Business Fundamentals
What is the full form of CSR?
Corporate Social Responsibility
Identifiers of your personality and what you are like are called___
characteristics
What is the labour market?
The labor market is where employers meet employees
What is marketing?
All activity of getting the product to costumers
Is accounts receivable listed under an income statement or balance sheet?
Balance Sheet
What are the five levels of Maslow’s Hierarchy Of Needs?
Physical need, safety needs, Belonging, Esteem, Self fulfillment
Identifiers of your abilities are called ___
Skills
What are the 3 different leadership styles?
Autocratic, Laissez-faire and democratic
What are the three types of logos?
Monogram, visual, abstract
Something of value is exchanged for something else that has value
Transactions
“usually operated by two or more individuals, sharing the cost and responsibilities” is what type of ownership?
Partnership
What are the 3 types of entrepreneurial skills?
Interpersonal skills, Research skills, management skills
What are the 4 functions of management?
Planning, Leading, Organizing and Controlling
The pricing strategy used when prices are lowered for sales is called___
Promotional pricing
What is the formula for finding your assets on a balance sheet?
Assets = Liabilities + Owners Equity
The owner is personally and fully responsible for all losses and debts of the business
Unlimited Liability
What purpose do entrepreneurs create businesses, products & services for?
To satisfy a need
What is compensation in charge of?
Wage/Salary, Rewards, Commission, Bonuses
What are the two roles of marketing?
To sell what the business makes & manage the business brand
The process of recording, analyzing, interpreting the economic activities of a business. What is the correct term for this definition?
Accounting
The law of supply states that:
The quantity supplied of a product will decrease when its price decreases (and vice versa)
What is the difference between an invention and an innovation?
An invention is a completely new product, while an innovation is created by making changes to an already existing idea.
If an employee feels or gets harassed in any way he/she will talk to someone in HR who is an expert in: ______________
Employment Laws (Ontario Human Rights Code)
Name the four 4Ps and 2Cs
product, price, place, promotion, competition, consumer
If your total revenue is $235,000 and your total expenses are $236,000, would it be a net loss or net income?
Net loss