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Business > Grade 10 - Intro To Business > Flashcards

Grade 10 - Intro To Business Flashcards

0
Q

What is perfect competition?

A

Many consumers buy a standardized product from numerous small businesses (no seller is big or influential enough to affect price). Sellers accept the growing price.

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1
Q

What are the functional areas of business?

A

Management, operations, marketing, accounting, finance

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2
Q

Supply

A

The quantity of a products sellers are willing to cell at various prices

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3
Q

Demand

A

The quantity of a product that buyers are willing to purchase at various prices

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4
Q

Equilibrium price

A

The price at which buyers are willing to buy exactly the amount that sellers are willing to sell

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5
Q

Monopolistic Competion

A

Many sellers supply differentiated products (different in quality, style, convenience, location, and brand name - however similar purpose)
Ex. Coke & Pepsi

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6
Q

Oligopoly

A

A few sellers supply a large portion of all the products sold in the market place.

  • starting a business in this industry is usually expensive, therefore number of businesses entering it is low
  • large scale enterprises: automobile and airlines
  • competition usually has similar promotions
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7
Q

Monopoly

A

Only one seller supplying products at regulated prices

  • Natural: due to the industry’s importance to society, one seller is permitted to supply product without competition (electricity and gas)
  • legal: one seller supplies a product or technology which holds a patent (Polaroid)
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8
Q

What are the world main economic goals?

A

Growth, high employment, price stability

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9
Q

How do you measure economic growth?

A

Gross Domestic Product (GDP)

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10
Q

How can you see if there is a high employment?

A

Unemployment rate should be low

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11
Q

How do you measure price stability?

A

Consumer price index (measure of inflation - price keeps increasing)

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12
Q

What does it means if there is a low GDP? What is the result?

A

Low GDP= recession

Therefore start losing jobs (high unemployment) and consumers do not spend as much

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13
Q

How long does the business cycle typically run?

A

3-5 years

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14
Q

What are the 4 phases of the business cycle?

A

Prosperity, recession, recovery, depression

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15
Q

Explain prosperity

A

Economy expands

  • low unemployment
  • income rises
  • consumers buy more products
  • businesses increase production & offer new and better products
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16
Q

Explain recession

A

Slow down in economic activity

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17
Q

Explain recovery

A

Economy starts growing again

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18
Q

Explain depression

A

Severe long lasting recession

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19
Q

What is GDP

A

Markets values of all good and services produced by the economy in a given year; includes goods and services produced domestically

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20
Q

What do changes in GDP show?

A

GDP goes up (after adjusting inflation) - economy is growing

GDP goes down - economy is contracting

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21
Q

What is the unemployment rate?

A

Percentage of labour force that is unemployed and actively seeking work

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22
Q

What is price stability?

A

Occurs when the average of the prices for goods and services doesn’t change or changes very little (shouldn’t change by more than 1-3%)

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23
Q

Inflation

A

When overall price level goes up

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24
Q

Deflation

A

When price levels go down

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25
Q

What is CPI?

A

Consumer price index- measures the rate of inflation by determining price changes

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26
Q

What is interest?

A

The cost for borrowing money

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27
Q

Lagging economic indicators

A

Statistical data that measures economic trends after the overall economy has changed (few months in the past)

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28
Q

Leading economic indicators

A

Predicts status of economy 3-12 months in the future

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29
Q

Monetary policy

A

Efforts exerted by the federal reserve system (bank of Canada) to regulate the nations money supply

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30
Q

What is a contractionary policy? When is it used?

A

When inflation is a problem

  • decrease money supply
  • and raise interest rates
  • less demand for goods, therefore prices will also decrease
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31
Q

What does it mean when interest rates are high? When would this be?

A

Used during inflation (contractionary policy)

  • borrowers have to pay more money for the money they borrow
  • banks are more selective when giving loans
  • less demand for goods, therefore prices will also decrease
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32
Q

What would banks do to counter a recession (deflation)?

