BEP20 Exam Review (Unit 1 & 2) PDF

BEP20 Exam Review (Unit 1 and 2) Unit 1 Practice Short Answer Questions Please complete the questions and review associated concepts related to each question. All questions for this unit can be found within powerpoints week 1-4. These are located...

BEP20 Exam Review (Unit 1 and 2) Unit 1 Practice Short Answer Questions Please complete the questions and review associated concepts related to each question. All questions for this unit can be found within powerpoints week 1-4. These are located on the VLE. 1.​ What are some key differences between democratic leadership, autocratic leadership, and laissez faire leadership? Explain. A democratic leadership style values input from their team and encourages collaboration and participation in decision-making. They help create an environment where everyone’s opinion matters. Autocratic leadership makes all the decisions and doesn't consult their team nor do they listen to their team's opinions. Laissez-faire leadership provides minimal guidance and allows their team to make decisions independently. The differences between these leadership is that democratic leadership helps and allows their team to make a difference, an autocratic leadership makes all the decisions all by themselves without consulting their team, and laissez-faire leadership guides their team a bit but the team has to make decisions independently. 2.​ What are the 6 types of teams? What is the difference between a committee and a task force? A.​ Committee - is made up of people from different areas who do ongoing work on a specific task. eg. social committee B.​ task force - is established to accomplish a specific task, after which it’s disbanded. eg product design C.​ cross functional team - has members from different functional areas. eg. sales personnel and accountants D.​ self management team - has no official; these teams manages their own hiring, training, developing and scheduling eg. human resources E.​ virtual team - works together across long distances through computer communication instead of face to face meetings eg. zooms/ teams F.​ informal team - not put together by management but forms naturally eg. carpooling or lunch party The difference between a committee and a task force is that a committee is a team which people make up to do ongoing work on specific tasks but a task force is a team that is made up for a specific task and after they are disbanded. 3.​ What is the project management process? Draw a diagram. A project management process is a way of helping us complete a project or task. There are 5 stages in the process. Initiating means determining the goals, planning means identifying the task, executing means implementing the plan, monitoring means tracking progress of the tasks, and lastly closing means delivering the project and reflecting on the process. 4.​ Using the project management process, provide an outline for organizing a school bake sale with the goal to raise money. Initiating - the goal is to raise money by organizing a school bake sale Planning - need to bake goods, good advertisement strategies for customers Executing - baking the goods and putting up posters about the bake sale Monitoring - looking through the progress you’ve made, seeing if u complete the goal Closing - start selling the baked goods and reflect on what you’ve learn or what you could’ve done better in 5.​ What are 3 types of business technologies? Why would a company pay and use certain business technologies? Digital technologies involve electronics tools systems, devices, and resources that operate, store or process data. Slack - connects people to the information they need, in business we can message anyone inside or outside your organization and collaborate just like you would in person One drive - Helps store all your documents or office work, they are accessible from any devices or anywhere Zoom - provides a platform where businesses can be on a virtual meeting, they can also help connect to anywhere around the world When choosing how to advertise a product, many businesses use technology or the media as a way to advertise. There is efficiency and productivity, communication and collaboration like being on a virtual meeting, and data management and analysis helps store important data.  6.​ Why is cybersecurity becoming an important industry in today’s world? What are some popular cyber security scams businesses and individuals should be aware of? Cybersecurity helps protect data from theft and damage. One popular cybersecurity scam in business is ransomware. Its often encryption of files and systems, ransoms often demanded in cryptocurrency. It can also affect individuals, businesses and public institutions because the business might hold important information. Unit 2 Practice Short Answer Questions Please complete the questions and review associated concepts related to each question. All questions for this unit can be found within powerpoints week 6 - 13. These are located on the VLE. 1.​ How do we define a business? A business is an organization that produces/sells goods and services to satisfy the wants, needs and demands of its consumers with the purpose of making a profit. 2.​ Explain the difference between a good and a service? Which one is considered intangible? A good is a product that someone will buy, a tangible product. A service is when you pay for a skill, an intangible something you can’t touch. 3.​ How do we classify needs and wants? What are some examples? A need is something that is essential to survive. eg. food, clothing A want is something we don’t need but we would love to have. eg. luxury clothing, makeup 4.​ Explain the concept of supply and demand. Draw a supply and demand graph. What do you call the point where the two curves intersect? The marketing concept is based on supply and demand. Low supply of the product and the high consumer demand is the ideal scenario. Marketing is less important when the demand is high. High supply is when we need good marketing strategies. Equilibrium means the supply and demand for a given good or service is balanced.  5.​ What is Maslow’s Hierarchy? What are the 5 levels? Maslow's hierarchy of needs is a theory of motivation which states that five categories of human needs dictate an individual's behavior.The 5 levels of Maslow’s Hierarchy are Self actualization, esteem, love and belonging, Safety need and physiological needs. 