Business Fundamentals & Human Resources
Supply + Demand & Entrepreneurship
Ethics + CSR & Management
Finance & Accounting
Marketing
100
What are the two types of businesses?
For Profit Business
Non profit Business
100
Name 3 Entrepreneurship Characteristics
Risk Taker, Perceptive, Curious, Imaginative, Persistent, Goal setting, Hard- working, Self Confident, Flexible, Independent, Innovative, Knowledgable
100
Workers have the right to....
a. To refuse unsafe work
b. Take Breaks whenever needed
c. Participate in health & safety activities
d. all of the above
*2 possible answers
a OR c
100
What is Gross Income?
Gross Income is the total amount of money earned by a person before any deductions.
100
What is the introduction stage of the product lifecycle?
The introduction stage is when a new product enters the consumer market.
200
Name two needs from Maslow's hierarchy of needs
1. Physiological
2. Safety and Security
3. Love and belonging
4. Self-esteem
5. Self-actualization
200
What is Supply
Supply is the amount of a good or service producers are willing and able to offer for sale
200
What is a partnership?
A business operated by two or more partners who share costs and responsibilities
200
What is the formula for calculating simple interest?
I (interest) = P (principal) x R (interest rate) x T (time)
200
List the 4 P's of Marketing
1. Product
2. Price
3. Promotion
4. Place
300
A business is an organization that sells ____ or
____, to satisfy the needs, wants and
demands of consumers for the purpose
of making a _____.
1. Goods
2. Services
3. Profit
300
What does this graph represent?
Demand Curve
a graph of the relationship between the price of a good and the quantity demand
300
Corperate Social Responsibility is is the way a company integrates ____, ______ & ____ concerns into their values, decision making, strategy and operations in a transparent & accountable manner
1. Social
2. Environmental
3. Economic
300
What is double-entry bookkeeping?
Double-entry bookkeeping is when a transaction has two charges
300
What is brand identity?
*Extra 150 points if you can define brand image*
How that business wants to be perceived by consumers.
Brand image is how consumers actually perceive the brand.
400
What is the purpose of employee training/Development?
To improve employee productivity
400
Name 3 Demand Determinants? Factors that influence the demand of a product
1. Number of Buyers
2. Income
3. Price of competitors
4. Consumer Preferences
5. Consumer expectations
400
Name 2 benefits of Sole Proprietorship
!!Bonus 200 points if you name a disadvantage!!
- No boss to report to
- Can make all decisions about the business
- Easy to start and end
- Don’t have to register with government, and can declare income on regular tax return
- All profits go to owner
*Bonus Points*
- Unlimited liability
- Getting money from banks may be difficult
- Have to be good at many jobs when it comes to running business (accounting, marketing, production, human resources, etc.)
400
Name 2 pros and 1 con of using credit cards
Pros
Earn rewards
Increased purchasing power
Not linked with a checking or savings account
Faster and easier to use
Cons
Easy to overuse
Credit card fraud
Expensive dept if you don’t pay
400
What does AIDA stand for?
A - Awareness
I - Interest
D- Desire
A- Action
500
REVENUE – EXPENSES =
Profit OR Loss
500
Describe an idea- driven enterprise or Market- Driven Entreprise?
!!Describe both a earn an extra 200 points!!
Idea- Driven
- a good or service created that results into an invention or innovation
Market- Driven
- these types of entrepreneurs look for a customer base & then develop a product based on the needs and wants of that customer base
500
Name three Govern Corporate Ethics laws
1. Workplace Safety
2. Anti Discrimination Issues
3. Harassment
4. Accessibility Issues
5. Environmental Responsibility
6. Labour Practices
500
What is the difference between the headings for income statements and balance sheets?
Income statements date line begins with "For the year ending...." represent the whole months income
Balance sheets only show a single date and are for a specific day.
500
What are the two types of distribution Channels
Direct Channels (Producer to Consumer)
connect the consumers directly to the producers
Indirect Channels (Producer 🡪 Intermediary 🡪 Consumer)
have one or more intermediaries between producers & consumers