Business Fundamentals
What is the difference between a Need and a Want?
A need is something that you need to survive. A want is a something that you would like to have, but, don't need it to survive.
What the four P's of marketing?
Product, price, place, promotion.
Who makes money?
The Royal Canadian Mint makes the coins and The Bank of Canada makes the bills
What's the difference between a Good and a Service?
A good is a tangible item that a person can buy. A service is something that is done for someone.
What are the three pieces of information needed for brand identification?
Brand Name, Logo or Trademark, and Slogan.
What are the four functions of money?
Medium Exchange, Standard of Value, Store of Value, Standard of Future Payment.
What are the 3 types of business ownership?
Sole Proprietorship, Partnerships, Corporations.
What is simple interest?
The cost you pay to borrow money.
What are the 5 ways products compete?
Quality, Price, Design, Features, and Benefits.
What is compound interest?
Compound interest is calculated on the principal plus any interest already earned.