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BBI1O Exam Review Flashcards | StudBud
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BBI1O Exam Review
BBI1O Exam Review
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Reviewing key terms learned in Intro to Business at Bennies.
Flashcards
40 cards
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Practice quiz
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Host live
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Questions
40
Answers
1
When looking at a pay stub, the term “YTD” stands for:
Year To Date
Yours To Deposit
YouTube Downloader
Yearly Term Deposit
2
When making decisions, you should list 3 ___ and analyse them before making your recommendation
Joint ventures
Alternate solutions
Main problems
Implementation plans
3
Which of these are types of businesses?
Manufacturing
Service
All of the above
Retail
4
An RESP is:
Registered Education Savings Plan
Retired Education Savings Plan
Retired Earnings Savings Plan
Registered Elementary School Plan
5
Which of the following is NOT an entrepreneurial characteristics?
Paranoid of losing money
Ability to work alone
Flair for Innovation
Self Confidence
6
The following are all variable expenses, EXCEPT:
utilities, entertainment, groceries
entertainment, utilities, gifts
clothing, dining out, rent
groceries, heating bill, rent
7
The following are skills needed by an entrepreneur EXCEPT:
Planning
Management
Relationship
Research
8
When thinking about starting your own new venture, the term feasibility refers to:
How much money you will make
How realistic your venture is
How your product/service is different from the competition
How many people will purchase the product/service
9
Preparing a budget involves three steps, which one of the answers is not one of these steps?
spending the extra money
reviewing your budget
calculating income
calculating expenses
10
An example of a Capital Economic Resource is…
Water
Machines
Workers/labour
Fish
11
What best describes the law of supply?
As the supply increases, the quantity produced will raise
As the price increases, the quantity will stay the same
As the price increases, the quantity produced will decrease.
As the price increases, the quantity produced will increase
12
Which of the following is NOT a type or source of credit?
Credit Card
Mutual Fund
Line of Credit
Overdraft Protection
13
What are the 4 P’s of marketing?
place, product, price, promotion
price, preparation, place, product
place, promotion, proximity, price
proximity, price, preparation, promotion
14
Acting in a way that conforms to social standards about what is right and good refers to:
Respect
Values
Ethics
Labour Practices
15
What are advantages of a cooperative business?
a. more expensive goods/services and hard to set up
b. less expensive
both b. and c.
c. easily set up
16
Which of the following is an example of a franchise?
Ginger Express
Tim Horton's
TD Canada Trust
St. Benedict C.S.S.
17
Examples of unethical behaviour include all of the following EXCEPT:
Environmental violations
Concealing Information
Fraud
Downsizing
18
What is the definition of a non-profit business?
Continuously losing money and will soon be bankrupt
Makes profit to expand, improve products or give to owners
Doesn't make profit but raises funds for specific goals
Doesn't seek to make profit - uses money to improve services
19
The stages of the product life cycle, in order, are:
Introduction, decline, decision point, maturity, growth
Maturity, growth, decline, introduction, decision point
Introduction, growth, maturity, decline, decision point
Introduction, maturity, growth, decision point, decline
20
What is a corporation?
Business ownership is divided into parts called shares
Business ownership is divided into parts called dividends
Retail business whose ownership is divided into big parts
Service whose ownership is divided into parts called shares
21
A GIC is:
Government Investment Certificate
Guaranteed International Certificate
Growth Investment Company
Guaranteed Investment Certificate
22
In the Business Model Canvas, the way to say how you will make money is by identifying the:
Key activities
Revenue streams
Value proposition
Target market
23
Which of the following would be considered a consumer ‘need’?
New car
Latest video game
Clothes
Cell phone
24
What are the four functions of management?
Organizing, researching, leading, controlling
Planning, supervising, organizing, informing
Leading, informing, inventing, researching
Planning, leading, organizing, controlling
25
What best describes the law of demand?
As the price increases, the quantity purchased will decrease
As the price decreases, the quantity purchased will increase
As the price increases, the quantity purchased will increase
As the price decreases, the quantity purchased will decrease
26
An example of a want is…..
Both iPod and Computer
Computer
iPod
Water
27
A person who starts a venture to solve a problem or take advantage of an opportunity is a
Venture
Entrepreneur
Enterprising
Intrapreneurship
28
A disadvantage of a General partnership is…
Working with another person
Unlimited liability
Ease of formation
Limited liability
29
Sources of income are...
owning a car, house, and cottage
allowance, employment, savings and investment
the lottery, employment, savings and investment
money
30
How would you categorize a small to medium sized business?
100-500 employees
0-500 employees
500-1000 employees
0-100 employees
31
To get a good credit rating, you should get a credit card and:
use it as needed, and pay it off in full each month
use it all the time and wait until it’s full to pay it off
use it as needed, pay the minimum even if you have the money
wait until you’re threatened with collections to pay it off
32
Which of the following laws must businesses follow when thinking about ethics?
Antidiscrimination
All of the above
Workplace safety
Accessibility
33
Profit can be calculated by using the profit equation:
Profit = Selling Price - Expenses
Profit = Revenue - Expenses
Profit = Expenses – Revenue
Profit = Expenses + Revenue
34
Which of the following does NOT refer to international business structures?
Joint Venture
Strategic Alliance
Offshoring
Sole Proprietorship
35
What is the difference between sole proprietorships (SP) and partnerships (P)?
A SP has limited liability & a P has unlimited liability
A SP is owned by 2 or more people & a P is owned by 1 person
A SP gives shares to owners & a P has a board of directors
A SP is owned by 1 person & a P is owned by 2 or more people
36
The term for a product which no one wants to buy any more, such as a VCR, is:
absolute
none of the above
discontinued
obsolete
37
Budgeting helps you to…
c. set goals and stick to them
b. earn income
both a and c
a. plan for wise spending
38
When presenting a product pitch, it is important to always begin with the:
revenue model
solution
target consumer
problem
39
Demand refers to:
the amount of goods/services desired by consumers
the amount of goods/services imported by businesses
the amount of goods/services available to consumers
the amount of goods/services supplied by businesses
40
What is an idea driven enterprise?
Entrepreneur knows there is an idea & market for a product.
Enterprise you create as a result of invention or innovation
Entrepreneur segments all products by a specific feature
An enterprise that develops in a different way
