Leadership/Management styles
what are three things that make a successful leader
Communication
Creativity
Integrity
Empathy
Motivation
Confidence
What do the two C's stand for? (YES)
consumer and competition
Which one of the following is NOT Banking Services (YES)
Credit card
Debit card & ATM
Overdraft protection
Insurance firms
Loans
Insurance firms
What is the difference between a checking and savings account? (YES)
a savings account is an account that you don't usually take money out of. It is there to hold you extra money and collect interest. A checking account is the opposite in which you regularly take money out of this account.
What is credit? (YES)
Credit is an agreement in which the borrower is lended money with the understanding that they will pay the lender back.
Pros and cons to being a servant leader
Pros - Good corporate culture, can positively impact people to do good, Employees want to work harder because they feel valued and important and they are also respected.
Cons - Is a long term strategy so it takes a lot of time, not good for business that need to be turned around fast, bad for companies that need a high amount of structure.
How can you crush the competition in marketing?
Reduce your pricing to match or be less than theirs, or make your product fulfill more consumer needs than your competitors, collaborate with other brands to make your product more appealing.
What is a financial institution
It is a company that offers loans, takes deposits and pays interest on them, gives you financial advice, insurance, sells securities and more.
What is a stock market?
A stock market a place where companies can buy and sell stocks (also known as equity) to investors, and investors can also sell those stocks to other investors
Name 2 pros and 2 cons of credit
PROS
Convenience
Immediate ownership
Identification
Savings
Bookkeeping
CONS
Credit costs to consumers
Impulse buying
Overbuying
Credit card debt
What makes a bad leader?
Being unethical, bad communication, lack of vision, and no accountability are all common traits of a bad leader, because they treat their employees poorly and they don't respect their work.
define product (YES)
a service, system or good that fulfills the needs of the consumer the product is sold to
What is an independent financial advisor?
People who will charge a fee to look at your assets, your income, and your needs, as well as your plans for the future, and help you decide how to invest your money.
What is a GIC?
A GIC(Guaranteed Investment Certificate) works like a savings account. You deposit money into it and earn interest on that money. I GIC is a very safe investment because you are already secured with the money that you invest into it.
Name a loan and define it
consumer loan
a loan that you can take out with flexible rates and payment schedules
A mortgage
a long-term loan that you can take out to buy something big/expensive like a house or car
A student loan
a student loan is given to students that need help to finance their studies
Pros and cons of a transactional leader
Pros- Goals can get achieved quickly, The more things you get oden the more you get rewarded for it, Provides big structures for big organizations
Cons- rewards the workers on a practical level only, such as money or perks, creativity is limited since since the goals and objectives are already set, does not reward personal initiative.
a service, system or good that fulfills the needs of the consumer the product is sold to
Have collaborations with popular brands that they love so they have to buy it, make yourself seem more human to your consumers by using techniques like pathos.
What are the pro and cons of Mutual Fund Companies
pros - access to wider variety of investments and can carry lower risk
Con - if you don’t pay attention to your mutual fund ratio and sales charges, they can get out of hang and with high expenses ratio and sales incharge
The difference between a primary stock market and a secondary stock market.
A primary stock market is where stockholders sell to the public a secondary stock market is where the stockholders sell to each other.
Why would someone prefer to use a credit card over cash/debit?
You can earn rewards by paying with a credit card, it is easier to keep track of what you have spent it on, it has better protection than debit.
Name 3 different leadership styles (YES)
Transactional leader
Laissez faire leader
Autocratic leader
Democratic leader
What is the process of using the 4 P’s? (YES)
To use the four P’s effectively you must figure out what your product is and what makes it unique, then establish a price, place your product in an ideal location, and finally begin promoting the product through things such as advertising, social media marketing etc.
what are the two different types of life insurance policies, what do they mean.
Term and whole life: Term: A term life policy charges you insurance for a certain amount of time(a term).Whole life: are investments. When you purchase a life insurance policy that is worth a face value (Ex:$40,000) until you die, you contribute to paying for this fee for a fixed amount of time, until the policy is fully paid for. The benefit of a whole life policy is that you don’t have to die to collect money, but you are more likely to pay more for a whole life policy than the term policy.
What does profit margin mean and why is it important
Profit Margin is the percentage of sales that turns into profit after a business pays for its costs. This is important because the business knows how much they make.
What is collateral? Name four examples
Collateral is an asset of specific value of which a loaner can use to ensure they
get their money back if the loan is not repaid
Examples of collateral could be, a car, a house, jewelry, property, mutual funds.