6.​ What kind of economy does Canada have? What are some characteristics? Advantages and Disadvantages? Canada has a mixed economy. The federal government controls some basic services such as the postal service and Air Traffic Control. A mixed economy is when it's both free market control and government control elements. Businesses and governments work together; the government makes infrastructure better and structural areas by building internet facilities. By making infrastructure it helps businesses for job opportunities. I’m in 7.​ What is international trade? Explain some of the benefits and common problems. International business is the trade of goods and services on a global scale. There is domestic trade and international trade. Some benefits are Access to the global market, low labor cost, Increased quality and quantity of goods and Access to resources. Some harms are social costs, human rights, labour costs, environmental degradation. Some common problems are transportation cost, the speed and safety of the goods and services. 8.​ Explain the difference between a trade surplus and trade deficit. Give a fictional example. Trade deficit is when a country pays for imports that it earns from exports. The U.S. is an example of a country with a trade deficit. Trade surplus is when a country earns more in exports that it pays for imports. China is an example of a country with a trade surplus. 9.​ What are some cultural considerations when doing business in another country? Culture can affect international business because some cultures have a specific business etiquette On how we interact with potential suppliers, Employees and clients. It is important to know their routine to expectations when doing business with the country. 10. What are the 4 ways we can classify a business? A.​ To make a profit or to meet other needs B.​ form of ownership ( one owner, two owner,etc) C.​ ownership category (private, public, government)  D.​ what the business does ( product,service,distribute,products to other businesses) 11. What are the 5 types of business ownership? (ie; Franchise) 1.​ Sole proprietorship - Is a business owned by one person the proprietor advantages - Be Your Own Boss, easy to start and end, profits to owner Disadvantages - unlimited liability, financing may be difficult, owner may not be familiar with all aspects of businesses 2.​ Partnership - is a type of business or two or more individuals share the costs and responsibilities of owning and operating it Advantages - more capital and financing, shared responsibilities Disadvantages - unlimited liability In general partnerships, partner disagreements 3.​ Corporation - is a legal entity that is separate and distinct from its owners Advantages - limited liability, transfer of ownership is simple Disadvantages - timely and costly startup, people who own only a few shares don't have a lot of influence on how the company is run 4.​ Cooperative - owned by members; each member has only one vote regardless of number of shares; board of directors Advantages - less expensive goods/services, easily set up Disadvantages - decision-making process could be difficult 5.​ Franchise - Hybrid type of ownership Advantages - brand recognition, shared marketing, corporate training and support Disadvantages - franchise fee, monthly fee, requirement to buy from franchisor 12. Explain the difference between a not for profit and for profit business. List an example. Not for profit companies exist to surface social cultural education or charitable purposes. They raise funds through donation grants, fundraising events and partnership. An example is the Canadian Cancer Society. They help raise funds through donations for people who have cancer. For profit companies seek to provide a product (goods and wants) for consumers and seek a profit by doing so. An example: Apple, they create products that consumers want, by doing so they are getting millions of dollars.  13. What is the difference between the franchisor and the franchisee? List some pros and cons from both perspectives. A franchisor is someone who divides their business model like trademarks procedures policies. The franchisor allows others to set up the same business in other locations which helps the company to expand rapidly. a franchisee is the person buying it; contracts with the franchisor. Pros of franchisor - Increased market share, increased stream of revenue, upfront fees, maintain control of key elements of operation Cons of a franchisor - careful consideration of franchisee selection, difficulty in maintaining standards, as franchisee base increases loss of decision-making control, increased liability, mandatory disclosure of business principles Pros of franchisee - set of plans and specifications for building- shortened startup, rights to Brand trademarks, copyrights and licenses, proven methods of operation, National/ International advertising, participation and volume purchasing discounts Cons of franchisee - lack of operational power; must confirm, large fees, must meet standards as said by franchisor, often franchise is non-transferable, no control over brand name ownership, pays royalties 14. Explain the difference between retail, service, and manufacturing business types. Retail Business: Sells finished products directly to customers. Example: Grocery stores or clothing shops. Service Business: Provides services instead of physical products. Example: Hair salons or repair services. Manufacturing Business: Makes products from raw materials to sell to other businesses or customers. Example: Factories that make cars or furniture. 15. Why is CSR important for companies? What are some of the key principles? Who are some of the stakeholders? CSR stands for corporate social responsibility refers to the principles and practices or cooperation Institute to enhance the well being of the community. Some of the key principles are providing a safe and healthy work environment, adopting Fair Labor practices, protecting the environment, being truthful in advertising, practicing fair pricing, and donating to charity. CSR has organizations acting in ways that support the interest and of its stakeholders. Almost everyone is a stakeholder; employees, investors/ shareholders, creditors/ lenders, customers, suppliers, community, or even the government. BEP20 Exam Review Day 2 (Unit 3) Please complete the questions and review associated concepts related to each question. All questions for this unit can be found within powerpoints week 15 - 18. These are located on the VLE. Unit 3 Short Answer Practice Questions 1.