Term
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Definition
| When one company buys another company |
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Term
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Definition
| An outline of the financial position of a business |
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Term
| CH2: articles of Incorporation |
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Definition
| A document drawn up by corporations and filed with proper government agencies |
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Term
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Definition
| People elected by board of directors who direct the overall affairs of the corporation and hire officer |
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Term
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Definition
| security, like property, pledged to a lender against a loan to guarantee repayment |
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Term
| CH2: Co-operative (Co-op) |
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Definition
| A business owned and operated by a group of people with strong common interests |
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Term
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Definition
| A legal entity that exists independently of its owners (Shareholders) |
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Term
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Definition
| Standards of conduct that society believes people should follow |
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Term
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Definition
| one of the fastest growing forms of business ownership. When someone sells Someone else the rights to a business name and product or service in a territory |
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Term
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Definition
| Person who is sold the rights of a franchise |
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Term
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Definition
| Person who sells rights of a francise |
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Term
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Definition
| Doing business internationally |
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Term
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Definition
| A small business that is operated from homes |
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Term
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Definition
| Those who share ownership in a corporation is only iable for the companies debts to the extent of their involvement |
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Term
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Definition
| Supervisors for employees |
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Term
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Definition
| When 2 companies unite to form one larger company |
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Term
| CH2: Non-profit corporation |
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Definition
| Not organised to make a profit, put to undertake fundraising, research or lobby for a cause (help people) |
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Term
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Definition
| Hired by the board of directors to help them decide new board directors, objectives for company and hire managers. |
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Term
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Definition
| A form of business where two or more people own and operate the business |
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Term
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Definition
| Up to 50 shareholders but not offered to the public |
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Term
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Definition
| No restrictions on number of sareholders, and shares sold to public |
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Term
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Definition
| the people who buy shares in a company and are all part owners of the company |
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Term
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Definition
| 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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Term
| CH2: Social responsibillity |
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Definition
| The deut to care for other whose actions can be affected in a damaging way |
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Term
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Definition
| A business that is owned and operated by one person and this person is responsible for all risks |
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Term
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Definition
| When one is responsible for paying all debts of a business |
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Term
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Definition
| A production and sale of goods or services to consumers no matter size |
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Term
| CH1: Business-to-business |
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Definition
| Goods purchases from producers by another business |
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Term
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Definition
| refers to money used to start a business and to keep it running, includes the value of machinery and equipment required to produce goods and services |
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Term
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Definition
| A person or business environment that buys and uses anything grown, made or provided by producers. |
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Term
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Definition
| Represents the consumer side of the market. Consumer demand is related to price. |
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Term
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Definition
| Refers to the activity of people who bring together all the factors of production to start a business. Includes having skills and determination and accept calculated risks involved |
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Term
| CH1: Factors of production |
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Definition
| Factors and elements like land, capital, labour, information and entrepreneurship that effect production. |
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Term
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Definition
| the craze of people take up quickly and tehn drop jast as quickly |
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Term
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Definition
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Term
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Definition
| Any item or product that you can purchase possess and use |
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Term
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Definition
| All the people aspect of a business e.g. owners, managers and employees |
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Term
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Definition
| Refers to the use of computers and other technologies to track information about their operations, customers and competitors |
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Term
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Definition
| Consumers and producers depend on each other (e.g. Consumers need producers to manufacture and supply goods and services and producers need consumers to buy the goods they manufacture) |
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Term
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Definition
| Refers to the human element and includes all the mental and physical work that people put into producing goods and services |
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Term
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Definition
| Refers to the natural resources used to produce goods and services |
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Term
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Definition
| Planning, organizing and controlling of all business activities |
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Term
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Definition
| the company/business that produces the goods |
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Term
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Definition
| Exists wherever buyers and sellers come together to do business |
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Term
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Definition
| All business activities used to plan, price, promote and distribute goods or services to satisfy consumer needs and wants |
