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252 Cards in this Set

  • Front
  • Back
the system used by an organization to keep a record of all the money that comes in and goes out.
Accounts Payable
the money that the business owes to other businesses that supply it with goods or services.
Accounts Receivable
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.
Affirmative Action
the process of improving employment practices so that they are fair to people who may have been discriminated against in the past.
an acronym for four steps of the basic selling approach (attract attention; hold interest; arouse desire; take action to close the sale).
Annual Fee
a yearly charge.
to go up in value.
natural talents, tendencies, or capacities
Asia-Pacific Region
the market consisting of Asian countries along the Pacific Rim and in South-East Asia.
anything a company or person owns that has a dollar value.
Baby Boom Generation
the large group of people born between 1947 and 1965.
Balance of Payment
the total flow of money into a country minus the total flow of money leaving the country.
Balance of Trade
comparison between a country's total value of imports and the total value of its exports.
Balance Sheet
a financial statement that shows the company's assets, liabilities, and net worth on a given date.
a legal situation in which a company (or individual) declares that it cannot pay its debts and must sell assets and suffer some penalties.
the financial and psychological value of a job apart from income. Financially, it includes insurance and health insurance.
Blue Chip
successful and profitable companies.
a certificate offered by a company or government promising to repay money borrowed and to pay it back with interest on a certain date.
extra amount of money paid to employees, usually once a year.
Brand Name
the name that identifies the goods or services of one business.
a plan of how to spend money.
the production and sale of goods or services to consumers.
Business Cycle
the movement from prosperity to inflation to recession to depression and then to recovery.
Business to Business
the exchange of goods and services between businesses.
Business Plan
an important tool that describes how you will use your business ideas to achieve your business goals.
Canada Savings Bond (CSB)
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.
money available for investment purposes such as starting a business and keeping it running.
Capital Improvement
upgrading of a tangible property.
Channel of Distribution
the path a product takes from the manufacturer to the final consumer.
Collection Agency
a company hired to collect overdue accounts from customers.
Common Shares
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.
the ability to explain ideas and ask appropriate questions.
Comparative Advantage
a theory that states that some countries are better equipped than others to make and sell particular goods or services.
payment and benefits when used in relation to employees, can include wages and benefits.
a situation in which two people or companies try to achieve the same end.
Complementary Goods
goods that are used with one another.
Compounding Period
a set length of time in which an account is credited with interest.
belief in own abilities.
put together
someone who purchases goods and services to meet needs and wants.
Consumer Credit
money borrowed for mortgages and personal loans and when using credit cards.
Consumer Protection
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.
ensuring that company performance is going as planned.
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.
Co-Operative Businesses
owned and operated by a group of people with a strong common interest.
a legal business entity that exists independently of its owners.
another person signs a borrowing agreement and promises to pay debt if the borrower cannot do so.
a quality of developing ideas and expressing them in some tangible form.
Credit Bureau
a company that gathers and provides information on credit history.
Credit History
the history of paying back debts.
Credit Rating
the reputation for paying back money owing.
Crown Corporation
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.
a sealed bond issued by a corporation, usually to get a long-term fixed interest loan.
taking action.
the money an employer takes from an employee's salary to cover taxes and benefits.
a failure to pay.
a business situation in which costs· and prices fall.
the desire for goods and services. It represents the consumer side of the market.
the study of statistics relating to populations or communities.
to drop in value.
a period in the business cycle when economic activity is very low and unemployment is very high.
a long process of upgrading an employee's ability to perform.
Direct Competition
the rivalry that exists when two or more businesses produce similar goods or services.
Direct Mail
promotional material such as advertising pamphlets, brochures, leaflets and flyers that are delivered in the mail.
Discretionary Income
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.
unfair treat¬ment on the basis of a characteristic such as race, sex, national or ethnic origin, age, marital status, or disability.
Disposable Income
the amount of money left from gross income after compulsory deductions have been taken.
Dot-com Company
a company that does business on the internet or helps other companies offer products or services over the internet.
Dow Jones Industrial Average
the oldest and most famous measure of stock performance.
Down Payment
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.)
short-form for "electronic business," business that is conducted over the Internet.
made up of contributions from business, labour, and the government. The wealth and resources of a community.
a total restriction on trading with another country, can be placed on all goods or on some categories of goods.
Emotional Quotient
degree of emotional health and expressed in self-awareness, altruism, personal motivation, empathy, and ability to love and be loved.
Employability Skills
skills you must have to succeed in business. Skills are abilities that can be acquired by repetition.
working for a company or organization.
a person who organizes, manages, and assumes the risk of starting and operating an enterprise.
the activity of people who bring together all the factors to start a business.
Equal Opportunity
the right to freedom from discrimination in areas such as employment.
the point where the forces of supply and the forces of demand are balanced.
standards of conduct that society believes people should follow.
European Union
a bloc of 15 European countries in primarily an economic partnership. The Union does also have political and social objectives.
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.
the selling and shipping of raw materials or finished products to other nations.
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.
Factors of Production
items required to produce goods and services including land, capital, labour, informa¬tion, and entrepreneurship.
False Advertising
saying a product will do something when it will not.
the managing of money.
Financial Institutions
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.
Financial Instruments
a tool used by financial institutions to provide services. They include investments such as savings accounts, GICs, bonds, stocks, mutual funds.
Financial Management
process of deciding how to use money.
Financial Plan
forecast of how much money is needed to achieve a given financial goal.
Financial Statements
formal documents that use a standard format to provide the key information about a company's financial position.
Fiscal Year
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.
ability to change goals and adapt plans.
Foreign Exchange Rate
a rate that rules how much of another country's currency your country's currency will buy.
Foreign Subsidiary
a company from one country operating in another country.
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.
Free Trade Agreement (FTA)
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.
Free Trade Area of the Americas (FTAA)
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.
Front-Line Employees
the employees who work directly with customers, taking orders, helping them find what they want, responding to complaints, and helping solve problems.
Fundamental Accounting Equation
an equation that accounting is based on where the two sides must balance.
Future Value
amount that will be earned because of the interest that is added to the original amount saved.
the Group of Eight, an association of the world's most powerful trading countries. Canada is a member.
money removed from a pay cheque.
Generally Accepted Accounting Principles (GAAPs)
the guidelines developed by professional accountants for the way accounting records and financial statements are prepared.
doing business internationally.
any tangible item or product that you can purchase, possess, and use.
Gross Domestic Product (GDP)
the annual total value of final market goods produced and services provided in a country.
Gross Pay

