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252 Cards in this Set
- Front
- Back
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Accounting
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the system used by an organization to keep a record of all the money that comes in and goes out.
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Accounts Payable
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the money that the business owes to other businesses that supply it with goods or services.
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Accounts Receivable
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money for which a company has billed its customers, but has not yet received payment. Advertising any paid use by an identified sponsor to inform a target market about a product, service, idea, or organization.
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Affirmative Action
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the process of improving employment practices so that they are fair to people who may have been discriminated against in the past.
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AIDA
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an acronym for four steps of the basic selling approach (attract attention; hold interest; arouse desire; take action to close the sale).
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Annual Fee
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a yearly charge.
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Appreciate
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to go up in value.
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Aptitude
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natural talents, tendencies, or capacities
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Asia-Pacific Region
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the market consisting of Asian countries along the Pacific Rim and in South-East Asia.
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Assessment
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evaluation.
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Assets
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anything a company or person owns that has a dollar value.
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Baby Boom Generation
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the large group of people born between 1947 and 1965.
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Balance of Payment
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the total flow of money into a country minus the total flow of money leaving the country.
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Balance of Trade
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comparison between a country's total value of imports and the total value of its exports.
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Balance Sheet
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a financial statement that shows the company's assets, liabilities, and net worth on a given date.
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Bankruptcy
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a legal situation in which a company (or individual) declares that it cannot pay its debts and must sell assets and suffer some penalties.
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Benefits
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the financial and psychological value of a job apart from income. Financially, it includes insurance and health insurance.
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Blue Chip
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successful and profitable companies.
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Bonds
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a certificate offered by a company or government promising to repay money borrowed and to pay it back with interest on a certain date.
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Bonus
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extra amount of money paid to employees, usually once a year.
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Brand Name
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the name that identifies the goods or services of one business.
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Budget
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a plan of how to spend money.
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Business
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the production and sale of goods or services to consumers.
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Business Cycle
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the movement from prosperity to inflation to recession to depression and then to recovery.
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Business to Business
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the exchange of goods and services between businesses.
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Business Plan
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an important tool that describes how you will use your business ideas to achieve your business goals.
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Canada Savings Bond (CSB)
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a certificate issued by the federal government promising to repay an amount of money at a given time and at a given rate of interest. CSBs may be purchased by individuals.
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Capital
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money available for investment purposes such as starting a business and keeping it running.
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Capital Improvement
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upgrading of a tangible property.
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Channel of Distribution
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the path a product takes from the manufacturer to the final consumer.
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Collection Agency
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a company hired to collect overdue accounts from customers.
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Common Shares
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the unit investors purchase to buy part of a company and have a claim on its profits. Dividends are paid on common shares after those for preferred shares. Also known as stocks. Common shares give investors a vote at the annual meeting.
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Communication
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the ability to explain ideas and ask appropriate questions.
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Comparative Advantage
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a theory that states that some countries are better equipped than others to make and sell particular goods or services.
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Compensation
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payment and benefits when used in relation to employees, can include wages and benefits.
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Competition
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a situation in which two people or companies try to achieve the same end.
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Complementary Goods
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goods that are used with one another.
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Compounding Period
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a set length of time in which an account is credited with interest.
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Confidence
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belief in own abilities.
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Consolidate
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put together
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Consumer
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someone who purchases goods and services to meet needs and wants.
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Consumer Credit
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money borrowed for mortgages and personal loans and when using credit cards.
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Consumer Protection
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a situation in which the federal and provincial governments try to protect consumers by making sure that the buying and selling of goods and services is fair.
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Controlling
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ensuring that company performance is going as planned.
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Convergence
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a process in which two or more separate technologies come together to form a new one or to perform new functions, and which the old technologies could not do on their own.
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Co-Operative Businesses
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owned and operated by a group of people with a strong common interest.
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Corporation
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a legal business entity that exists independently of its owners.
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Co-Sign
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another person signs a borrowing agreement and promises to pay debt if the borrower cannot do so.
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Creativity
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a quality of developing ideas and expressing them in some tangible form.
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Credit Bureau
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a company that gathers and provides information on credit history.
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Credit History
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the history of paying back debts.
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Credit Rating
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the reputation for paying back money owing.
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Crown Corporation
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a legal business entity that exists independently of its owners. Crown indicates that it is owned by federal, provincial, or municipal governments. It usually provides a special service to the public.