A

The will use the expansionary policy to increase money supply and reduce interest rates

  • cheaper to borrow money
  • banks are more willing to lend it
  • encourage businesses to expand production
  • encourage consumers to buy more goods & services
  • help economy escape recession
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33
Q

Fiscal policy

A

Governmental use of taxation and spending to influence economic conditions

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34
Q

What would the government do when there is a recession?

A

Government wants to increase spending or reduce taxes (or both)
- put more in the hands of businesses and consumers (encourage businesses to expand and consumers to buy)

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35
Q

National debt

A

Total amount of money owed by federal government

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36
Q

Budget surplus

A

Takes in more than it spends

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37
Q

Budget deficit

A

Spends more than it takes in

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38
Q

Ethical dilemma

A

Have to select between 2 or more acceptable, but opposing alternatives that are important to different groups
- “right vs right”

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39
Q

Ethical Decision

A

Choose between right (ethical) and wrong (unethical) choice

- “right vs wrong”

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40
Q

Ethical lapse

A

Make a decision that is unmistakably unethical or illegal

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41
Q

Corporate Social Responsibility

A

Approach that an organization takes in balancing its responsibilities towards different stakeholders when making legal, economic, ethical, and social decisions
- actions taken by a company to make a positive impact on society

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42
Q

Stakeholders

A

Owners, employees, customers, and the communities in which the business operator
- affected by the activities of the business

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43
Q

Conflict of interest

A

Choose between the promotion of your personal interest and the interest of others

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44
Q

Conflicts of loyalty

A

Decide between being loyal to either your employer or to a friend or family member

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45
Q

Whistle blower

A

Someone that exposes illegal or unethical behaviour in an organization

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46
Q

Why is CSR important?

A
  • consumers and other groups examine not only the quality and price of a firm’s product, but it’s character as well
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47
Q

How can a company be socially responsible?

A

Financial contributions
Volunteer
Supporting social causes

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48
Q

When does a nation have an Absolute advantage

A
  • only source of a particular product

- make more of a product using the same or fewer resources

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49
Q

When does a nation have a comparative advantage?

A
  • produce a product at a lower opportunity cost compared to another nation
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50
Q

Opportunity cost

A

Products that a country must decline in order to produce something else

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51
Q

Balance of trade

A

Value of exports - value of imports

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52
Q

Trade surplus

A

Sells more than buys

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53
Q

Trade deficit

A

Buys more than sells

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54
Q

Balance of payment

A

Difference over a given period of time, between total flow coming in and total flow going out of a country

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55
Q

What are the 5 main ways to participate in International business

A 
Importing and exporting 
Licensing and franchising
Outsourcing 
Strategic alliance and joint venture
Foreign direct investment
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56
Q

Importing

A

Practice of buying products overseas and reselling them in ones own country

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57
Q

Exporting

A

Practice of selling domestic products to foreign countries

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58
Q

Licensing

A

Allows a foreign company to sell the products of a producer or use its intellectual property - ideas (such as patents, trademarks, or copyright) in exchange for royalty fees

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59
Q

Franchising

A

A company grants a foreign company the right to use its Brand’s name and to sell its products or services

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60
Q

Outsourcing

A

Contract with a local company in a foreign country to manufacture one if its products, however, retain of product design and development and puts its own label on the finished product

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61
Q

Strategic alliance

A

An agreement between two companies (or a company and nation) to pool resources in order to achieve business goals that benefit both parties

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62
Q

External forces that influence business activities

A

Government - monitoring laws
Economy
Consumer trends
Public pressure to be good corporate citizen

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63
Q

Joint venture

A

Alliances in which the partners find a separate entity to manage their joint operation

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64
Q

Foreign Direct Investment

A

Establishments of business operations on foreign soil

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65
Q

Offshoring (FDI)

A

Setting up facilities in foreign counties that replace manufacturing facilities to produce goods that will be sent back to the home country for sale
*** cheap labour

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66
Q

Foreign subsidiary

A

An independent company owned by a foreign firm

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67
Q

Sole proprietorship

A

Business owned by only one person

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68
Q

Partnership

A

Business owned jointly by two or more people

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69
Q

Corporation

A

A legal entity separate from the parties who own it

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70
Q

Advantages of sole proprietorship

A 
Easiest and cheapest
Few government regulations
Complete control 
Get all earned income
No special taxes
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71
Q