pay or wages before deductions.

formal promise or assurance, that an obligation will be fulfilled or that goods are of a specified quality and durability.
Guaranteed Investment Certificate (GIC)
guarantees a fixed interest rate on a sum of money deposited at the financial institution for a fixed term.
repeatedly annoying someone.
Health and Safety Program
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.
Human Resources
the aspect of business operations that deals with attracting and keeping employees.
Illegal Pricing
a practice that lessens competition and gives consumers less choice than they should have.
the buying of raw materials or finished products from other nations in order to use them in the home country.
also known as revenue, earnings by an individual or business from a variety of sources.
Income Statement
the financial statement that reports a business's income and expenses for a fiscal period.
Income Tax
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.
Indirect Competition
competing with other businesses selling different goods, also known as substitute competition.
refers to a rise, over time, in the price of goods and services.
knowledge. The development of computers and other technologies has made knowledge an important factor in business because so much can be gathered and shared.
Information Interviews
a formal way of talking with people, in hopes of having all your questions answered.
a system that makes a nation or organization run.
ability to take action without the prompting of others.
a person who adapts an existing good or service to improve it or its appeal to current consumers.
Installment Plan
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.
the personal commitment to keep promises.
the dependence between two parties such as consumers and producers
Interest Rate
the rate a financial institution charges for the money it lends.
money paid for the use of money.
a network of computers connected within a company.
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.
a financial tool in which one puts money for a period of time in exchange for a chance to earn interest.
ISO Standards
the benchmarks set by the International Organization for Standardization to help companies develop and maintain widely accepted standards of quality and measurements.
Job Description
a description of the requirements to perform a job and the responsibilities of the job.
the part of packaging that provides the consumer with information, such as product ingredients.
includes all mental and physical work that people put into producing goods and services.
Labour Movement
the efforts by workers, often in organized groups such a unions, to protect workers' health, safety, and rights.
natural resources used to produce goods and services.
Law of Demand
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.
Law of Supply
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.
ability to inspire others to follow their example in a positive way.
setting a direction. Limit: the amount of money a financial institution is will¬ing to let a consumer borrow.
Limited Liability
the extent to which shareholders are responsible for a company's debts. It is the same as their financial involvement.
Liquid Asset
assets such as bonds, GICs, and term deposits that can be quickly turned into cash.
the planning, organizing, and controlling of all business activities.
the company or business that produces goods.
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.
Market Niche
a small segment of a larger market.
Market Research
the gathering and analysing of data to provide a business with information on consumers' needs and wants.
all the business activities used to plan, price, promote, and distribute goods or services to satisfy consumer needs and wants
**Marketing Mix
product, promotion, place, and price.
Misleading Advertising
distorting the truth about the goods being offered.
loan to buy a house or a: business.
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.
Mutual Fund
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.
Natural Resources
a material available in nature that has the potential to be of economic value.
a good or service that is essential for life and in business describes a factor that motivates individuals to act.
Net Pay
money available to spend after compulsory and voluntary deductions are taken off gross pay.
Net Worth
the difference between what one owns and what one owes.
the process of meeting people in a semi-formal informal environment and telling them what you need in a conversational way.
Non-Profit Corporation
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.
Non-Tariff Barriers
a method, other than taxes, of reducing the quantity and value of foreign-made goods that come into the country.
North American Free Trade Agreement (NAFTA)
an agreement among Mexico, Canada, and the United States that took effect in 1994 and is similar to the Free Trade Agreement.
goals set by management.
creating the structure and the right systems to implement the plan.
Owner’s Equity
amount of money the owner invested when starting the business, plus any accumulated profits or minus any accumulated losses.
the container or wrapper for a product, the design of the container and the information printed on the container.
a form of business organization in which two or more people own and operate the business together. The business is unincorporated.
a legal registration process that ensures exclusive rights to make, use, or sell an invention for a specific number of years.
income employees receive after they have retired.
Per Capita
a Latin term meaning by each head or person.
Performance Standards
specific, measurable, easy to communicate expectations that are used as part of the process in assessing employees' performance.
the determination to keep going and keep trying.
Personal Line of Credit
a permanent offer of a loan from a bank, trust company, Or credit union.
Personal Performance
doing more than is needed just to keep the job.
Personal Selling
any one-to-one communication of information that tries to persuade a customer to buy a good, service or idea.
first critical step for managers. Involves forecasting the future and begins with research.
a group of investments usually in reference to those held by one person.
a financial institution's guarantee that it will advance the customer an agreed amount of money, usually for a major purchase.
Pre-Authorized Payments
agreeing to allow a company or government to deduct money on a regular basis from your chequing account.
Preferred Shares
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.
an original amount before interest, charges are added.
Private Corporation
a legal business entity in which shares are not offered to the public.
someone who makes goods or provides services.
Product Recall
the call back of a product usually because it poses a health or safety risk.
the process of converting a business's resources into goods and services.
the amount by which the revenue of a business exceeds its expenses.
informs consumers about a product or service and encourages them to buy it.
Property Tax
the amount of tax property owners pay. It is used to cover the cost of municipal services.
a period in the business cycle of good economic times. Businesses are producing a significant level of wealth.
the efforts of a country to keep out foreign-made goods.
Public Corporation
does not have restrictions on its number of shareholders.
Public Relations
all the activities by which a business tries to maintain its good reputation and promote good will with the public.
the act of bringing company activities to the attention of the public.
Quality Control
a process for determining which products can be sold and which rejected. It is done by comparing them to pre-set standards.
Quality of Life
includes peoples' material standard of living and a number of social and environmental factors.
sometimes called a survey, is a way to get a number of answers and opinions from a selected group of people.
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.
a period in the business cycle when the whole economy slows down and business no longer creates as much wealth.
a period in a business cycle when the economy starts to improve.
the process of attempting to hire an employee or enroll someone in a program.
Research and Development
a department in a company devoted to doing the experiments required to develop new goods or services or adapt existing ones.
one who sells goods or services directly to consumers.