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Debentures
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a sealed bond issued by a corporation, usually to get a long-term fixed interest loan.
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Decision-Making
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taking action.
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Deductions
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the money an employer takes from an employee's salary to cover taxes and benefits.
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Default
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a failure to pay.
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Deflation
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a business situation in which costs· and prices fall.
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Demand
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the desire for goods and services. It represents the consumer side of the market.
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Demography
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the study of statistics relating to populations or communities.
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Depreciate
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to drop in value.
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Depression
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a period in the business cycle when economic activity is very low and unemployment is very high.
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Development
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a long process of upgrading an employee's ability to perform.
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Direct Competition
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the rivalry that exists when two or more businesses produce similar goods or services.
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Direct Mail
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promotional material such as advertising pamphlets, brochures, leaflets and flyers that are delivered in the mail.
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Discretionary Income
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the amount of money left after all compulsory deductions are taken from gross income and after required expenditures, such as taxes, are paid for. This money is available for a person to spend as they wish.
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Discrimination
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unfair treat¬ment on the basis of a characteristic such as race, sex, national or ethnic origin, age, marital status, or disability.
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Disposable Income
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the amount of money left from gross income after compulsory deductions have been taken.
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Dot-com Company
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a company that does business on the internet or helps other companies offer products or services over the internet.
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Dow Jones Industrial Average
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the oldest and most famous measure of stock performance.
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Down Payment
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a sum of money paid at the time of a purchase, usually on a large purchase such as a house. (It lessens the amount the purchaser must borrow to pay the total cost.)
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E-Business
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short-form for "electronic business," business that is conducted over the Internet.
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Economy
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made up of contributions from business, labour, and the government. The wealth and resources of a community.
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Embargo
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a total restriction on trading with another country, can be placed on all goods or on some categories of goods.
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Emotional Quotient
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degree of emotional health and expressed in self-awareness, altruism, personal motivation, empathy, and ability to love and be loved.
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Employability Skills
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skills you must have to succeed in business. Skills are abilities that can be acquired by repetition.
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Employment
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working for a company or organization.
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Entrepreneur
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a person who organizes, manages, and assumes the risk of starting and operating an enterprise.
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Entrepreneurship
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the activity of people who bring together all the factors to start a business.
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Equal Opportunity
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the right to freedom from discrimination in areas such as employment.
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Equilibrium
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the point where the forces of supply and the forces of demand are balanced.
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Ethics
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standards of conduct that society believes people should follow.
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European Union
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a bloc of 15 European countries in primarily an economic partnership. The Union does also have political and social objectives.
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Expenses
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the amount of money an organization or individual spends to run an operation. In business, it includes wages to employees, cost of supplies, taxes, and payments on loans.
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Exporting
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the selling and shipping of raw materials or finished products to other nations.
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Extranet
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a network of com¬puters a company has with selected suppliers that allow the company to share information with selected suppliers or with other businesses.
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Factors of Production
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items required to produce goods and services including land, capital, labour, informa¬tion, and entrepreneurship.
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False Advertising
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saying a product will do something when it will not.
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Finance
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the managing of money.
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Financial Institutions
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companies and organizations that are permitted to hold savings deposits, offer loans and mortgages, issue credit ratings, exchange currency and offer stocks and bonds for sale.
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Financial Instruments
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a tool used by financial institutions to provide services. They include investments such as savings accounts, GICs, bonds, stocks, mutual funds.
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Financial Management
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process of deciding how to use money.
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Financial Plan
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forecast of how much money is needed to achieve a given financial goal.
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Financial Statements
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formal documents that use a standard format to provide the key information about a company's financial position.
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Fiscal Year
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an accounting year for an organization is a period of 12 consecutive months, at the end of which the business produces is annual financial statements.
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Flexibility
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ability to change goals and adapt plans.
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Foreign Exchange Rate
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a rate that rules how much of another country's currency your country's currency will buy.
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Foreign Subsidiary
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a company from one country operating in another country.
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Franchise
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a type of business in which a person buys the right to use a business name and to sell a product or service. The purchaser must follow the franchise owner's rules in operating the company.
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Free Trade Agreement (FTA)
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a treaty between Canada and the United States that took effect in 1989 and by 1999 removed all tariffs on the sale of goods to each other.
