Business Fundamentals
What is a non-profit organization?
The goal is to raise funds and to not make profit.
What are examples of assets and liabilities?
Examples of assets: equipment, cash, building, supplies, land, accounts receivable
Example of liabilities: bank loans, accounts payable, debts, mortgage
What are 2 key words that relate to ethics?
Morals and values
What is innovation?
Improving a good or service to fit consumer wants.
What is inflation?
Prices for goods and services increase over time.
What are the three types of resources needed for the creation of a good or service?
Human resources, capital resources, and natural resources
What is the difference between a balance sheet and an income statement?
A balance sheet is used to see if a business is financially strong and an income statement is used to report the profit or loss of a business.
What does CSR stand for?
Corporate social responsibility
What are the 3 main skills for entrepreneurs?
Research skills, management skills, and relationship skills
What are three forms of business income?
Gross income, revenue, and net income
What are the levels in Maslow's hierarchy of needs? (List at least 3)
The levels are physiological needs, safety and security needs, love and belonging needs, esteem needs, self actualization needs.
What is the law of demand?
The quantity of a good varies inversely with a good’s price.
What is ethics?
Ethics are rules that help tell us the difference between what is right and wrong.
What are 2 Canadian Inventions?
Possible answers:
Zipper
Standard time
Basketball
Poutine
Canoe
Blackberry
What brand slogan is this? - “Save money. Live better”
Walmart
What are examples of capital and human resources?
Capital resources: equipment, building, money, tools)
Human resources: Labour, farmers, workers
What are accountants responsible for?
For finding answers to questions concerning the financial side of a business
What is Money Management?
Money management is the daily financial activities aimed at satisfying a person’s needs and wants within a limited income.
What are two rights for employees?
Safety training
Be informed of hazards in workplace
Refuse dangerous work
What are the five stages of a product life cycle? (List at least 3)
Introduction stage, growth stage, maturity stage, decline stage, decision point
What are the 5 types of business ownership? (List at least 3)
Sole proprietorship, franchisee, partnership, corporation, co-operative
What is equilibrium?
Equilibrium is the state when market supply and demand, balance each other out so that the price becomes stable.
What is business management?
Business management is striking a balance between managing work and talent.
What are the roles for Human Resources
Staffing, training & development, compensation, assess employee performance, policies & procedure, health & safety, labor relations, and departures
What are the six activities included in marketing? (List at least 3)
Research, development, sales, distribution, advertising, promotion