BUSINESS FUNDAMENTAL AND SUPPLY & DEMAND
What is the function of Management?
Answer:
Planning, Organizing, Leading, Control
Wild Card:Double Penalty
Name (3) 21st Century employable skills.
Answer:
Communication, Collaboration, Adaptability, Critical Thinking, etc.
What is Invention & Innovation?
Answer:
Innovation: Improved
Invention: Made
What's the Fundamental Accounting Equation?
Answer:
A - L = OE
List 2 examples of a promotion
Answer:
Samples and Coupons
What’s the Difference between a “need” and “want”?
Answer:
Need: things that are necessary for survival.
Example:Food, etc.
Want: things that are not necessary for survival, but add comfort to our lives.
Example: Porsche,etc.
Name 3 things Human Resources is responsible for in a workplace?
Answer:
Responsible for coordinating all activities involving the company’s employees
Human resources managers study the local labour market to recruit new employees
Review applications, conduct interviews, select the best candidate(s)
etc...
Give one example for both Pros & Cons of entrepreneurship.
Answer:
Pros: Be your own boss
Cons: Make all decisions by yourself
How should you list the expenses on an Income Sheet?
Answer:
Alphabetical Order
Wild Card: Bonus Boost
What is the difference between indirect and direct competition?
Answer:
Indirect: means products or services are not directly related to each other.
Direct: Products that are similar to one another.
Wild Card: Extra Question
What is the difference between supply and demand?
Answer:
Demand: is the quantity of a good or service that consumers are willing and able to buy at a particular price.
Supply: It is the quantity of a good or service that businesses are willing and able to provide within a range of prices that people would be willing to pay.
What is ethics?
Answer:
Ethics are rules that help us tell the difference between right and wrong.
Wild Card: Double or Nothing
Name 3 famous Canadian Entrepreneurs
Answer:
Manjit Minhas, Nav Bhatia, Drake, Rupi Kaur, Stefen James, etc.
Wild Card: Swap Points
What does “COGS” stand for ?
Answer:
Cost of Goods Sold
What does fad and seasonal mean?
Answer:
Seasonal: products that are popular during a specific time or season.
Fads: a product that is extremely popular for a very short period of time, usually.
How does Price change in relation to Supply vs Demand?
Answer:
•If demand for a good or service is high while the supply of that particular good or service is low, prices will be high.
• If demand for a good or service is low but supply is high, then prices will tend to be low.
What was Carl Jung's theory of psychology types?
Answer:
Carl Jung says each person is "wired" with different tendencies and preferences. Some of us are extroverted while others are introverted, some are "thinkers" while others are "feelers", and so on.
What is Entrepreneurship?
Answer:
Entrepreneurship is starting a business based on the recognized opportunity.
What is a revenue?
Answer:
All the earnings that your business makes.
Consumers can be identified by:__________&____________
Answer:
Age, and lifestyle.
What are the 3 types of businesses? Explain
Answer:
1)Manufacturing
Buys raw materials, manufactures goods, and sells those goods
2)Merchandising
Buys goods, and resells those same goods
3)Service
Sells labour or provides you with the ability to do something
What is the meaning of CSR and explain it?
Answer:
CSR stands for CORPORATE SOCIAL RESPONSIBILITY and CSR is shown through a company’s values, ethics, and their contributions to the community.
*It is the “what you do”, “how you do”, and “when you do it”.
Explain the difference between an Employee and an Entrepreneur.
Answer:
Employee: Hired to work for someone else.
Entrepreneurs: They assume the risk. They are directly affected by the business.
What's the difference between “Account Receivable” and “Account Payable”?
Answer:
Account Receivable: is the total amount of money that is owed to a business.
Account Payable: is the total amount of money that a business owes other business.
Wild Card: Bonus Boost
What are the 4 Ps and 2 Cs of marketing?
Answer:
4 Ps: Product, Price, Promotion, Place
2 Cs: Competitive market, Consumer market
Wild Card: Steal Points