Definitions
Essential items that people have to have in order to survive
What are needs?
_____ are any goods used in manufacturing other goods
What are raw materials?
Type of labour where little training is required
What is unskilled labour?
Business owned by two or more individuals who assume all risk of loss and receive all profit
What is partnership?
Business type that gathers funds through membership fees
What is a cooperative?
What is a corporation?
What is purchasing, processing and quality control?
Type of labour that would describe a car mechanic
What is professional labour?
What is Competition, service, customer and employer satisfaction, investment, profit and risk?
Two types of businesses that have unlimited liability
What are sole proprietor and partnerships?
The owners personal assets can not be used to pay for any debts of the business
What is limited liability?
_______ type of capital involves all machinery and equipment required to produce goods and services.
What is non-liquid?
List 2 roles of human resources
What is hiring, pay rates, benefits or coordinating activities involving owners, managers and employees?
What is sole proprietor?
_______ is when a company is taxed as a business and the businesses employees also pay personal income tax
What is Double taxation?
Provides business/consumers with the good or service
What is a supplier?
_______ is a person who organizes all the factors of production to start a business
What is an Entrepreneur?
List 3 rights of an employee
What is Favourable work conditions, Protection against unemployment, Equal pay and equal work, Right to form and join a union, Right to reasonable limitation of work hours and periodic holidays with pay, Right to job training, Minimum wage and overtime pay or Parental leave?
List 3 things/services provided by a franchisor to its franchisee
What are a name, logo, proven product, procedures/training, location and advertising?
A business that does not seek profit as its motive but raises funds for a specific goal
What are non-profits?
The production and sale of goods and/or services
What is a Business?
Ford creating the assembly line is a part of which factor of production
What is information?
6 items that you would expect to see on a job application
What is Job title, responsibilities, hours expected to work, start time, salary or wage, benefits, qualifications, skills, length of employment, due date of application, start date.
Name three cons of buying a franchise
What is high initial fee, royalty payments, advertising costs, restrictions on a business and loss of independence?
Business do this to reduce corporate tax liabilities (what you pay taxes on)
What is deduct employee benefits, machinery and materials?