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Grade 10 Business Exam Review > Terms > Flashcards

Terms Flashcards

(63 cards)

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1
Q

Liability

A

debts you owe to others
ex) Bank loans

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2
Q

Mission Statement

A

A concise declaration of an organizations purpose, outlining what its objectives are

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3
Q

Target Market

A

The group of people you are targeting for your products/service

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4
Q

Characteristics of an Entrepreneur

A

A mix of skills, talent, willingness and self-confidence

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5
Q

Business Cycle - Expansion

A

Economy begins to grow again: employment, wages, profits and wages expand

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6
Q

Business Cycle - Recession

A

The economy slows down: decline in consumer purchasing, increase in unemployment, businesses close

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7
Q

Business Cycle: Trough

A

Production and unemployment reach their lowest levels. The economy completes the recession and turns towards prosperity

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8
Q

Business Cycle: Peak

A

Top of the business cycle. The economy stops expanding and begins slowing down.

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9
Q

Type of Business Project: Strategic

A

Projects aimed at achieving long-term business goals
ex) Mc Donald’s low prices

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10
Q

Type of Business Project: Recurring

A

Projects involving regular release of products or services
ex) iPhone being realized every year

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11
Q

Type of Business Project: Operational

A

On-going projects to improve day-to-day business operations
ex) Apps updating regularly

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12
Q

Robotic Process Automation (RPA)

A

Automation of repetitive tasks using robots/software to improve efficiency, mimic human actions
ex) Processing transactions

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13
Q

Cybersecurity

A

Practice of protecting computer systems, networks, and data from cyber threats.
Protects sensitive info, finances, ensures safety of people and businesses
ex) Cloud Security, Identity Security

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14
Q

CSR (Corporate Social Responsibility) -

A

Company’s effort to improve their impact on society and environment. Builds good rep for brand and customer loyalty.

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15
Q

Types of CSR

A

1) Ethical Responsibility
2) Economic Responsibility
3) Environmental Responsibility
4) Philanthropic Responsibility

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16
Q

Market Cap

A

Total value of a company’s shares in the stock market.

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16
Q

Formula of Market Cap

A

Market Cap = Share Price x Number of Shares

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17
Q

Oligopoly

A

A type of market where a few big companies control most of the business.
ex) Rogers, Bell, Telus

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18
Q

Monopoly

A

A type of market where one company controls the entire market, with no competitors
ex) Electricity - Hydro One Ontario

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19
Q

Market Economy

A

The economy is based on the principle of supply and demand.
Gov has no control
ex) USA

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19
Q

Mixed Economy

A

Economy combining all three types of economies:
Traditional, Command and Market
ex) Canada

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20
Q

Command Economy

A

Economy where the gov makes al the decisions about goods/services, production and pricing
ex) Soviet Union

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20
Q

Traditional Economy

A

An economic system based on farming, fishing, and hunting.
ex) Indigenous communities

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21
Q

Customer Preferences

A

What influences customers to want to buy your product/service (Tastes, values, habits, trends)

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21
Taxes
Money that people or businesses need to pay the gov. Give the gov money for public services
22
ESG Investing
Investment strategy focusing on environmental, social and governance factors. Putting your money into companies that are good for the planet, people, and ethical business.
23
Types of Accounting
1) Financial Accounting 2) Managerial Accounting 3) Tax Accounting 4) Forensic Accounting
24
Careers In Accounting
Auditor, Forensic Accountant, Tax Accountant, Managerial Accountant
25
Assets
An asset is something I own that has value (cash, car, house, building, investments).
26
Equity
Difference between liabilities and assets
26
Income Statement
a report that shows a company’s revenue, expenses, and profit or loss over a specific time.
26
Balance Sheet
shows what a company owns (assets), owes (liabilities), and its equity at a specific point in time.
27
Cash Flow Statement
shows how much cash goes in and out of a business during a specific time period.
28
Price Floor
The lowest legal price something can be sold for. ex) Minimum wage
29
Subsidies
Money given by the government to help businesses or people ex) Farmers get subsidies to help keep food prices low and stable
29
Factor that Shapes Market Trends: Speculation and Expectation
Publics' guesses and beliefs about the future can shape current decisions and future market decisions ex) News
30
Factor that Shapes Market Trends: Supply and Demand
High demand + low supply = prices go up Low demand + high supply = prices go down
31
Factor that Shapes Market Trends:: International Transactions
Buying and selling between countries changes currency values, trade flows, and can shift market trends.
32
Factor that Shapes Market Trends: Government
Change how much investment flows in and out of the country by raising or lowering taxes, interest rates, or regulations
32
Impact of Technology on Business
- Improves efficiency, customer service - Allows companies to work faster, reduce costs and stay competitive in the market - Technology is replacing human jobs
32
Generative AI
Deep learning model that creates original content like pictures/text, and more. It's based on what the user wants like Chat GPT
33
Artificial Intelligence
Machines are designed to perform tasks that require human intelligence. Technology that allows computers to mimic human abilities (thinking/learning)
34
Deep Learning
Thinking A special type of machine learning that uses layers of algorithms (called neural networks) to learn from lots of data, like the human brain.
34
Two-Step Verification/Multifactor Authentication (MFA)
adds extra security by requiring two or more proofs of identity to log in. ex) Apple requires password and code sent to your phone to login
35
Machine Learning
Data When computers learn from data and get better at tasks without being directly programmed. ex) Netflix Recommendations
35
Social Engineering
Manipulating people to giving info Most cyber attacks start with this
36
Malware
Type of software that is made to cause damage to a computer and steal data ex) Computer viruses
36
4 P's of Marketing
Product Price Place Promotion
36
Marketing Plan Steps
SWOT Analysis Profiling Customers Setting Objectives Addressing 4 P's Budgeting
37
Types of Business Loans
1) Commercial Real Estate Loan 2) Equipment Loan 3) Technology Equipment Loan 4) Start-up Financing
37
Eight Sources for Start-up financing
1. Personal Investment 2. Love Money 3. Venture Capital --> Shark Tank 4. Angel Investors 5. Crowdfunding 6. Business Incubators 7. Grants 8. Business Loans
38
Contribution Margin
Difference between selling price of the product and its variable costs Selling Price – Variable Cost = Contribution Margin Sell for $10, variable cost is $6 → contribution margin = $4
39
Profit Margin
Shows how much actual profit you keep after all costs (both variable and fixed)
40
Liabilities
A liability is something I owe to someone (bank loan, car loan, mortgage)
41
Average Price
typical selling price of a product or service
42
Break -even point
When you have covered all your costs you’re not making a profit but not losing money either.
42
Outbound Transportation
shipping finished goods from your business to customers. ex) Amazon shipping to you
43
Break-even Analysis
a way to figure out how much you need to sell to cover your costs.
44
Inbound Transportation
the shipping of raw materials or supplies into your business or factory.
45
Logistics
planning, moving, and storing goods so they get to the right place at the right time. It includes things like transportation, warehousing, inventory, and delivery.
46
Three C's of Branding
Clarity, Consistency, Customer focus
47
Sales Pitch Types
Phone sales pitch Social Media Pitch Email Sales Pitch
47
Key Performance Indicator (KPI)
A number or measurement that shows how well a person, team, or business is doing at reaching a goal, like sales, customer reviews, or on-time delivery.

Grade 10 Business Exam Review (1 decks)

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