BBI2O – Introduction to Business Mr. Shortly

BBI20 - Final Exam Review Questions

Business Fundamentals
1.A Economic Basics
Explain the difference between needs and wants? Can something be both? Explain.
Distinguish between fads and trends, and explain their effect on business.
Explain how the supply and demand of a product affect its price.
Identify two companies in direct competition and two in indirect competition.
1.B Types of Businesses
Name a local sole proprietorship, partnership, corporation, cooperative and franchise. Explain why that type of business is best for that type of business.
List 2 advantages and 2 disadvantages of each of the 5 forms of ownership.
1.C Business Ethics
Define ethics, social responsibility, code of ethics, whistle-blowing
Describe the ethical decision making process
Money and Personal Finance
Income Management
Make a sample itemized monthly budget for yourself. Then consider what you spent this past month. Make a difference column. Did you stay within your budget?
Write an article that discusses your “top ten money management tips”
Distinguish between the three types of personal expenses and provide 2 examples of each.
Banking
Describe how banks make money.
Outline the difference between debit and credit cards.
Investing
Your friend has $5000 to invest. Explain the different types of investments they can choose from.
Define Interest, describe the difference between simple and compound.
Credit
Explain the advantages and disadvantages of credit cards.
Entrepreneurship
Skills & Characteristics
Identify characteristics and skills of successful entrepreneurs.
Invention & Innovation
Identify and describe 10 noteworthy Canadian inventions/innovations.
Marketing
2.D Marketing
Using the marketing strategy, make a pitch for a new watch that will appeal to teenagers. Include price, style, location, and promotion.
Define and explain the 4 P’s of marketing. Product Place Promotion Price.
Diagram and label the product life cycle. Identify a product that is currently at each stage in the life cycle.
Describe the difference between a slogan, logo, and jingle.

Definitions to know!!!!!!

Promotion
Sole proprietorship
Asset
Franchise
Partnership agreement
Demand
Supply
Bank rate
Partnership / Mortgage
Credit History
Factors of Production
Management
Processing
Stocks
Impulse buying
Legal tender
Demographic