Unit 1
What is the goal of a non-profit business?
A non-profit business is a tax-exempt organization formed for religious, charitable, literary, artistic, scientific, or educational purposes.
Describe an Entrepreneur
Entrepreneurship is finding opportunities and using resources to bring about change in new and innovative ways to achieve some benefit.
What role does the human resources department play primarily?
The main responsibility of the human resources department is to coordinate all activities inside that involve the company's employees and connect businesses to a specific labour market.
What is the workplace union responsible for?
They are responsible for the rights to protest by being governed by clear constitutions
What is the difference between an Essential Service And A Luxury Service?
Essential services are services we need for survival. Luxury Services are enjoyable services we want that are not needed for our survival.
What is the difference between a skill and a characteristic?
Identifiers of your character - Identifiers of your abilities, what you can do, what you have learned to do
Define the term "labour market."
Employers, who are skill buyers, meet employees, who are skill sellers, on the labour market. It serves as a marketplace to match available workers with open positions.
Where can company’s advertisements be seen?
Radio • Television - Commercials • Newspapers • Magazines • Internet etc
Trade Refers to…
Exchange Of Goods
If Bob was to buy a new phone while having a working phone, is that considered a need or a want?
It is a want because Bob already has a working phone.
What is the difference between an innovation and an invention.
invention is about creating something new and original, innovation involves turning that novelty into a commercial product. Innovation might be the business world's glamorous synonym for success, but at its core will always lay invention.
Why is skilled labor important for businesses?
Employing workers with the necessary skills lowers the need for lengthy training, making skilled labour crucial for organizations. Having skilled workers on your team can increase production and efficiency.
What are the pros and cons of a democratic businesses
Democratic Businesses will use employees' contribution to make a decision, it is effective for large or complex problems and makes everyone’s voice valued. The processes can be time consuming.
What are 2 categories of trade?
WholeSale Trade, Retail Trade
What are 3 of 6 factors affecting the supply of an item?
Number Of Producers, Production Costs, State Of Technology, Prices Of Related Products, Changes In Nature, Producer Expectations.
Which characteristics helped the entrepenuers land a deal on dragon's den?
risk taker, hardworking, flexible , trustworthy
What regular duties does the human resources department typically have in terms of pay?
The HR department is in charge of setting wages and compensation, managing incentives (such as commissions or bonuses), and overseeing employee benefits like health insurance, paid time off, and pension plans.
Jonathan has $200,000 worth of assets and $110,000 worth of liabilities. What is his net worth? How do you know?
Jonathan has a net worth of $90,000. The formula to calculate net worth is assets - liabilities = net worths.
Arvin invests 350,000 dollars in to a Tim's Donut shop. He earns back 22% of his money every year. However, Aryan invested 510,000 dollars in Gurveer's Lego store and earns back 18% of his money back every year. Who makes more money after 10 years.
Arvin makes $770,000
Aryan makes $918,000
Therefore, Aryan makes more money after 10 years.
What are the 5 levels of Maslow’s Hierarchy Of Needs?
Physiological Needs, Safety And Security, Love And Belonging, Esteem, Self-Actualization.
Name a dragon from dragon's den (double points if 3 are named)
Deborah Meaden, Peter Jones, Sara Davies, Steven Bartlett, and Touker Suleyman
Describe the objective of a performance evaluation and who usually performs one.
An employee's job performance is assessed using a performance assessment procedure in comparison to established requirements and expectations. It identifies areas for improvement and aids in determining wage and salary increases. The employee's boss or supervisor typically conducts performance reviews.
Explain the 4 P’s of Marketing
Product, Quality of products, Design, Features, Service, Benefits
Price, Price sensitivity
Place, Where will the product be found by the consumer
Promotion/Advertising, Sales, Coupons
Arvin Invests 300,000 dollars in Gurveer's Donut Shop. Every year, he makes back 5% of his money. How long will it take him to make profit.
It will take him 21 years to earn profits.