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Term
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Definition
| Things you must have in order to stay alive |
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Term
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Definition
| Someone who makes goods and/or provides services to consumers |
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Term
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Definition
| The process of converting a business's resources into goods and services |
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Term
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Definition
| Acts, usually helpful, performed in exchange for pay |
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Term
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Definition
| Extras; things you don't need to survive but make life more pleasant. |
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Term
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Definition
| A series of economic moves from prosperity to inflation to recession sometimes into depression and then into recovery |
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Term
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Definition
| A rivalry among suppliers of a good or service |
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Term
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Definition
| Two goods that are usually used together |
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Term
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Definition
| When the federal and/or provincial governments try to protect consumer by making sure that buying and selling of goods and services is fair |
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Term
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Definition
| Graphs that economists use to illustrate the relationship between price and demand |
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Term
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Definition
| When economic activity is very low and unemployment is very high |
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Term
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Definition
| A concept economists use to describe the point were the forces of supply and demand are balanced |
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Term
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Definition
| A rise over time in the price of foods and services |
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Term
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Definition
Advertising by using false statements
Any advertising or promotion that misrepresents the nature, characteristics, qualities or geographical goods, services or commercial activities |
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Term
| CH5: Misleading Advertising |
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Definition
May show facts that aren't necessary true, using exaggeration
Materially false or misleading representations concerning a product or service |
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Term
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Definition
| unfair pricing, may be too high and does not correspond with the quality of the product. |
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Term
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Definition
| A rise over time in the price of foods and services |
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Term
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Definition
| When the market demands a high quantity of a good or service, the prices for that good or service will be high. When the market demands a low quantity the prices will be low |
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Term
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Definition
| When that prices rise the quantity supplied by producers tends to increase, and when the prices fall the quantity supplied tends to decrease |
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Term
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Definition
| Good economic times when the economy is doing well, levels of employment are high and workers are paid well. |
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Term
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Definition
| The whole economy slows down and business no longer creates as much wealth as it did during the period of prosperity |
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Term
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Definition
| When the economy starts to improve |
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Term
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Definition
| A good that can easily be replaced by another |
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Term
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Definition
| Refers to quantity of goods and services that producers and sellers are willing or able to sell consumers |
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Term
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Definition
| Any paid to use by an identified sponsor to inform a target market about a product, service, idea or organization |
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Term
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Definition
attract ATTENTION
hold INTEREST
arouse DESIRE
take ACTION to close the sale |
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Term
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Definition
| Name that identifies the goods or services of one business |
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Term
| CH7: Channel of Distribution |
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Definition
| The path a product takes from the manufacturer to the final consumer |
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Term
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Definition
| The rivalry that exists when 2 or more business produce similar goods or services |
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Term
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Definition
| Rivalry between 2 or more chains who produce similar goods or ervices |
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Term
| CH7: Indirect Competition |
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Definition
| Rivalry between 2 or more chains within the same field but offering different products (pizza vs burgers both fast food) |
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Term
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Definition
| Part of packaging that provides consumer with information on the product |
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Term
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Definition
| The gathering and analyzing of data to provide a business with information on consumer needs and wants |
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Term
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Definition
| Process that includes many activities such as it involves planning, pricing, promotion and distribution of a good or service. The goal is to exchange needs/wants for money. |
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Term
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Definition
| Product, Price, Promotion, Place (4Ps) |
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Term
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Definition
| The container or wrapper for a product, the design of the container and information on it |
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Term
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Definition
| One to one communication of information, trying to convince consumer to buy good, service or idea |
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Term
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Definition
| Informs consumers about product or service and encourages them to buy it |
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Term
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Definition
| All activities by which a business tries to maintain a good rep and promote good will with the public |
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Term
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Definition
| Act of bringing company activities to the attention of the public |
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Term
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Definition
| Sells goods or services directly to consumers (no middle business) |
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Term
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Definition
| Covers all activities designed to stimulate you to buy (free sampling, discounts, display, demonstrations) |
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Term
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Definition
| Group of consumers the business wants to reach |
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Term
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Definition
