Business Ownerships & Cycles
Which business ownership is owned by a single individual?
Sole proprietorship
What type of tax depends on the Province?
Provincial Tax
What is the fundamental accounting equation?
Assets = Liabilities + Owner’s Equity
What type of bank account is used for daily use with few limitations?
Chequing account
What is the most common type of partnership?
General Partnership
What type of tax is the same for all Canadians?
Federal Tax
What is an asset?
anything you own that is of value
What is a Financial Institution?
Provides financial services to clients, including investment services, banking services and currency exchange
What is it called when the maximum limit of growth is attained.
Peak
What type of Income is Dividends?
Investment Income
What is Owner Equity?
the assets of a company over which the owner has rights
What is a network of financial institutions called?
Financial Systems
What is it called when demand starts declining rapidly?
Recession
What is the Harmonized Sales Tax (HST) in Ontario?
13%
What type of is tax on specific goods and services based on quantity rather than value (fuel, tobacco, and alcohol)?
Excise Tax
What type of requirement is it called when the banks reserve is a % of the deposits put into it?
Reserve requirement
What is the number of stages in the Business Cycle?
4
What allows you to avoid paying capital gains tax when you sell an investment?
1031 Exchange
Which tax structure applies higher tax rates for higher incomes?
Progressive
Which financial service is when money paid, usually on at a regular interval, to pay for money borrowed?
Interest