the amount of money earned on an investment.

the money a busi¬ness receives from the sale of goods and services.
the ability to take calculated risks, to decide that the opportunity for success outweighs me possibility of failure.
Sales Promotion
all me activities a business does to stimulate buying.
Sales Tax
an amount of money paid on retail purchases.
putting away a por¬tion of income today, in order to have money for the future.
the process whereby a company chooses an employee from a group of candidates.
helpful acts performed in exchange for pay.
Service Charges
the fees charged for transactions.
people who buy stocks in· a company and so are part owners of the company.
Small Business
a business that is independently operated, not dominant in its field, and meets certain size limits in terms of employees and annual sales.
Social Assistance
programs that provide income for people unable to work due to illness, layoffs, or age.
Social Responsibility
the duty to care for others whose actions can be affected in a damaging way.
Sole Proprietorship
a form of business owned and operated by one person. It is unincorporated.
Standard of Living
a measurement of me number and quality of goods and services that the members of a country or community enjoy.
the money organizations raise by selling ownership in the company in me form of shares.
Stock Option
shares in a company.
the arrangement of positions in a company based on who is responsible for what.
Substitute Goods
a good mat can easily be replaced by another.
the quantity of goods and services mat pro¬ducers and sellers are willing or able to sell consumers.
procedures that will help a company achieve its goals.
Target Market
a group of consumers the business wants to reach.
Tariff Barriers
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.
Tax Credit
an amount of money that can be deducted from tax payable.
Tax Shelter
a financial device mat keeps money from being counted as income for me purpose of computing income tax.
Taxable Income
net income of an individual or a for-profit organization.
working from home and sending work through the Internet.
alternative to personal selling, uses telephone technology including facsimile machines to maintain regular contact with customers.
Total Income
income from all sources.
Trade Bloc
a zone in which trading occurs without restriction between and among countries.
a registered brand name.
Trading Partner
two or more countries that do busi¬ness with each other in exports and imports.
a program mat improves a person's ability to perform job skills. It is given over a set length of time.
Transnational Companies
companies that use raw materials and labour from many countries to make their products.
Transportation Costs
costs of moving raw materials and finished products from one location to another.
a pattern over time.
TSE 300
the Canadian index that reflects me share price of 300 Canadian companies list on the Toronto Stock Exchange.
a condition in which people are out of work and actively looking for work.
Unlimited Liability
a condition in which a person is responsible for paying all me debts or liabilities of me business.
ability to visualize end results or goals and work toward making them real.
a desire for goods or services that are not essential for basic life and in business describe a factor that motivates individuals to act.
provides after-sales service on a product for a specified period of time.
one who buys goods and services in order to sell them to other businesses for resale.
Worker's Compensation
payment of benefits to injured workers.