Disadvantages of sole proprietorship

A

Death = dissolution (when you die so does the business)
Your own resources and financing
Unlimited liability

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72
Q

Advantages of partnership

A 
Relatively easy & inexpensive 
Shared responsibility & talent
Financing is easier 
Continuity is not an issue 
No special taxes
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73
Q

Disadvantages of partnerships

A 
More complex than SP
Disputes among partners
Unlimited liability including for partners action
Shared decisions
Share profits
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74
Q

What are the two types of parters in a general partnership?

A

General - runs business and responsible for liability

Limited - limited involvement; losses = investment

75
Q

Advantages of a corporation

A

Limited liability
Financial resources
Specialized management
Continuity and transferability

76
Q

Disadvantages of a corporation

A

Goals of management & shareholders differ
Costly to set up
Regulation and government oversight
Double taxation

77
Q

Merger

A

Two companies combine to form a new company

78
Q

Acquisition

A

Purchase of one company by another

79
Q

Efficiency

A

Use or waste as few resources as possible

80
Q

Effectiveness

A

Achieve goal as fully as possible

81
Q

Management

A

Planning, organizing, directing, and controlling resources to achieve specific goals

82
Q

What is planning? (Management)

A

Process of setting goals and determining the best way to achieve them

83
Q

Strategic plan

A 
Mission statement 
Core values/beliefs
SWOT
Goals & objectives 
Tactical/ operation plans
84
Q

Top level manager

A

Responsible for health and performance
Set objectives
Plan and make decisions

85
Q

Middle Manager

A

Oversee activities of first line managers
Develop and implement activities
Allocate resources

86
Q

First line managers

A

Supervise & coordinate employees

Involved in day to day operations

87
Q

The role of planning

A

Planning- setting goals and determining the best way to achieve them
Organizing -
Directing -
Controlling -

88
Q

What is human resource management

A

All actions that an organization takes to attract, develop and retain quality employees

89
Q

HR process

A

Strategic plan
Job analysis - identify tasks, responsibilities and skills that it enrols, as the knowledge and abilities needed to perform it
Forecast hiring and firing needs
Recruit

90
Q

Demand > supply

A

Hire more workers
Extra hours
Labour Savin initiatives

91
Q

Supply > demand

A

Encourage early retirement
Layoffs
Fire (usually based on performance)

92
Q

What is recruiting?

A

Identifying suitable candidates and encouraging them to apply for openings

93
Q

Internal recruiting

A

Within company

- motivate employees as they now feel they can get promoted

94
Q

External recruiting

A

outside of the company

  • opportunity to get fresh ideas and skills into the company
  • most entry level jobs
95
Q

Contingent workers

A

hired to supplement a company’s permanent workforce (temporary) - consultants, independent contractors, on call

96
Q

Orientation (developing new employees)

A

the way the employer introduces new employees the organization and their jobs

97
Q

off the job training

A

formal employee training that occurs in a location away from the office

98
Q

on the job training

A

employee that occurs while the employee is on the job

99
Q

motivation

A

internally generated drive to achieve a goal or follow a particular course of action

100
Q

Maslow’s Hierarchy of needs theory

A

From bottom to top:

  • physiological needs (shelter, salary)
  • safety needs (financial stability, seniority)
  • social needs (friendships, social activities)
  • Esteem needs (status, incentives)
  • Self - Actualization needs (creative success, challenging job)
101
Q

What does maslow’s hierarchy of need suggest?

A

you must satisfy lower level need before seeking to satisfy a higher level need
- once a need is satisfies it no longer motivates; the next higher need takes its place

102
Q

what is job redesign?

A

makes jobs more interesting and challenging

103
Q

job enlargement

A

enhancing a job by adding tasks but maintaining the same skill level

104
Q

job enrichment

A

adding tasks that increase responsibility and opportunity for growth

105
Q

What is marketing?

