Buisness Flashcards
(108 cards)
1
Q
What are the 6 cheque “essentials”?
A
- The date
- The amount (in numbers and words)
- The Payee (the guy being paid)
- The drawer (The person who’s paying)
- The drawee (that’s the bank)
- The account number
2
Q
Where is the account number found on a cheque?
A
Second set of numbers at the bottom of a cheque.
3
Q
What is a cheque with a future date called?
A
A Post-Dated Cheque.
4
Q
How many days do you have to cash a cheque before it expires?
A
you’ve got 180 days/6 months
5
Q
Where does Canada print its money?
A
at these 2 super secret locations
6
Q
What are the 4 features of money?
A
- Standard of Value
- Store of Value
- Unit of Account
- Medium of exchange
7
Q
On a personal budget, what is the income after deductions and taxes called?
A
discretionary income
8
Q
What is the purpose of a personal budget?
A
To have $0 left because you want it to all be used up paying your expenses and the rest going into your savings
9
Q
What is the purpose of a business budget?
A
To have as much money left as possible because that’s your profit
10
Q
When was the first Bank Act passed?
A
in 1891 of course
11
Q
What 3 kind of banks is the Canadian Banking system divided into?
A
Schedule 1, 2 and 3
12
Q
What does a bank need to be in order to open and operate in Canada?
A
it needs to be chartered
13
Q
What are the two ways money is written on a cheque?
A
In words and in numbers.
14
Q
What’s another name for paper money/Bank Note?
A
Fiat Bill
(I have never ever ever heard someone ever call money ‘feet’)
15
Q
What two institutions work together in Canada to print money?
A
The Bank of Canada and the Royal Canadian Mint
16
Q
What are cheques that are written but not yet cashed called?
A
Outstanding cheque
17
Q
If you sold 150 rubber duckies for $3, what would the total revenue be? And what is total revenue?
A
$ 450
Because Total revenue is Price of Goods x Quantity
18
Q
what is net income?
A
Revenue - Cost of Goods sold.
19
Q
Tell me 3 ways that banks make profit?
A
- They invest your money
- They charge interest
- They have service fees
20
Q
What is money?
A
Money is a unit of exchange
21
Q
Explain to me the first feature of money: Standard of Value; Why does money have a value?
A
money has a value because the government puts a value on it and we accept it as such
22
Q
Explain to me the second feature of money: Store of Value
A
You can store money for a period of time and retrieve it, and it will still retain its value
23
Q
Explain to me the third feature of money: Medium of Exchange; Why can money be used as a medium of exchange?
A
Money acts as a medium for exchange of goods and services because everyone wants money, so they’re willing to trade things for it
24
Q
Explain to me the fourth feature of money: Unit of Account; What does money measure?
A
Money is used to measure the value of goods and services
25
Describe the 4 parts of the bank act
1. All banks must be chartered to open
2. Governs the rules for what banks can and cannot do
3. Banks have to send regular reports to the minister of finance
4. Governs the rules for opening and merging banks
26
What are the 4 roles of the Bank of Canada when talking about money?
1. Issuing legal tender
2. Printing bills
3. Controlling interest rates
4. Controlling the money supply
27
What kind of banking system is in Canada?
A branch banking system
28
What are schedule 1 banks in Canada?
The big 5 banks (td, scotia bank, etc but we probably dont need to know that maybe)
29
What are schedule 2 banks in Canada?
Foreign banks that have branches here (like the bank of India)
30
What are schedule 3 banks in Canada?
Foreign-owned banks that don't have branches (like Capital One)
31
Know how to write a check ok?
i cant put images unless i get premium sadly
32
What is the simple interest formula?
PRT (Principle, Rate of interest and Time)
33
What is the future value formula
Fv = Pv(1+i)^n
Fv = future value
Pv = present value
i = rate of interest as a percent
n = time in years
34
What is a Sole Proprietorship?
One owner of a business
35
What are some Pros of a Sole Proprietorship?
- Be your own boss (yay)
- Easy peasy lemon squeezy to start
- All profits go to you (yay feet!)
36
What are some Cons of a Sole Proprietorship?
- Everything is now your job and yours alone to handle
- If something goes wrong its all your fault
37
What is a Partnership?
2 owners share a business.
38
What are some Pros of a Partnership?
- The work is now split half and half so it's not all up to you anymore
- If your partners really good, he can help you take this business to places you'd never be able to get to all on your own
39
What are some Cons of a Partnership?
- Your partner might fight or disagree with you :(
- You don't have complete control over your own business now
- the money is also split between you two
40
What is a Corporation?
- a kind of business
- Alotta share holders
- Every share you own gets you one vote
- There's also a board of directors now
41
What are some Pros of a Corporation?
- if something goes wrong, it's not your fault
- you have alot of different kinds of people putting in their ideas for how the business should run
42
What are some Cons of a Corporation?
-
- it takes a really really long time to create a corporation
- you don't have much control over the corporation
43
What is a Co-Operative?
- a kind of business
- owned by members
- every member has 1 vote no matter how many shares they own
- it has a board of directors
44
What are some Pros of a Co-Operative?
- Easy to set up
- lots of different kinds of people to help out
- if things go wrong its not your fault
45
What are some Cons of a Co-Operative?
- these people just can't decide on anything
-you, yourself, don't have much control over the business
46
What is a Franchise?
A kind of business that sells its brand. For example, you want to open a restaurant but do not know how to get people to come in, so you ask McDonald's if you can name your restaurant McDonald, then they make you pay a monthly fee and tell you how the restaurant should be built, and now you have your restaurant. People come to it since McDonald's is recognizable.
47
What are some Pros of a Franchise?
