interest

A

PiN
P = Principal (initial investment)
i = growth rate
N= number of periods

108
Q

Compound Interest

A 
FV = P(1 + i) N
FV = future value
i = Growth Rate
n = Number of Periods
109
Q

FV on an Annuity of $1

A 
FVOA = P((1 + i)N - 1)/i
FVOA = Future Value of an Annuity
i = Growth Rate
n= Period (years)
110
Q

RESP?

A

Registered education savings plan

111
Q

RRSP

A

Registered retired savings plan

112
Q

TFSA

A

Tax Free Savings Account

113
Q

Stocks

A

All shares are divided throughout the corporation

114
Q

Mutual Funds

A

Investment vehicle made for a pool full of money

115
Q

GIC’s

A

Safe and Secure investment with very little risk

116
Q

ETFS

A

Exchange Traded Fund

117
Q

Entrepreneurship

A

Someone who identifies needs for products or services

118
Q

3 types of entrepreneurship #1

A

Craftspeople
60% of small business owners
Derive their sense of self - worth from their mastery of a craft or trade
Generally work alone
Interested in developing personal skill rather than growing revenue

119
Q

3 types of entrepreneurship #2

A

Freedom Fighter
30% of a small business
Prime motivator is being in business for themselves
Typically employ 3 - 50 staff
Over 50% are college educated - 30% are women

120
Q

3 types of entrepreneurship #3

A 
Mountain Climbers
10% of growth oriented business owners
Motivated almost solely by achievement
Over 75% have college/university degrees
Companies are high profile and achieve 30% annual growth

Business (1 decks)

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