Business Basics
These are abilities required to cooperate with others to achieve company goals.
What are teamwork skills?
This person needs to be able to adapt and be comfortable with uncertainty in business.
What is an entrepreneur?
The ability to quickly convert assets into cash.
What is liquidity?
When imports exceed exports.
What is a trade deficit?
Ethics issue involving trading stocks with insider knowledge.
What is insider trading?
A plan for spending and saving money.
What is a budget?
Entrepreneurs must take this on due to uncertainty in business.
What is risk?
This long-term investment account allows tax-free growth in Canada with cumulative contribution room.
What is a TFSA?
A tax placed on imports.
What is a tariff?
A team with members from different areas of expertise.
What is a cross-functional team?
These are the basic requirements for survival like food and shelter.
What are needs?
This allows businesses to promote and sell products more easily.
What is marketing?
This financial statement shows assets, liabilities, and equity.
What is a balance sheet?
Canada’s second-largest trading partner.
What is China?
The stage where a project plan and risk management are created.
What is project planning?
Costs that stay the same regardless of production levels.
What are fixed costs?
The group of consumers a business aims to reach.
What is a target market?
After expenses are deducted from revenue on an income statement.
What is net income?
The availability of goods for sale.
What is supply?
Name one example of Corporate Social Responsibility.
What is environmental initiatives, ethical sourcing, or community support?
The money left after expenses are subtracted from revenue.
What is profit?
Name one of the 4 Ps businesses must consider when selling a product.
What is product, price, place, or promotion?
The fundamental equation that represents personal wealth.
What is Assets − Liabilities = Net Worth?
An agreement between businesses to work together toward a goal.
What is a strategic alliance (or joint venture)?
The three factors banks use to evaluate creditworthiness.
What are the 3 Cs: Character, Capacity, Capital?