What it takes
Famous Entrepreneurs
Business Basics
Canadian Business
Definitions
100

What is the age limit to become an Entrepreneur?

None.

100

Who invented apple?

Steve Jobs

100

List 3 items friendly pets sells.

food, grooming services, pets etc.

100

What does GDP stand for?

Gross Domestic Product

100

Define Sole Proprietorship? Provide a real life example.

Is a business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. 


Example: Artists, farmers, photographers

200

What are two characteristics of an Entrepreneur?

Hardworker, leadership, respect, teambuilder, dedicated

200
Who is the founder of Microsoft?

Bill Gates

200

What is an example of a partnership?

Accountants, doctors, physiotherapists etc. 

200
What is one way Canadian businesses contribute to the standard of living?

Providing profit and wealth for business owners. 

Providing pay for employees.

By supporting other businesses to serve customer needs, offering fulfilling careers and giving back to communities in the form of charitable donations. 

200

Define a Trend.

Is a general direction in society that may last for a long time. Trend have a major impact on consumer buying habits and on businesses. 

300

Entrepreneurs must know what to sell. What are to over arching terms that business can sell? ( hint: starts with a  P and a S)

Products and/or services

300

Who created facebook?

Mark Zuckerberg

300

What are trends a business can go through?

Business cycle: expansion, recession, depression,recovery

300

What sport does Canada bring in the most revenue?

Hockey

300

Define the business cycle

Is used to refer to the series of changes that economies go through

400


What is the difference between INVENTOR and INNOVATOR?

Inventor: something new

Innovator: upgrade

400

Who was the founder of Ford?

Henry Ford

400

Maslow's hierarchy of needs can be describe as...?

Humans are motivated to satisfy their needs accordingly to this hierarchy. People are motivated to fulfill their most basic needs for survival, and safety before a need for love. This is what drives businesses. 

400

What are two indications of a strong economy?

High levels of employment and workers are paid well

Businesses are growing and flourishing as well as suppliers. 

400

Why does recession occur. First think of the definition. 

Definition: the whole economy slows down and a business no longer creates as much wealth as it did during the period of prosperity. 

Can occur: 1. The Government may introduce changes, such as price controls to fight inflation. 

2. Shift in economy may affect a large number of businesses at the same time. 

500

Give two stages of inventor and innovators

Idea Notebook, Refine and define, Prototype it, Market for a survey, Production, marketing and Financing

500

Who invented the  Algae Mobile ?

Parm Jaggi 16 years old


A device that turns car emissions into oxygen

500

What are the three types of a corporation and can you provide one real life example?

Private, Public, Crown
500

List three advantages of a corporation.

Owners are only liable for the amount of money they have contributed to the company. (limited liability)

Corporation tax is less than personal income taxes!

Corporation is separate from its owners, a death or retirement of an investor is easy to transfer.

500

Define standard of living and what is it measured by?

Refers to the number of goods and services that each member of the country enjoys. 

It usually is measured by GDP.
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