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Free Trade Area of the Americas (FTAA)
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the group of North and South American countries (all of them except for Cuba) that are trying to develop freer trade and more cooperation among themselves.
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Front-Line Employees
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the employees who work directly with customers, taking orders, helping them find what they want, responding to complaints, and helping solve problems.
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Fundamental Accounting Equation
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an equation that accounting is based on where the two sides must balance.
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Future Value
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amount that will be earned because of the interest that is added to the original amount saved.
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G8
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the Group of Eight, an association of the world's most powerful trading countries. Canada is a member.
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Garnisheed
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money removed from a pay cheque.
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Generally Accepted Accounting Principles (GAAPs)
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the guidelines developed by professional accountants for the way accounting records and financial statements are prepared.
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Globalization
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doing business internationally.
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Good
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any tangible item or product that you can purchase, possess, and use.
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Gross Domestic Product (GDP)
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the annual total value of final market goods produced and services provided in a country.
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Gross Pay
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pay or wages before deductions. |
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Guarantee
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formal promise or assurance, that an obligation will be fulfilled or that goods are of a specified quality and durability.
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Guaranteed Investment Certificate (GIC)
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guarantees a fixed interest rate on a sum of money deposited at the financial institution for a fixed term.
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Harassment
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repeatedly annoying someone.
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Health and Safety Program
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a preventative, includes training for workers, regular inspections by professionals in the health and safety field, a process for reacting swiftly to accidents and injuries.
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Human Resources
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the aspect of business operations that deals with attracting and keeping employees.
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Illegal Pricing
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a practice that lessens competition and gives consumers less choice than they should have.
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Importing
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the buying of raw materials or finished products from other nations in order to use them in the home country.
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Income
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also known as revenue, earnings by an individual or business from a variety of sources.
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Income Statement
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the financial statement that reports a business's income and expenses for a fiscal period.
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Income Tax
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an amount of money the federal government requires those who earn income (individuals and corporations) to pay to it. It is used to pay for government and government programs.
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Indirect Competition
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competing with other businesses selling different goods, also known as substitute competition.
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Inflation
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refers to a rise, over time, in the price of goods and services.
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Information
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knowledge. The development of computers and other technologies has made knowledge an important factor in business because so much can be gathered and shared.
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Information Interviews
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a formal way of talking with people, in hopes of having all your questions answered.
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Infrastructure
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a system that makes a nation or organization run.
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Initiative
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ability to take action without the prompting of others.
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Innovator
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a person who adapts an existing good or service to improve it or its appeal to current consumers.
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Installment Plan
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a loan granted by or through a retailer for an expensive pur¬chase that can be repaid at set intervals over a period of time.
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Integrity
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the personal commitment to keep promises.
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Interdependence
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the dependence between two parties such as consumers and producers
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Interest Rate
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the rate a financial institution charges for the money it lends.
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Interest
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money paid for the use of money.
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Intranet
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a network of computers connected within a company.
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Inventor
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a person who creates new devices or services by assembling previously unrelated elements in a new way, or who develops a good or service so different from the original that it requires a new name and is clearly sep¬arate and distinct.
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Investment
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a financial tool in which one puts money for a period of time in exchange for a chance to earn interest.
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ISO Standards
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the benchmarks set by the International Organization for Standardization to help companies develop and maintain widely accepted standards of quality and measurements.
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Job Description
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a description of the requirements to perform a job and the responsibilities of the job.
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Labeling
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the part of packaging that provides the consumer with information, such as product ingredients.
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Labour
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includes all mental and physical work that people put into producing goods and services.
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Labour Movement
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the efforts by workers, often in organized groups such a unions, to protect workers' health, safety, and rights.
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Land
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natural resources used to produce goods and services.
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Law of Demand
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a situation in the market in which the level of demand for a good or service influences prices. High demand tends to lead to higher prices, while low demand often means lower prices.
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Law of Supply
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a situation in the market in which the price of a good or service influences the level of production. Producers increase the level when the price rises and reduce it if the price drop too low.
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Leadership
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ability to inspire others to follow their example in a positive way.
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Leading
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setting a direction. Limit: the amount of money a financial institution is will¬ing to let a consumer borrow.
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Limited Liability
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the extent to which shareholders are responsible for a company's debts. It is the same as their financial involvement.
