Fundamentals
What is an example of an essential good?
What is the business term for money known as?
Capital.
What is the definition of marketing?
The business of promoting and selling products or services.
What is business accounting?
Business accounting is the action of recording financial records.
What is it called when consumers and producers depend on each other?
Business interdependency.
What is a good?
A good is a tangible item with monetary value.
What does an RESP stand for?
Registered Education Savings Plan.
What is a patent?
A patent is a document that gives inventors a right an exclusive right to their inventions and excludes others from making/selling their invention.
What is one purpose of business accounting?
To help the business owner make better financial decisions or to keep track of operations.
The point where supply and demand meet.
Equilibrium.
What is the difference between a fad and a trend?
Fad: very popular thing that lasts for a short amount of time (usually > a year).
Trend: general direction in society that may last for a long time.
What is the credit score range for people in Canada?
300-600.
What is a word, symbol or picture or combination of these that is given legal protection?
A trademark.
What is an income statement?
A financial statement that shows a business’ revenue, expenses and net income over a period of time (fiscal period).
What are three things that should be mentioned in a business partnership agreement?
Name of business/partnership, name of partners, managerial responsibilities, division of profits and losses, accounting methods to be used, etc.
What is the money you receive from a co-operative when you are a stockholder?
Patronage refund
How many stocks are in a board lot?
100 stocks.
How many types of "step marketing" are there?
3: one-step, two-step, and three-step marketing.
What is a balance sheet?
A financial statement that shows a “snapshot” of the company’s assets, liabilities and owner’s equity (net worth) on a given date.
Who elects the board of directors in a company?
Stockholders.
What are the five Maslow's hierarchy of needs?
Physiological needs, safety needs, social needs, esteem needs, and self-actualization needs.
What does it mean when market is referred to as 'Bear Market?'
It means a prolonged drop in investment prices.
What are 3 types of media used for advertising?
Radio, television, out-of-home, newspapers, direct-to-home, magazines, etc.
CASIFETLB is the order in which your assets will be listed on your balance sheet. What does the "L" stand for?
It stands for land.
What is the abbreviation for the Toronto Stock Exchange?
The abbreviation is TSX.