| Popular alternative to personal selling since it uses phone technology to make regular contact with customers |
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Term
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Definition
| When brand marks are registered to logos, names, products, etc. so that no one else can use it and copy the idea. |
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Term
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Definition
| Buy goods or services and sells them to other businesses for resale. |
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Term
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Definition
| the system used by an organization to keep a record of all the money that comes in and goes out |
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Term
| CH8: Financial Accounting |
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Definition
| the process of recording and analyzing information about the financial position of an organization |
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Term
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Definition
| Business's standing with its owners and creditors |
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Term
| CH8: Managerial accounting |
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Definition
| Used within a company to help decide questions |
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Term
| CH8: Financial Statements |
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Definition
| Formal documents that use a standard format to provide the key information about a company's financial position |
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Term
| CH8: Generally Accepted Accounting Principles (GAAPs) |
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Definition
| The guidelines developed by professional accountants for the way accounting records and financial statements are prepared |
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Term
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Definition
| A period of 12 consecutive months at the end of which the business produces its financial statements |
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Term
| CH8: Fundamental Accounting Equation |
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Definition
| Basis of account (Assets = Liabilities + Net Worth) |
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Term
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Definition
| The difference between you own (Assets) and what you owe (Liabilities) |
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Term
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Definition
| Statement of Financial Position; A financial statement that shows the company's assets, liabilities and net worth (owner's equity) |
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Term
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Definition
| Cash or any asset that can quickly be turned into cash, usually within a year |
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Term
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Definition
| anything owned that has a dollar value |
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Term
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Definition
| Debts owned by an organization or person to another organization or person. |
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Term
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Definition
| The most important current asset of many companies, the money for which a company has billed its customers, but has not yet recieved |
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Term
| CH8: Accounts Payable; Current Liabilities |
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Definition
| Most common liability, the money that the business owes to other businesses that supply it with services |
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Term
| CH8: Long-term Liabilities |
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Definition
| A debt or portion of a debt that does not have to be paid within a year |
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Term
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Definition
| Amount of money the owner invested when starting the business, plus any accumulated profits, losses and drawings |
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Term
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Definition
| Money the owner takes out to live on |
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Term
| CH8: Income Statement; Profit and loss statement, statement of income and expenses or statement of earnings |
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Definition
| Financial statement that reports a business's income and expenses for fiscal period |
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Term
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Definition
| A period or time over which earnings of a business is measured |
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Term
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Definition
| Can be earned y the business through sale of goods, services, rent, fees, interest payments on savings and bonds, royalty payments or dividends or grants or private donations |
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Term
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Definition
| the money the business has spent in order to produce income. Mainly, salaries and benefits, rent, daily operation costs and supplies used to generate sales and service fees |
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Term
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Definition
| A business pattern over time |
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Term
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Definition
| sources: employment, saving money where earned but not owing anyone, investing, including borrowing money to invest, lending money and receiving it back with interest, social programs that help you if you run into difficulties |
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Term
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Definition
| Putting away a portion of your income today in order to have money in the future |
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Term
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Definition
| The bank pays you a small fee so it can use you money while it is in the account. Also the difference of income from the principal in a bond |
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Term
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Definition
| Fees charged for transactions |
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Term
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Definition
| You give up the use of money for a period of time in exchange for a chance to make money |
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Term
| CH8: Bonds (debt instruments, fixed income investment) |
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Definition
| A government or company issues bonds to raise money for a project. They borrow a sum of money from you and agree to pay it back, with interest, on a certain date |
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Term
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Definition
| The original amount payed for a bond |
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Term
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Definition
| Date of which bonds purchased from a company can be cashed in |
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Term
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Definition
| Money organizations raise by selling ownership in the company in the form of shares |
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Term
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Definition
| Programs that provide income for people who are unable to work due to illness, layoffs or age |
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Term
| CH8: Canada Pension Plan (CPP) |
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Definition
| CPP protects you and your family against loss of income due to retirement, disability or death |
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Term
| CH8: Personal Performance |
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Definition
| Adding or subtracting value to a company or project by doing more / less than what is required to keep the job |
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Term
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Definition
| includes self- awareness, altruism, personal motivation, empathy and ability to love and be loved |
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Term
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Definition
| Benefits received apart from income including skills development, pension, health insurance, stock options and bonuses |
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Term
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Definition