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Liquid Asset
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assets such as bonds, GICs, and term deposits that can be quickly turned into cash.
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Management
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the planning, organizing, and controlling of all business activities.
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Manufacturer
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the company or business that produces goods.
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Market
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a place where buyers and sellers come together to do business, the buyers with money to exchange for the goods or services offered by the sellers.
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Market Niche
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a small segment of a larger market.
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Market Research
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the gathering and analysing of data to provide a business with information on consumers' needs and wants.
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Marketing
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all the business activities used to plan, price, promote, and distribute goods or services to satisfy consumer needs and wants
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**Marketing Mix
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product, promotion, place, and price.
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Misleading Advertising
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distorting the truth about the goods being offered.
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Mortgage
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loan to buy a house or a: business.
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Motivating
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encouraging employees to act using positive or negative methods or a mix of both. This is external motivation. Internal motivation or influences come from within.
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Mutual Fund
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an investment fund in which the contributions of many individuals are combined and invested by a professional fund manager in a variety of stocks and bonds.
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Natural Resources
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a material available in nature that has the potential to be of economic value.
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Needs
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a good or service that is essential for life and in business describes a factor that motivates individuals to act.
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Net Pay
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money available to spend after compulsory and voluntary deductions are taken off gross pay.
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Net Worth
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the difference between what one owns and what one owes.
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Networking
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the process of meeting people in a semi-formal informal environment and telling them what you need in a conversational way.
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Non-Profit Corporation
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a legal business entity that is not organized to make a profit. Purpose is to undertake fundraising, do research, or lobby for a cause in order to help people.
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Non-Tariff Barriers
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a method, other than taxes, of reducing the quantity and value of foreign-made goods that come into the country.
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North American Free Trade Agreement (NAFTA)
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an agreement among Mexico, Canada, and the United States that took effect in 1994 and is similar to the Free Trade Agreement.
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Objectives
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goals set by management.
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Organizing
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creating the structure and the right systems to implement the plan.
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Owner’s Equity
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amount of money the owner invested when starting the business, plus any accumulated profits or minus any accumulated losses.
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Packaging
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the container or wrapper for a product, the design of the container and the information printed on the container.
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Partnership
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a form of business organization in which two or more people own and operate the business together. The business is unincorporated.
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Patent
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a legal registration process that ensures exclusive rights to make, use, or sell an invention for a specific number of years.
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Pension
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income employees receive after they have retired.
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Per Capita
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a Latin term meaning by each head or person.
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Performance Standards
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specific, measurable, easy to communicate expectations that are used as part of the process in assessing employees' performance.
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Perseverance
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the determination to keep going and keep trying.
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Personal Line of Credit
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a permanent offer of a loan from a bank, trust company, Or credit union.
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Personal Performance
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doing more than is needed just to keep the job.
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Personal Selling
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any one-to-one communication of information that tries to persuade a customer to buy a good, service or idea.
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Planning
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first critical step for managers. Involves forecasting the future and begins with research.
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Portfolio
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a group of investments usually in reference to those held by one person.
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Pre-Authorization
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a financial institution's guarantee that it will advance the customer an agreed amount of money, usually for a major purchase.
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Pre-Authorized Payments
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agreeing to allow a company or government to deduct money on a regular basis from your chequing account.
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Preferred Shares
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the units, or stocks, investors purchase to buy part of a company and have a claim on its profits. Owners are entitled to a fixed dividend that must be paid out of earnings before any dividend is paid to common share owners. Owners do not have a vote at annual meetings.
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Principal
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an original amount before interest, charges are added.
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Private Corporation
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a legal business entity in which shares are not offered to the public.
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Producer
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someone who makes goods or provides services.
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Product Recall
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the call back of a product usually because it poses a health or safety risk.
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Production
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the process of converting a business's resources into goods and services.
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Profit
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the amount by which the revenue of a business exceeds its expenses.
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Promotion
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informs consumers about a product or service and encourages them to buy it.
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Property Tax
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the amount of tax property owners pay. It is used to cover the cost of municipal services.
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Prosperity
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a period in the business cycle of good economic times. Businesses are producing a significant level of wealth.
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Protectionism
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the efforts of a country to keep out foreign-made goods.
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Public Corporation
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does not have restrictions on its number of shareholders.
