Unit 1

Question 1

What is the profit equation?

Answer 1

Profit = Revenue – Expenses

Question 2

Is a glass of water considered a want?

Answer 2

No

Question 3

How many owners does a sole proprietorship have?

Answer 3

One

Question 4

Who owns and operates a Crown Corporation?

Answer 4

The Government

Question 5

_________________ means the owner is responsible for claims against the business that goes beyond the amount invested and can extend to personal assets.

Answer 5

Unlimited Liability

Question 6

Which types of business ownership sell their shares on a public stock exchange?

Answer 6

A Corporation

Question 7

What are the 3 types of corporations?

Answer 7

Public, Private & Crown

Question 8

What are the 3 kinds of economic resources?

Answer 8

Natural, Human & Capital

Question 9

Is a doctor an example of a capital resource?

Answer 9

No

Question 10

What does E-commerce stand for?

Answer 10

Electronic Commerce

Question 11

A moral problem that occurs when a business has a decision to make that weighs values and morals against profitability and competitiveness is called …

Answer 11

An Ethical Dilemma

Question 12

An employee who informs company officials or the public about a legal or ethical violation that has occurred in their workplace is called …

Answer 12

A Whistleblower

Question 13

True or False: Fraud is the crime of lying or pretending.

Answer 13

True

Question 14

Buying or selling of company shares based on confidential information that is not available to the general public is known as …

Answer 14

Insider Trading

Question 15

What 3 basic rights do workers have in the workplace?

Answer 15

To refuse unsafe work, to participate in workplace health and safety activities and to know about actual workplace hazards.

Question 16

All the business transactions necessary for creating, shipping and selling goods and services across national borders is called …

Answer 16

International Business

Question 17

One of the disadvantages to International Trade are the hidden costs of doing business that have a negative impact on people or the environment. These costs are called …

Answer 17

Social Costs

Question 18

True or False: An import is a good or service produced in Canada but sold in another country.

Answer 18

False

Question 19

An agreement between countries which allows goods and services to flow more freely across their borders, such as the NAFTA or CUSMA, is called …

Answer 19

A Trade Agreement

Question 20

The relationship between a country’s total imports and total exports is known as …

Answer 20

The Balance of Trade

Question 21

The people who buy goods and services are known as …

Answer 21

Consumers

Question 22

Businesses that make products or provide services are known as …

Answer 22

Producers

Question 23

True or False: Wants are items necessary for survival such as food, clothing or shelter.

Answer 23

False

Question 24

The quantity of the good or service that consumers are willing and able to buy at a particular price is referred to as …

Answer 24

Demand

Question 25

_________ is the quantity of good or service that businesses are willing and able to provide within a range of prices that people are willing to pay.

Answer 25

Supply

Question 26

Who licenses the rights to its name, operating procedure, designs and business expertise to another business?

Answer 26

The Franchiser

Question 27

Start up money for a business is available through two kinds of sources. What are those two sources?

Answer 27

Debt Financing and Equity Financing

Question 28

_________ is the relocation of some of a company’s operations to another country.

Answer 28

Offshoring

Question 29

What is it called when one company combines with or takes over ownership of another company?

Answer 29

A Merger

Question 30

_________ are the rules that help us tell the difference between right and wrong, and encourage us to do the right thing.

Answer 30

Ethics

Question 31

A business that is concerned about how they protect consumers and the treatment of their employees and shareholders is demonstrating __________________.

Answer 31

Corporate Social Responsibility

Question 32

__________ refers to those behaviours that are found to be threatening or disturbing, those that are not acceptable in society.

Answer 32

Harassment

Question 33

__________ is the practice of helping producers in developing countries bypass middlemen so they can sell their goods in other countries for a fair profit.

Answer 33

Fair Trade

Question 34

An invisible barrier often facing women, disabled or those from visible minority groups as they approach senior management positions is called ...

Answer 34

The Glass Ceiling

Question 35

Selling a pair of Roots track pants made by Roots to a Canadian resident is considered what type of transaction?

Answer 35

A Domestic Transaction

Question 36

What kind of labour is defined as regular employment of children under the age of 16?

Answer 36

Child Labour

Question 37

A form of tax charged on certain imports, and used by the government to help manage trade are called ...

Answer 37

Tariffs or Custom Duties

Question 38

18. An ______________ is a tax on the manufacture, sale or consumption of a product within a country.

Answer 38

Excise Tax