Business Skills and Intro Flashcards

Vocabulary flashcards covering the basics of business classification, types, size statistics in Canada, and professional business skills.

Limp, Dead Fish

A type of bad handshake characterized by a lack of firmness.

The Close Shaker

A type of bad handshake where the person stands too close, described as really wanting a hug.

The Bone Crusher

A type of bad handshake characterized by an overly forceful grip.

The Never-Let-Go

A type of bad handshake where the person continues to hold on while talking about unrelated topics.

Business

An entity classified by its purpose, size, structure, and the role it plays in the community, often involved in supplying goods or services to meet consumer demands.

For-profit Business

A business whose goal is to make a profit by supplying goods or services to meet consumer demands.

Profit

The income that is left after all costs and expenses are paid; calculated as $Profit = Revenue - (Expenses + Costs)$.

Expenses

The expenditures or payments involved in running a business and the assets that get used up operating it.

Costs

The amount of money required for each stage of production, such as raw materials, to provide goods and services.

Solvent

A state where a business has paid its debts and all financial obligations are met.

Non-profit

An organization that raises funds for a specific goal, such as a charity or human rights organization (e.g., Amnesty International), to enhance the public good and may have salaried employees.

Not-for-profit

An independent association of persons who join together to meet economic, social, and cultural goals; surplus funds are used to improve services for members and are not distributed to them.

Small Business (Canada)

An employer business with between $1$ and $99$ employees; they represent $97.9\%$ of employer businesses in Canada.

Medium Business (Canada)

An employer business with between $100$ and $499$ employees; they represent $1.8\%$ of employer businesses in Canada.

Large Business (Canada)

An employer business with $500+$ employees; they represent $0.3\%$ of employer businesses in Canada.

Goods

Items that can be seen or touched.

Service

Assistance provided to a consumer.

Bricks and mortar

A retail channel of distribution where goods or services are delivered in a physical store location.

Revenue

The total amount of money received by a business from sales before expenses and costs are deducted.