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