Business grade 9 exams prep

Liability in a sole proprietorship?

Unlimited

Liability in a general partnership?

Unlimited

Liability in a limited partnership?

Limited

How does ownership of corporation work?

Owned by shareholders (exist separately)

who owns a private corporation?

investors

who owns a public corporation?

investors

who owns a crown corporation?

government

Who owns municipal corporations?

city

corporation shareholders liability?

limited

who owns cooperatives?

people who buy products or use the services the business offers

who owns a franchise?

a franchisor owns the brand and business system

the separate locations are operated by franchisees who operate under the brand they manage daily operations

Cooperative liability?

limited

liability for franchise?

franchisees responsible for daily risks, franchisors limited

who runs a corporation?

board of directors

Law of Demand

Consumers buy less when price rises and more when it falls

Law of Supply

Producers offer more when price rises and less when it falls

Market Equilibrium

The point where supply equals demand

Price

The amount of a good consumers are willing to buy

Quantity

The amount of a good producer are willing to sell

What does the red curve mean?

Demand curve

What does the blue curve mean?

Supply curve

What is the y axis

Price

What is the x axis

Quantity

If the price of the item is $5.00, how much will the producer supply and how much will the consumer buy?

Producer: 7 units

Consumer: 2.5 units

What is the difference between customers and consumers?

customers: the people who buy goods and services

consumers: the people who use goods and services

What is profit?

money a business earns after paying all expenses

How is profit calculated?

revenue (money earned) - expenses (money spents)

What is the main difference between a non-profit and a not-for-profit?

Non-profit workers are paid while not-for-profit volunteers are not paid

What is the order of Maslow’s pyramid?

5.Self-actualization

4.Esteem

3.Love&Belonging

2.security/safety needs

1.Physiological

Examples of demographics (the who)

Age, gender, family life cycle, education, income

Examples of psychographics (the why)

Lifestyles, values, beliefs

Examples of behavioural (the how)

Buying habits, brand loyalty, holiday sales

What is the money range for a low income?

0~45k

What is the money range for a middle income?

45~120k

What is the money range for a high income?

120+

What years are Gen Alpha?

2012-present

What years are Gen Z?

1997-2012

What years are Gen Y (millennials)?

1981-1996

What years are Gen X?

1965-1980

What years are Baby Boomers?

1947-1965

What years are the Silent generation?

1928-1946

What is the family life cycle order?

1. single adult

2. new couple

3. couple with children

4. couple with teenagers

5. launching children

6. empty nesters

7. family later in life

What is a business?

an organization or individual that profits in some way off of selling products and services to customers.

what is a good?

a tangible item that you can touch or hold

what is a service?

an intangible activity performed for others

What is a producer

Individuals or organizations that create goods or provide services

what is an entrepreneur

a person who starts and runs a business

what is the difference between profit, loss, revenue?

profit: the total amount of money earned after calculating losses

loss: the expenses paid subtracted from revenue

revenue: total money earned before subtracting losses

What are expenses?

the costs to operate a business

What is liability?

the owner(s) of the business have an obligation to be responsible for losses

(financial, security, insurance, risks, etc.)

what is a hierarchy?

an organizational system where things are ranked in an order based on importance or strength

Who was abraham maslow?

A psychologist who created a hierarchical pyramid system showing how once people’s physiological needs are met, they are motivated by higher needs such as love and belonging, respect, and self-actualization

What should a proper file name look like

A proper file name should be short but descriptive of the contents with yyyy/mm/dd with hyphens or underscores

What does s stand for in smart

specific - clearly defined (who, what, when, where, why, how)

what does m stand for in smart

measurable - can be measured with criteria to determine if its achieved

what does a stand for in smart

achievable - realistic within capabilities

what does r stand for in smart

relevant - aligns with broader objectives

What is a kpi

key performance indicator - measurable value showing how effectively a goal is achieved ex. tracking the amount of new customers a month to see growth

how can you evaluate projects for risks and mitigate against them

visualize possible scenarios worst case and most likely cases

think of ways to compensate for any losses from them

ex. if someone is absent in a group one day, have them do the work beforehand

five tips for strong passwords

make them longer

avoid names, places, dictionary words

use a sentence to turn into a password

use different characters

avoid personal data

three different password creation methods

passphrase: combine unrelated words ex. horsemonkeychipsoggy

acronyms: create a sentence and use the first letter of the words with other characters

Use a password generator to make a completely random password and save it to a password manager

what happened to the city of hamilton

A ransomware attack was orchestrated against the City of Hamilton on February 25^th, 2024

many public tech services were down

the hackers demanded 18.5 million dollars

the city has spent 18.3 million on immediate response and system recovery

what could hamilton have done to prevent the ransomware attack

they could have used multi-factor authentication

they could have addressed how to securely connect devices more often and trained councillors on the topic more

cross site scripting

the hacker tricks a trusted website into sending malicious code into a users browser

What is the bull market?

market where share prices are RISING

What is the bear market

A market where prices are FALLING, encouraging selling

tfsa stands for

tax free savings account

What is discretionary income

income after deductions and essential living expenses

What is skimming pricing

high at first, lower over time

what are the two c’s of marketing

customers and competition

What is penetration pricing?

lowering prices to gain a customer base and then raising them over time

What does rrsp stand for

registered retirement savings plan

what is disposable income

money after taxes and other deductions (before paying for food, shelter, etc.)

what are the three different passcode creation methods

passcode

computer generated (random and long, stored in a secure password manager)

acronym (my favourite colour is red turns into “MfCir!”)

4 ps and 2 cs?

Product

Price

Place

Promotion

Customer

Competition

The five steps of an elevator pitch

Introduce yourself

Identify the problem

Offer a solution

Share value/proof

Call to action

Possible deductions on paycheck?

1. Employment insurance

2. Canadian Pension Plan

3. general income tax (provincial/federal)

Biggest banks in Canada?

▫Royal Bank of Canada (RBC)

▫Toronto Dominion Bank (TD Canada Trust)

▫Bank of Nova Scotia (Scotiabank)

▫Bank of Montreal (BMO)

▫Canadian Imperial Bank of Commerce (CIBC)

-National Bank. Sorta

Schedule I banks?

•Owned by Canadian shareholders

•Accept deposits and offer investment and financial services

Schedule II banks?

•Mostly foreign-owned banks controlled by a small number of shareholders

•Government sets limits on number of branches

•Focus on investment banking and corporate customers

Schedule III banks?

•Foreign banks with permission to operate in Canada

Focus on investment banking and corporate customers

how does rrsp (registered retirement savings plan) work?

-Tax shelter- reduces current income, thus taxes.

-When your income is high (usually mid-late career), you use this to reduce your taxes.

-You take it out of the RRSP when your income is lower (usually retirement) and then pay taxes on it. --The idea is you are getting taxed at a lower rate, thus keeping more money.

Must begin to withdraw at 71