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| An Organization that produces or sells goods and or services to satisfy the needs, want, and demands of customers for the purpose of making a profit. (can also be non profit) |
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Goods, items that are produced and can be seen and touched. |
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| Services, items of value that cannot be toched |
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| Goods and Services createsd from basic components by producers. |
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A person who starts a venture to solve a problem or take advantage of an opportunity |
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| Adding somthing new to some thing already doneor made. |
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Somethng totaly new that has never been done or made. |
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| A leader that takes Control o fthe sittuation and does not allow employee to particapate in decision making. |
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| This type of leader provides opportunities for employee to contribute in decision making process. |
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| An act of leading,guiding or directing. |
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Occurs when a Businesses shares are all bought plus one by another Business. |
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| refers to an asset's levle of ease to be converted into cash. |
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A period of rising market prices. |
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| old; no longer in use or valid or fashionable |
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| the entire amount of income before any deductions are made |
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| costs incurred by a business to earning income, for example, rent, advertising, wages etc. |
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| A phrase used repeatedly, as in advertising or promotion |
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| A recognizable graphic design element, representing an organization or product. |
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People either in, or available for, paid employment. |
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| is the process of recording, analyzing and interpreting the economic activities of a business. |
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| Any Business Activity involving Money(always consist of two parts) |
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| The governing body of a corporation who is elected by shareholders. |
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amount of profit left after all expenses are deducted. |
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| Management process through which goods and services move from producer to the customer. |
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Th e Group of people who are the first to try new products. |
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The point in which all major expenses are paid off and profit is large. |
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| all parties and their supplied activities that help a marketer create and deliver products to the final customer. |
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| Sales acheived by Contest, Coupons, Special Events and Samples. etc. |
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A marketing tool that is paid for, it is a public communication which builds potential buyers desire goods and services. |
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Planing how to spend your money based on a Estimate of costs, revenues, and resources over a specified period. |
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| A specific market is identified and its size and other characteristics are measured. |
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| Fee paid for using other people's money. |
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| the difference between export earnings and import spendings. |
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| the action Products of foreign origin brought into a country. |
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The action of selling Products of local origin to other countries |
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| Marketing to a specific and well defined segment of the population. |
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| A corporations money distributed to its stockholders (shareholders) according to the number and class of stock (shares) held by them |
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| WTO (world trade organization). |
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Deals with the rules of trade between nations a2 a global level |
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| NAFTA (North American Free Trade Agreement) |
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| Allows Canada, US, and Mexico to trade duty free. |
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| Of or relating to a sizable group of people sharing a common and distinctive racial, national, religious, linguistic, or cultural heritage. |
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| concerned with the judgment of the goodness or badness of human action and character |
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| values are made from circumstances with the world and can change over time. |
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| A recruitment agency that tracks qualified personnel during their work life. |
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| currency that, by law, must be accepted. |
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Differentiate between a need and want. Provide examples for each. |
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Needs are: Goods and Services you must have in order to survive such as water Wants are: Goods and services that are not neccessary to survive. Such as games |
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Differentiate between goods and services. Provide examples for each. |
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Goods are thing that you can touch (they are tangible) Pizza Services are thing that you can not touch (they are intangible) Pizza Delivery |
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What are the 3 Factors of Production? |
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Natural resources=trees Human Resources=Pizza delivery man Capital Resources= buildings equipment tools trucks factories |
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List and explain the five steps in Maslow's Hierarchy of Needs. |
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5th-Self Actualization-Talent, Creativity, fulfilment. 4th-Self Esteem-Respect Acheivement 3rd-Belongings, Love-family, freinds 2nd-Saftey-lock,weapons. 1st-Physiological-food water shelter |
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Draw and describe a supply and demand chart. |
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Law of Supply: Price increase = Quantity increase
law of demand: price lowers=increase in demand.
where these two meet is called the Equilibrium. |
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Differentiate between the 4 types of business: Manufacturing, Retail, Service, and Non-Profit. |
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Service Business- generates profit by doing things for other businesses or consumers.
Not for profit Organizations- do not generate a profit. Made to meet specific needs of the community like a charity. |
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Compare and contrast the 5 types of business ownership: Sole Proprietorship, Partnership Corporation, Cooperative and Franchise. Identify the potential number of owners for each, and list at least 2 advantages and disadvantages. Also differentiate between the different corporations. ' at least two advantages and disadvantages. Also, differentiate between the types of corporations. |
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Soleproprietorship- a business owned by one person disadvantages are. Unlimited Liability. All the work is on one person. Some advantages are you make your own decisions. The Owner may work better alone.
Partnership- 2 or more people who own a business. disadvantages-one person must have unlimited liabilaty. Arguing may occur when the need for decision making arrives. Advantages- Then work is balanced out, More Money.
Corporation- shareholders and is overseen by board of directors
Advantages- a lot more money
-If your a share holder you receive dividends
-Disadvantages.=shares could become worthless. Shareholders do not make decisions.
Co-operative-The same as Corporation only in this case share holders are replaced with members and everyone gets to make a decision. advantages- more money, everyone makes decisions disadvantages-there may be dispute in decision making. People who lik eto work alone will not do to well in this type of business.
Franchise- An owners rnets the right to use a companies logo moascot coulors, slogan etc.
Advantages-you dont have to advertise, you dont have to make up a mascott lago or symbol.
disadvantages you must pay in some way for these rights. You really have no say in decision making. Land can cost a lot. |
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What does unlimited liability mean? Which type(s) of business does this apply to? |
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What does SOHO stand for? |
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10.What is the profit equation? Be prepared to use it. |
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11.What is the difference between fixed and variable expenses? |
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Identify the six step ethical decision making process - be prepared to apply this process to an article or a case. |
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What is the difference between a moral and value? |
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What is an ethical dilemma? |
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Know the following Ethical Terminology: Whistle Blowing, Fraud, Accounting Scandals, Embezzlement, Inside Trading, and Glass Ceiling. |
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What are the five main reasons for doing business internationally? |
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ln general, what are some advantages and disadvantages of trade agreements? |
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Briefly describe the types of compensation. |
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What is the role of the human resources manager in a business? |
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What are the five functions of management? Briefly describe each. |
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Human Resources Terminology: Orientation, Departure, Dismissal, and Retirement 22.What is the difference between salary and overtime? |
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23.What is the basic accounting equation? How can it be modified? |
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What is the difference between a balance sheet and an income statement |
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What is the difference between accounts payable and accounts receivable |
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How is cost of goods sold calculated (for a retail business)? |
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Identify, draw and describe the five parts of the traditional product life cycle. Briefly describe the three non-traditional product life cycles. |
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What is meant by the term "Target Market"? How do demographics relate to this term |
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The four Ps and 2 Cs of marketing are... |
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What is the difference between indirect and direct channels of distribution |
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List the 4 types of promotions and the 8 types of advertising. |
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Differentiate between primary and secondary research. Provide an example of each. |
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What are the four parts of the AIDA formula? |
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What is the difference between Simple and Compound Interest (be prepared to do a calculation for each)? Which is better? |
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What is the difference between Simple and Compound Interest (be prepared to do a calculation for each)? Which is better? |
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Explain the term purchasing power. |
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How do you prepare a personal budget? |
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Know the importance of the Bank of Canada |
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What is the difference between a creditor and a debtor? |
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What were the top 3 Canadian Inventions? |
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