A

activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

106
Q

what are the market segments?

A
  • demographic
  • geographic
  • behavioral
  • psycographic
107
Q

demographic segmentation

A

age, martial status, gender, ethnic background, income, occupation, education

108
Q

geographic segmenatation

A

climate, region, population density

109
Q

behavioral segmentation

A

attitudes towards product, user status, usage rate

110
Q

psychographic segmentation

A

interests, activities, attitudes, values

111
Q

what are the 4 p’s (markerting mix)

A

product, price, place, promotion

112
Q

product

A

develop a product that meets the needs of the target market

113
Q

price

A

set a price for your product

114
Q

place

A

get the product to a place where consumers can buy it

115
Q

promotion

A

inform potential buyers about your product

116
Q

What is skimming (pricing strategy)

A

seller generates early profits by starting off charging the highest price that customers will pay

117
Q

what is penetration (pricing strategy)

A

initially charge a low price to discourage competition and grab market share
- over time higher prices could be charged

118
Q

Cost based pricing

A

bases the price of a product on its cost plus a reasonable profit

119
Q

Demand based pricing

A

bases the price of product on how much people are willing to pay for it

120
Q

markup

A

difference between cost to product and selling price of a product

121
Q

Target pricing

A

determines how much to invest in a product (how much to pay to make it) by figuring out how much consumers will pay and subtracting and amount for profit

122
Q

Prestige pricing

A

practice of setting a price artificially high to foster the impression that it is a product of high quality

123
Q

odd - even pricing

A

practicing of pricing products a few cents (or dollars) under an even number

124
Q

intermediary

A

a wholesaler or retailer who helps more products from their original to end user

125
Q

customer value triad

A

select products that best combines these factors

  • price
  • quality
  • service
126
Q

what is the promotion mix?

A

various ways in which companies communicate with customers

- advertising, personal selling, sales promotion, publicity

127
Q

consideration before selecting promotional strategy?

A
  • purpose, target market, what features to emphasize, budget, what are competitors doing?
128
Q

Advertising

A

paid, non personal communications designed to create an awareness of a product or company
- most prevalent

129
Q

Personal Selling

A

one - on - one communication with customers or potential customers

130
Q

Sales promotion

A

providing an incentive for potential customers to buy something

131
Q

Publicity

A

form of promotion that focuses on getting a company or product mentioned in a newspaper, on TV, or in some other news media (typically free)

132
Q

what is a break even analysis?

A

method of determining the level of sales at which a company will break even (have no profit or loss)

133
Q

HOW TO CALCULATE BREAKEVEN

A
  1. determine fixed costs (cost that don’t change even if amount of good sold do)
  2. Identify your variable cost (costs that vary, in total, as the quantity of goods sold changes but stay constant one a per unit basis)
  3. Determine your contribution margin/ unit
    (selling price - variable cost per unit)
  4. Calculate break-even (fixed costs/CM)
134
Q

What is accounting?

A

measuring and summarizing business activities, interpreting financial information, and communicating the result to management and other decision makers

135
Q

What are the 2 main fields of accounting?

A

Management accounting and financial accounting

136
Q

Management Accounting

A
  • provides information to decision makers inside the organization to help operate the business
137
Q

Financial Accounting

A

furnishes information to individuals and groups inside/ outside the organization to assess to firm’s financial performance
- preparing an organization’s financial statements

138
Q

Financial Statements

A

summarize a company’s past performance and evaluates its financial health

139
Q

Types of financial statements

A

income statement, statement of owner’s equity, Balance sheet, statement of cash flows

140
Q

what is GAAP (generally accepted accounting principles)?

A

uniform set of rules for financial reporting issued by an independent agency called the Financial Accounting Standards Board (FASB)

141
Q

What is IFRS (international financial reporting standards)?

A

a set of worldwide accounting rules and guidelines used by companies to prepare financial statements that can be compares with those of other countries.

142
Q

Who used financial accounting info?

A

Owners and managers - provide info they can use to take corrective action; did company make a profit?