| Seeked after necessities acquired, include the psychological benefits associated to the job |
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Term
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Definition
| Work from home and send the work through the Internet |
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Term
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Definition
| Enable employees to continue receiving income after they have retired |
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Term
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Definition
| The right to buy shares in a company |
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Term
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Definition
| Extra amount of money paid to employees usually one a year |
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Term
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Definition
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Term
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Definition
| A higher position, can mean that you will work long hours or shoulder blame with misgiving sin an department |
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Term
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Definition
| The money that an employer takes from your salary before giving you the remainder |
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Term
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Definition
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Term
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Definition
| The money he has available to spend after mandatory deductions |
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Term
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Definition
| What you get to keep after mandatory and voluntary deductions |
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Term
| CH10: Discretionary income |
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Definition
| The money you can spend on whatever you want |
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Term
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Definition
| The share of the cost of government programs and services that is paid by those who earn income |
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Term
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Definition
| All sources of income that Lawrence must report is the line called Total Income |
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Term
| CH10: Income Tax deductions |
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Definition
| expenses that Lawrence is entitled to subtract from his income (RRSP contributions, child care expenses, moving expenses, extra expenses of living in the far North) |
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Term
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Definition
| The total income after deducation |
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Term
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Definition
| The amount of money that can be deducted from tax payable (extras for people with dependents or are over 65) |
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Term
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Definition
| the way the municipal government reaises money; the tax that property owners pay to cover the cost of municipal servies, such as maintenance of roads, snow removal, garbage collection etc. Business and apartments and condos pay realty tax. Fund elementary schools |
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Term
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Definition
| taxes on any retail purchase made throughout Canade |
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Term
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Definition
| loan for a house or a business |
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Term
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Definition
| Original amount payed for a mortgage and the bank will lend the rest |
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Term
| CH10: Comparison Shopping |
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Definition
| Coparing products and services available in terms of features, quality and price |
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Term
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Definition
| After-sales service on a product for a specified amount of time |
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Term
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Definition
| A formal promise or assurance, especially that an obligation will be fulfilled or that goods are of a specified quality or durability |
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Term
| CH10: Financial institutions |
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Definition
| Companies hat are permitted to hold savings bonds, offer loans and mortgages, issue credit rating, exchange currency and offer stocks and bonds for sale |
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Term
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Definition
| Schedule I bans that offer a wide variety of banking services especially to consumers |
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Term
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Definition
| Schedule II banks, a business's banking |
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Term
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Definition
| no physical branches; instead it operates electronically and by phone |
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Term
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Definition
| The difference between interest charged and interest paid |
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Term
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Definition
| Money available for investing and lending |
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Term
| CH10: Pre-authorized Payments |
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Definition
| Writing paper cheques; Allowing a company, government or charity to take money on a regular basis from your chequing account |
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Term
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Definition
| When a person deceives another for financial gain |
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Term
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Definition
| A form of chequing accounting used by a business and other organizations, such as student councils with no interest |
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Term
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Definition
| Something of value that the lender can seize if payments are not made |
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Term
| CH10: Guaranteed Investment Certificate (GIC) |
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Definition
| An important investment; A fixed interest rate on a sum of money deposited at the financial institution for a fixed term |
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Term
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Definition
| 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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Term
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Definition
| An estimate of income and a plan for domestic expenditure of an individual or a family, often over a short period , such as a month or a week |
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Term
| CH11: Canada Savings Bond (CSB) |
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Definition
| Lending money to the federal government |
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Term
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Definition
| When your money is tied up for a year or less |
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Term
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Definition
| Stock other than preferred stock; entitles the owner to a share of the corporation's profits and share of the voting power in shareholder elections |
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Term
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Definition
| the amount of time when the account owner's account is credited |
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Term
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Definition
| the fixed asset of the issuer securite bond; only the general credit worthiness of the issuer secures a debenture |
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Term
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Definition
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Term
| CH11: Dow Jows Industrial Average |
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Definition
| A measure of how well stocks are doing in NA; one of the oldest and most famous measures of stock performance |
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Term
| CH11: Financial Instruments |
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Definition
| bonds and stock investments |
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