- Instant recognizability
- Shared marketing
48
What are some Cons of a Co-Operative?
- Franchise fees
- Monthly fees
- Franchiser will tell you to do things you don't wanna
49
What's the place where producers and consumers meet called?
The Market
50
What does Unlimited Liability mean? In terms of owning a business.
The owner(s) have full responsibility for any debts or losses.
51
What's the primary job of a non-profit organization?
To serve the community.
52
What is debt financing?
Borrowing money to finance your business
53
What are businesses that have physical buildings called?
Brick and Mortar
54
A good business idea needs to be what 3 things?
Feasible, achievable and sustainable
55
What is Equity Financing?
Financing your business through investments from investors
56
What is fraud?
Pretending to be someone else
57
What is forgery?
A form of fraud that sometimes involve passing bad cheques by forging someone else’s name
58
What is embezzlement?
Violation of a trust fund by a person who moves funds into their account instead of the correct account.
59
What is discrimination?
racism and stuff whys this even here
60
What is concealing information?
Not disclosing data that could be shared
61
What is a Misuse of Funds?
idk really but I'm gonna guess it's like when you ask people to fund your game on Kickstarter, but then you use all their money to buy a PS5
62
What is Tampering with Records?
Changing legal documents. Usually, to hide something you did.
63
What is Theft.
when you steal a thingy
64
What is Environmental Violations?
Hurting the environment, like dumping garbage into a lake instead of the dump
65
What is Employer Theft?
When an employee steals from their employer
66
What is Insider Trading?
Investing in companies because you have secret access to knowledge your fellow investors don't.
Using confidential information to decide what you invest in.
For example you bribed a CEO to say this thing that will get investors excited and invest more, so you invest early and wait for the money to roll in.
67
Why do advertisers use the color red in advertisements?
It makes you make quick decisions
68
Why do advertisers use the color blue in advertisements?
It's the most favorite color of most adults
69
Why do advertisers use the color yellow in advertisements?
It's the first color your eyes are attracted to
70
Why do advertisers use the color orange in advertisements?
It makes you hungry
71
Why do advertisers use the color black in advertisements?
It represents sophistication and technological
72
Why do advertisers use the color white in advertisements?
It represents purity
72
Why do advertisers use the color brown in advertisements?
It represents earthliness
73
Why do advertisers use the color green in advertisements?
environment and stuff
74
What color is my dog and why?
Black and white so that means she's pure and super epik because she’s a sophisticated doggo
75
What is direct competition?
Competition between companies performing the same or very similar businesses. Ex. Metro and FreshCo (Both are grocery stores)
76
What is indirect competition
Competition between companies performing different businesses yet still competing for customers. Ex. Amazon and Indigo (One is an online retailer, the other is a book store, but Amazon steals customers from Indigo because they sell books too)
77
What is advertising?
Paid promotion of a product; is usually less believable than publicity. Also it's done by the company that made the product.
78
What is publicity?
Unpaid promotion of a product; is usually more believable than advertising. Also it's done by consumers of the product.
79
What are mutual funds?
Pool of money from lots of different people being managed by investment professionals to invest it
80
What are some Pros of Mutual Funds?
- You don't have to do anything
- A professional invest the money for you
- very diversified
81
What are some Cons of Mutual Funds?
- You have to pay management fees
- No protection against losses
82
What are Stocks?
A unit of ownership of a company, the price of it increases with more demand
83
What are some Pros of Stocks?
- You get to be part owner of a company!
- You can make alotta money pretty fast if your lucky
84
What are some Cons of Stocks?
- Pretty risky
- A single stock is not very diversified
- Even though you're part owner, you don't have any say for what the companies should do (usually)
85
What is Real Estate?
Land and anything attached to it
86
What are some Pros of Real Estate?
- You can rent it out to make a steady passive income
- It can appreciate in value
87
What are some Cons of Real Estate?
- You might have to wait a while for a renter to want to rent your house (except in this country, everyone needs to rent a house)
- It takes a while for the property to appreciate in value
- you’ve gotta maintain the real estate too
88
What are RRSP's?
Register Retirement Saving Plans. They're made by the government
89
What are some Pros of RRSP's?
- No tax on them
- No risk
- Guaranteed income during retirement
90
What are some Cons of RRSP's?
- Take many, many, many years to grow
- You have to pay ALOT of tax on it if you withdraw early
91
What is Market Share (of a brand)?
Percentage of the market that a brand has
92
Why didn't Mr. Murry put somethign on edsby that tells us exaclty whats on the exam and whats not
that's kinda mean of him, now i don't know if these flash cards have everything or not :(
93
What is Demographic?
The study of obvious characteristics like age, gender, height, etc
94
What is Brand Name?
A word or group of words that a company uses to distinguish its products from other companies, otherwise known as a 'name.'
95
What is Product Research?
Examining every detail of a product or service and analyzing the impact they may have on the market
96
What is a Logo?
The symbol a company uses to represent itself
97
What is Consumer Research?
Discovers what type of product consumers want and predicts overall sales
98
What is Market Segment?
Part of the overall market that has similar characteristics
99
What is Brand Equity?
The value of a brand in a marketplace
100
What are the 4 Ps of Marketing
Product, price, place and promotion
101
Explain the first P of marketing: Product
You first need a product to market. The product shoudl be of good quality
102
Explain the second P of marketing: Price
The price determines the value of the product
103
Explain the third P of marketing: Place
You want to market your product where the people who want your product are
104
Explain the fourth P of marketing: Promotion
You want to let people know about your product
105
What are the 2 Cs of marketing?
Competition and Consumer Market
106
What are the 2 types of competition?
Direct and Indirect competition
107
What is a Consumer Market?
The Demographics and Lifestyle of the consumer
