Introduction
Think Whakatauki - what is the most important thing in the world.
It's people, people, people
Give the meaning of Integrity
To do the right thing when no one is watching.
Explain the difference between needs and wants
Needs : things that are needed for survival
Wants: nice to have but can live without
Define "choice".
To choose between alternatives
Define profit
Profit is the money you have left after paying for business expenses. (Income - expenses)
What subjects do we combine in commerce?
Accounting, Economics, Business Studies
Give the meaning of Pūtaki.
The reason for being
Define the term values
Strongly held beliefs
List three factors that drive decisions made.
Financials / Values / Stakeholders
Define BUDGET
A plan of estimated Income and Expenses
How many credits can you get in L1 Commerce?
10
State the Māori value that refer to taking guardianship of the environment.
Kaitiakitanga
Identify three limited means
Skill, Income, Time
A person with an interest in something, especially in business.
Give two reasons for employees having an interest in the financials of a business.
Job security
Salary increase
Give the name of the story we studied to learn about Entrepreneurship.
Maui's Myth
What does Whanaungatanga mean?
Building relationships. Connections
Give one word for: the next best alternative.
Opportunity cost
What is the meaning of "mitigating" negative consequences?
The actions taken to reduce or eliminate the negative effects.
Where can you see the Assets and Liabilities of a business. Name the statement.
Statement of Financial Position
What is the Maori word for trading?
Tauhokohoko
Give the Māori value for: the right of Māori people to rule themselves; self-determination.
Explain scarcity
The situation of limited means vs unlimited needs & wants
Give FOUR examples of financial tools.
Swot analysis / Budget / Price & Feature analysis / Cost, benefit analysis / Online calculators
Identify 6 Users of financial information
owner / manager / bank manager / GOVT / Suppliers / Investors / Employees