AFM 131 FLASH CARDS FOR FINAL EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
job displacement
loss of jobs; not necessarily bad
things to consider when determining a businesses place in world market
business decisions; where to get raw materials, talent, location - competition for
customers - employment; how and where to work
ethical behavior
companies that extend their values and expectations (fair wages, quality working
conditions) with those around them (suppliers)
sustainability
companies that leave a positive impact on the environment to protect current and future
generations
digital literacy
ability to use digital tools, manipulate data, data analytics
entrepreneurial
to problem solve, take risks, be creative, and manage uncertainty
intrapreneurship
entrepreneurial within a business that can help grow through creativity and launching
new products/services using existing infrastructure/resources
social intelligence
,skills and knowledge needed to effectively collaborate with others and understand
yourself
emotional quotient/intelligence
strength of soft skills, development of self awareness, self control, and the ability to
emphasize and see a variety of perspectives
cfo
chief financial officer who oversees all aspects of a company's financial
operations/activities and serves as a catalyst for growth and innovation
cfo responsibilities and qualities
responsible for financial reporting, control, compliance, plus operations, human
resources, and information technology (digitization and cybersecurity) qualities include
understanding changes and interpreting trends, anticipating future developments, and
capitalizing on opportunities
business
an activity you intend to carry for a profit
trade in canada was difficult in 1800's due to
large land (limited transportation), low and spread out population, lack of infrastructure
for coast to coast travel, citizen near ca/us border has across border trading
how did canada fix 1800 trading issues
policies to tax imports from the US and a railway was built
mixed economy
some allocation of resources by market while some from various levels of the
government
,crown corporation
company owned/operated by the federal or provincial government (canada post, lcbo,
cbc)
privatization
sale of a crown corporation to increase funds for government, driving innovation,
improving efficiency, and reduces cost for consumers (canadian national railway, air
canada, hydro one)
small business
independently owned or operated, not dominant in its field and typically 1 to 99
employees
sole proprietorship
owned and operated by one person, easy to set up (only needs a business registration),
lower start-up costs,freedom/control for owner (keeps all profits), less regulatory
requirements (taxes included in personal returns), unlimited liability (all debts are the
owner's responsibility), business continuity issues (challenging work hours), and
difficulties in raising funds (may need to take loans)
partnership
easy to form, shared start-up costs, shared management, less regulatory requirements
(income taxes flow through personal returns), unlimited liability, conflict between
partners, and business continuity issues (definite lifespan as it does not survive beyond
partners)
Corporation
, limited liability (company responsible for debts), business continuity, greater access to
financing (e.g., selling shares), possible tax advantages, higher start-up costs, and
greater regulatory requirements (complexity in managing records)
business easier to start up tend to...
have least growth potential and greater failure rates due to greater competition and
lower prices
business harder to start tend to...
have higher success rates and generate profit due to limited competition, lower
suppliers, and higher prices
cause of small business failing
poor management and execution; money (to much or not enough, no planning),
decisions (under/over pricing, lack of record keeping), and lack of knowledge (not
understand business; industry/market, business cycles, cost of doing business)
to make a business succeed you need
planning (research and business plan), understanding customers (background, interest,
behaviors), good records, managing employees (employee cycle), and financing
(obtaining funds to start and maintain a business)
impact of globalization on stakeholders
consumers (benefits when there is more options available), employees (global
connections with customers, clients, or partners, and more options for global sourcing of
resources and marketing), and business owners (ability to expand customer base and
outsourcing)
importing
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
job displacement
loss of jobs; not necessarily bad
things to consider when determining a businesses place in world market
business decisions; where to get raw materials, talent, location - competition for
customers - employment; how and where to work
ethical behavior
companies that extend their values and expectations (fair wages, quality working
conditions) with those around them (suppliers)
sustainability
companies that leave a positive impact on the environment to protect current and future
generations
digital literacy
ability to use digital tools, manipulate data, data analytics
entrepreneurial
to problem solve, take risks, be creative, and manage uncertainty
intrapreneurship
entrepreneurial within a business that can help grow through creativity and launching
new products/services using existing infrastructure/resources
social intelligence
,skills and knowledge needed to effectively collaborate with others and understand
yourself
emotional quotient/intelligence
strength of soft skills, development of self awareness, self control, and the ability to
emphasize and see a variety of perspectives
cfo
chief financial officer who oversees all aspects of a company's financial
operations/activities and serves as a catalyst for growth and innovation
cfo responsibilities and qualities
responsible for financial reporting, control, compliance, plus operations, human
resources, and information technology (digitization and cybersecurity) qualities include
understanding changes and interpreting trends, anticipating future developments, and
capitalizing on opportunities
business
an activity you intend to carry for a profit
trade in canada was difficult in 1800's due to
large land (limited transportation), low and spread out population, lack of infrastructure
for coast to coast travel, citizen near ca/us border has across border trading
how did canada fix 1800 trading issues
policies to tax imports from the US and a railway was built
mixed economy
some allocation of resources by market while some from various levels of the
government
,crown corporation
company owned/operated by the federal or provincial government (canada post, lcbo,
cbc)
privatization
sale of a crown corporation to increase funds for government, driving innovation,
improving efficiency, and reduces cost for consumers (canadian national railway, air
canada, hydro one)
small business
independently owned or operated, not dominant in its field and typically 1 to 99
employees
sole proprietorship
owned and operated by one person, easy to set up (only needs a business registration),
lower start-up costs,freedom/control for owner (keeps all profits), less regulatory
requirements (taxes included in personal returns), unlimited liability (all debts are the
owner's responsibility), business continuity issues (challenging work hours), and
difficulties in raising funds (may need to take loans)
partnership
easy to form, shared start-up costs, shared management, less regulatory requirements
(income taxes flow through personal returns), unlimited liability, conflict between
partners, and business continuity issues (definite lifespan as it does not survive beyond
partners)
Corporation
, limited liability (company responsible for debts), business continuity, greater access to
financing (e.g., selling shares), possible tax advantages, higher start-up costs, and
greater regulatory requirements (complexity in managing records)
business easier to start up tend to...
have least growth potential and greater failure rates due to greater competition and
lower prices
business harder to start tend to...
have higher success rates and generate profit due to limited competition, lower
suppliers, and higher prices
cause of small business failing
poor management and execution; money (to much or not enough, no planning),
decisions (under/over pricing, lack of record keeping), and lack of knowledge (not
understand business; industry/market, business cycles, cost of doing business)
to make a business succeed you need
planning (research and business plan), understanding customers (background, interest,
behaviors), good records, managing employees (employee cycle), and financing
(obtaining funds to start and maintain a business)
impact of globalization on stakeholders
consumers (benefits when there is more options available), employees (global
connections with customers, clients, or partners, and more options for global sourcing of
resources and marketing), and business owners (ability to expand customer base and
outsourcing)
importing
