BBI - Introduction to Business - Exam Review
Exam — Thursday January 30, 12 p.m. (1 hour)
BBI 1OI - 01 Room 109
1. What is a business?
2. What are the different types of businesses?
3. What are the functions of business?
4. What are the different forms of business ownership?
5. Define entrepreneur.
6. Define sole proprietor.
7. What is meant by unlimited liability?
8. Define a partnership.
9. Describe a corporation.
10. What is a Crown corporation?
11. What is a franchise?
12. What is meant by a turn key operation?
13. What is a co-operative?
14. Who are shareholders?
15. Who is responsible for the overall policies and decisions of a large corporation?
16. Who is responsible for the daily operations of a large corporation?
17. What is the difference between a need and a want?
18. What is the difference between a good and a service?
19. What are luxuries and what are essentials?
20. Define an obsolete good and provide examples.
21. Define supply and demand.
22. What do businesses sell?
23. What does it mean when we say businesses are interdependent?
24. What is the difference between a customer and a supplier?
25. What is a market?
26. Who ultimately decides what is produced by businesses?
27. What is production?
28. Define accounting
29. What is the difference between assets and liabilities?
30. What is a balance sheet?
31. What is an income statement?
32. What is the basic accounting equation?
33. What is the difference between Accounts Payable and Accounts Receivable?
34. Define revenue and expense with examples.
35. What do you have when total expenses are greater than total revenue?
36. What does breaking even mean?
37. What is the difference between saving and investing?
38. Describe a trademark, logo, slogan and jingle with examples.
39. If you wanted to invest your money, what are some of your options?
40. What do the acronyms GIC, CSB, TFSA, RESP and RRSP stand for?
41. What are dividends?
42. Where do you purchase stocks and what is the TSX?
43. What is meant by a stock portfolio?
44. What are mutual funds?
45. What is investment diversification?
46. Explain liquidity.
47. What does it mean to barter?
48. What is the rule of 72?
49. What are the phases of the business cycle?
50. Describe what a brand is and provide examples.
51. What is a blue chip stock?
52. What is the difference between a bear and bull market?
53. What is the difference between common and preferred stocks?
54. What is a budget?
55. What is compound interest?
56. Define marketing.
57. What is the purpose of marketing?
58. What are the 4 Ps of marketing?
59. Describe the different channels of distribution?
60. What is the difference between a retailer and a wholesaler?
61. What purposes does packaging provide?
62. What legal requirements are there for packaging?
63. What is good will?
64. Describe three different pricing strategies.
65. What does the AIDA advertising formula stand for?
66. Describe the different types of advertising techniques.
67. Identify different types of media that can be used for advertising.
68. What is a target market?
69. What is the difference between advertising and publicity?
70. Give a few examples of sales promotions.
71. What does P.I.E. stand for?
73. How can a business increase profits? (Revenue and expenses)
74. What do the following accounting acronyms stand for: OE, A, L, R. E, NI, I/S, B/S, A/R A/P,
CEO, COO, CFO?
75. What is the role of HR?
76. What is RIM?
77. What is the product life cycle?
78. What are the 5 security features on a bill
79. What should you do if you find a counterfeit bill?