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Public Relations
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all the activities by which a business tries to maintain its good reputation and promote good will with the public.
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Publicity
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the act of bringing company activities to the attention of the public.
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Quality Control
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a process for determining which products can be sold and which rejected. It is done by comparing them to pre-set standards.
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Quality of Life
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includes peoples' material standard of living and a number of social and environmental factors.
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Questionnaires
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sometimes called a survey, is a way to get a number of answers and opinions from a selected group of people.
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Quota
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a limit on the number of products in a category that can come into a country. It is used to keep foreign-made goods out of the country.
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Recession
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a period in the business cycle when the whole economy slows down and business no longer creates as much wealth.
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Recovery
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a period in a business cycle when the economy starts to improve.
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Recruitment
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the process of attempting to hire an employee or enroll someone in a program.
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Research and Development
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a department in a company devoted to doing the experiments required to develop new goods or services or adapt existing ones.
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Retailer
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one who sells goods or services directly to consumers.
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Return
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the amount of money earned on an investment. |
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Revenue
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the money a busi¬ness receives from the sale of goods and services.
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Risk-Tolerance
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the ability to take calculated risks, to decide that the opportunity for success outweighs me possibility of failure.
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Sales Promotion
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all me activities a business does to stimulate buying.
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Sales Tax
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an amount of money paid on retail purchases.
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Saving
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putting away a por¬tion of income today, in order to have money for the future.
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Selection
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the process whereby a company chooses an employee from a group of candidates.
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Self-Actualization
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self-fulfillment.
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Services
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helpful acts performed in exchange for pay.
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Service Charges
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the fees charged for transactions.
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Shareholders
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people who buy stocks in· a company and so are part owners of the company.
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Small Business
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a business that is independently operated, not dominant in its field, and meets certain size limits in terms of employees and annual sales.
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Social Assistance
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programs that provide income for people unable to work due to illness, layoffs, or age.
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Social Responsibility
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the duty to care for others whose actions can be affected in a damaging way.
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Sole Proprietorship
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a form of business owned and operated by one person. It is unincorporated.
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Standard of Living
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a measurement of me number and quality of goods and services that the members of a country or community enjoy.
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Stocks
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the money organizations raise by selling ownership in the company in me form of shares.
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Stock Option
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shares in a company.
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Structure
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the arrangement of positions in a company based on who is responsible for what.
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Substitute Goods
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a good mat can easily be replaced by another.
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Supply
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the quantity of goods and services mat pro¬ducers and sellers are willing or able to sell consumers.
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Systems
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procedures that will help a company achieve its goals.
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Target Market
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a group of consumers the business wants to reach.
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Tariff Barriers
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a tax on goods coming into a country. It is intended to reduce the quantity and value of foreign made goods that come into the country.
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Tax Credit
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an amount of money that can be deducted from tax payable.
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Tax Shelter
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a financial device mat keeps money from being counted as income for me purpose of computing income tax.
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Taxable Income
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net income of an individual or a for-profit organization.
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Telecommute
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working from home and sending work through the Internet.
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Telemarketing
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alternative to personal selling, uses telephone technology including facsimile machines to maintain regular contact with customers.
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Total Income
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income from all sources.
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Trade Bloc
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a zone in which trading occurs without restriction between and among countries.
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Trademark
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a registered brand name.
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Trading Partner
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two or more countries that do busi¬ness with each other in exports and imports.
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Training
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a program mat improves a person's ability to perform job skills. It is given over a set length of time.
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Transnational Companies
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companies that use raw materials and labour from many countries to make their products.
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Transportation Costs
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costs of moving raw materials and finished products from one location to another.
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Trend
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a pattern over time.
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TSE 300
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the Canadian index that reflects me share price of 300 Canadian companies list on the Toronto Stock Exchange.
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Unemployment
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a condition in which people are out of work and actively looking for work.
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Unlimited Liability
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a condition in which a person is responsible for paying all me debts or liabilities of me business.
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Vision
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ability to visualize end results or goals and work toward making them real.
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Wants
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a desire for goods or services that are not essential for basic life and in business describe a factor that motivates individuals to act.
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Warranty
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provides after-sales service on a product for a specified period of time.
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Wholesaler
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one who buys goods and services in order to sell them to other businesses for resale.
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Worker's Compensation
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payment of benefits to injured workers.
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