Investors and creditors - these are the ones the furnish money that the company needs to operate, therefore they want to know how business is doing (if it worth the money they are investing)

Government agencies - publicly owned companies must provide financial reports to the Securities and Exchange Commission (SEC), federal agency that stocks trades.

143
Q

what is an income statement?

A

summarizes a business’s revenues, expenses, and net income

144
Q

revenues

A

amount of money earned by a selling products to customers

145
Q

expenses

A

cost incurred by selling products to customers

146
Q

cost of good sold

A

cost of the products that a business sells to the customer

147
Q

operating expenses

A

costs of selling products to customers, not including cost of goods sold

148
Q

gross profit

A

positive difference between revenues and cost of good sold.

149
Q

balance sheet

A

report on a company’s assets, liabilities, and owner’s equity at a specific point in time

150
Q

asset

A

resource from which a business expects to gain some future benefit

151
Q

liability

A

debt owed by a business to an outside individual or organization

152
Q

owner’s equity

A

amount which is invested in a business by its owners and which owners can claim from its assets

153
Q

fiscal year

A

company’s designated business year

154
Q

Accounting equation

A

assets = liabilities + owner’s equity

155
Q

Statement of Owner’s Equity

A

details changes in owner’s equity for a specified period of time

156
Q

account receivable

A

record of cash that will be received from a customer to whom a business has sold products on credit

157
Q

account payable

A

record of cash owed to sellers from whom a business has purchased products on credit

158
Q

inventory

A

goods that a business has made or bought and experts to sell in the process of normal operation

159
Q

accrual accounting

A

accounting system that records transactions when they occur, regardless of when cash is paid or recieved

160
Q

depreciation expense

A

costs of a long term or fixed asset spread over its useful life

161
Q

classified balance sheet

A

balance sheet that totals assets and liabilities in separate categories

162
Q

liquidity

A

speed with which an asset can be converted into cash

163
Q

current asset

A

asset that business intends to convert into cash within a year

164
Q

long term asset (fixed asset)

A

asset that business intends to hold for more than a year before converting it to cash

165
Q

current liability

A

liability that a business intends to pay off within a year

166
Q

long term liability

A

liability that a business need not pay off within the following year

167
Q

statement of cash flows

A

financial statement reporting on cash inflows and outflows resulting from operating, investing, and financing activities

168
Q

operating acitivty

A

activity that creates cash inflows or outflows through day to day operations

169
Q

investing activity

A

activity that creates cash inflows or outflows through the selling or buying of long term assets

170
Q

financing activity

A

activity that creates cash inflows or outflows through repaying of borrowed or invested funds

171
Q

comparative income statement

A

financial statement showing income for more than one year

172
Q

vertical percentage analysis

A

analysis of an income statement treating the relationship of each item as a percentage of a base (usually sales)

173
Q

ratio analysis

A

technique for financial analysis that shows the relationships between two numbers

174
Q

profit margin

A

ratio showing how much of each sales dollar is left after certain costs are covered.

175
Q

Management Efficiency

A

ratio showing how efficiently a company’s assets are being used.

176
Q

Management Effectiveness

A

ratio showing how effectively a firm is being run and measuring its overall performance

177
Q

Financial Condition

A

ratio that helps to assess a firm’s financial strength.

178
Q

gross profit margin is equal to…

A

gross profit/sales

179
Q

net profit margin is equal to…

A

net profit/sales

180
Q

inventory turnover

A

ratios that show how efficiently a company turns over its inventory
= sales/inventory

181
Q

returns on assets

A

ratio that show if a company is generating a reasonable profit on assets they have invested in
= net profit/ total assets

182
Q

current ratio

A

Ratios that showing the relationship between a company’s current assets and current liabilities.
= current assets/current liabilities

183
Q

debt - to - equity

A

Ratios that showing the relationship between debt and equity
Examines the riskiness of a companies capital structure
= total liabilities/ total equity

184
Q

interest coverage is equal to…

A

operating income/ interest expense

185
Q

what are the basic things to succeed?

A

good profit on each item
move inventory
good return on investment
watch cash

Business (1 decks)

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