​ What are the 6 factors of production? Describe each in one sentence. a)​ Natural resources are resources drawn from the earth. b)​ Raw materials are goods in making other goods. c)​ Labour is physical and mental work often in big companies d)​ Capital is money invested in a business. e)​ Information is facts provided or learn about something or someone f)​ Management is individuals who are responsible for the employees. 2.​ Explain the 4 steps in the production process. What happens at each stage? a)​ Purchasing is when we buy the raw materials to make goods. b)​ Processing is the conversion of making the raw materials into finished goods. c)​ Quality is sent by the company or government to see if the product meets the standard. d)​ Grading is checking the goods if it meets the standard, size or quality. 3.​ How can we improve productivity during the production process? Explain two methods described in this course. The first method of productivity is training because special training for new employees can help them experience what they might do on the job. It also helps old employees to connect with the new employees. The second method is capital investments since our world is evolving with technology, companies should invest in them to help the employees for better results. 4.​ What are the 3 components of branding? The 3 components of branding are the brand name, slogan and logo. The brand name is when the company creates a name to extinguish their product from other companies/ competitors. Slogan is some sort of catchy phrase to attract customers to their product. A logo is when companies create an image or some type of symbol. 5.​ What are the 4 P’s of marketing? The four P’ of marketing are product, price, promotion and place. Product is an item or service that a company makes to attract their customers to their brand/company. Price is the price of the product that customers would like to pay for. Promotions are making sales or any type of public relations that can help your brand be attractive to customers. Place is the distribution of the product to the customers. 6.​ Explain the difference between public relations (publicity) and advertising. The difference between advertising is when the company/brand uses posters or commercials (media in general) to grab the attention of the viewers so that they’ll be interested in their products. But publicity is when information about a business is carried by the media, meaning the business doesn’t pay to use it. 7.​ What are some examples of sales promotions? List a specific real life example. Sales promotions are when a business uses different ways to encourage consumers to buy a good or service. Some examples are coupons, special offers, promo codes and many others. A real life example is when a retail store holds sales for a certain percent, this can attract customers especially when a big brand like nike does it. 8.​ What does the acronym AIDA stand for? How can marketers use this formula? The acronym of AIDA stands for awareness, interest, desire, and action. We can use this acronym when advertising for our brand or when we need a good advertisement if business is slow. 9.​ What is the difference between a balance sheet and an income statement? What do they tell us about a company? A balance sheet shows how a company is doing on a specific date. It doesn’t show if the business had made profit. An income statement is like a movie that shows what a company has done over a period of time. 10.​ In terms of financial statements, how do you know if something is an asset or liability? How do you know if something is a revenue or expense? An asset is something that is beneficial to us in the future economy, something your business owns. A liability is something that needs to be repaid overtime. something that your business owns to a third party. revenue is the total money that your company has sold overtime from goods or services. An expense is spending money to help your business generate revenue. 11.​What are the 4 areas of Human Resources? What stage does HR personnel review resumes? a)​ recruitment - is when the HR department recruits employees that are interested in the job that they are offering. Usually by submitting a resume or application. selection - is when the HR department reviews the resume they received to select certain people for interview for the job b)​ Training and development - is when employees comes in for orientation or for training for the job and making sure their skills are upgraded or developed c)​ performance appraisal - most companies assess their employees to see if they meet the job requirement. They use 360 degree feedback. d)​ Compensation - includes their salaries, hourly wages or even the commission retention - perks are often offered to make sure their employees likes working in their company, like paid birthday offs, or a personal wellness program 12.​ How would you describe an entrepreneurial mindset? What are 3 key elements? An entrepreneurial mindset is a specific way of thinking and using your creativity to create solutions in difficult situations. The 3 key elements of entrepreneurial mindset is communicating and collaborating, critical thinking and problem solving, dealing with adversity and preparing for growth. 13.​ How can entrepreneurs secure funding for their ventures? List at least two ways and briefly explain how it generally works. entrepreneurs secure funding for their ventures using the government, banks or Capitalist investment and many other ways. 14.​ What are Key Performance Indicators? What are some key elements of KPI’s? Describe some common KPI’s. KPI’s are measurable values that explains how effectively/ the success of an organization or employee. Some key elements of KPI’s are measurable, relevant, actionable and time bound. Some common KPI’s are financial KPI’s includes the metric growth of the revenue, profit margin, cost of goods sold and return on investment. Another KPI’s is customer KPI’s meaning the satisfaction score of the customers, customer retention rate, or net promoter score. 15.​What does ROI stand for? What common KPI would it be a part of? ROI stands for return on investment, its part of the financial KPI.