Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Bus 1201 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What are the three levels of government

A

Federal, Provincial, Municipal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the Federal Government responsible for

A 
International trade
Banks (monetary policy)
Criminal law
Employment Insurance
International property protection
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the Provincial government responsible for

A

Health care
Education
Protection of property rights
Protection of civil rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the Municipal government responsible for

A

City roads
waste removal
property tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a transfer payment

A

Payment made to the province and territories by the federal government to help deliver required services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the Audit and there responsibilities

A

Independent organization from the government
Incharge of
- Ensures managements information is reliable and complete
- identifies opportunities for improving control for anduse of public resources
- makes recommendations to improve systems and practices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What ae the governments other roles in business

A

tax agent, regulator, provider of essential services, provider of incentives, customer, competitor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are transfer payments alternatively used for

A

used to equalize wealth across Canada

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the three main types of transfer payments

A

Canada Health Transfer (CHT)
Canada Social Transfer (CST)
Equalizer Program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a Patient

A

A form of protection established by the government for inventors, gives inventor exclusive right to manufacture, use, and sell an invention for 20 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a copyright

A

A form of protection established by the government for creators of works of art. gives creator exclusive right to use ad sell the creation during there lifetime. also extends 50 years after creators death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define trademark

A

The legal excusive design, name, or other distinctive mark that is used to identify products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is bankruptcy

A

The legal procedure by which individuals or businesses that cannot meet there financial obligations are relieved of some

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is deregulation

A

The removal of rules and regulations governing business competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a torte

A

A civil or private act that harms other people or there properties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define Consumerism

A

A movement that seeks to increase the rights and powers of buyers and sellers

17
Q

What are the consumer protection laws

A

right to

  • introduce any product into the market
  • to price the product at any level
  • spend any amount of money to promote their product
  • to create any message they want about the product
  • to introduce any buying incentives they want
18
Q

What are the powers and rights of the customer

A

refuse to buy any product
expect products to be safe
expect a product to be essentially as the seller presents it
receive adequate information about the product

19
Q

What are the two types of warranties

A

Express warranties

Implied warranties

20
Q

What is an express warranty

A

written statements of what it covers

21
Q

What is an Implied warranty

A

things that are expected

22
Q

product liability

A

the responsibility of manufacturers and sellers for defects in the products they make and sell

23
Q

strict liability

A

a concept in product-liability laws under which a manufacturer is liable for any personal injury or property damage caused by defective products or packaging that doesn’t meet industry standards

24
Q

Define Cartel

A

An agreement between enterprises to lesson competition

25
Q

What is an Monopoly

A

A situation in which there is no competition and the benefits of a free market are lost

26
Q

What are the common methods of reducing and eliminating competition and define them

A

Parallel Pricing- competing companies adopt similar pricing strategies
Quota setting- Imposing limits of production
Market Setting- dividing the market based on a geographical basis
Product Specialization- each company agrees to specialize its products

27
Q

What is property tax

A

Taxes that are assessed on the value of all property

28
Q

What is a Payroll tax

A

Income taxes that are collected by the employer and remitted to the federal government

29
Q

What is sales tax

A

Taxes that are levied on goods and services when they are sold (calculated as a percent of the price)

30
Q

What is excise taxes

A

Taxes that are imposed on specific items ex. gas, alcohol, tobacco

Bus 1201 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions