Accounting
The money a business makes from selling goods or a service.
What are the 4 P’s of marketing?
Product, Price, Place, and Promotion
Name 5 Canadian Banks
RBC, CIBC, TD, Scotiabank, BMO, Meridian, Simplii, Tangerine, etc.
What is an Entrepreneur?
A person who starts/owns their own business.
What is a business pitch?
A short and quick presentation to convince someone to invest in or support your business.
What is profit?
The money after all expenses are paid off.
What is the purpose of a target market?
To attract or focus your marketing towards one group to increase your product sales.
What is the difference between a debit card and a credit card?
Debit takes money directly from your account, while credit borrows money that you can pay later.
What is the risk of being an entrepreneur?
The chance of your business failing or losing money.
Clear idea, confidence, knowing your audience, showing your value or passion
What is an expense in a business?
A cost required to run your business (rent, salaries, equipment, supplies)
What is branding?
Creating a unique name, image, or identity for a business or product.
What is interest?
The cost of borrowing money or the reward of saving money
Name 1 of the Canadian Entrepreneurs.
Kevin O'Leary & Robert Herjavec Ryan Holmes etc
Kyler’s business earns $1200, he pays his workers off for $150, he buys more supplies for the business for $400, how much profit did he make?
$650
What does a logo do for a business?
It visually represents the brand and helps customers recognize it.
What does it mean to budget?
What are some advantages of becoming an entrepreneur?
Freedom to make your own choices, high or unlimited potential income, complete independence, be your own boss, set your own hours, allows for creativity, control, passion, etc.
What made Scrub Daddy’s Shark Tank pitch so appealing and successful?
They gave a live demo, clearly explained the problem and solution, and were enthusiastic.
Ivan is selling his keyboard for $150, but today he is offering a discount for 25%. If a customer buys two of the keyboards with the discounts, how much did he pay?
$225
Give an example on how a company uses promotion to advertise their product or service.
TV commercial, influencer paid promotion, social media ads, etc
What is one good reason to open up a savings account?
To keep money safe, earn interest over time, have a backup plan account
What are 3 disadvantages of being an entrepreneur?
High financial risks, unstable income, long hours, high stress, high initial investment, unstable world politics & events, etc.
Why did Shark Tank reject the pitch of Ionic Ear?
It was unrealistic, unsafe, and not something consumers would want or need. The pitch itself also was not very enthusiastic nor did he seem prepared for it.