BEP 20 Exam Review Guide PDF 2025

CLASS COPY - BEP 20 - Exam Review Guide Dates of Exams: Period 1 - January 28th, 2025 Format: Multiple Choice, True or False, Matching, Short Answer/Accounting Location, Time: 8:30am, C116 Materials: Pencil, Pen, Water Bottle Note: No smart watches or phones permitted. Please put them in your lock...

CLASS COPY - BEP 20 - Exam Review Guide Dates of Exams: Period 1 - January 28th, 2025 Format: Multiple Choice, True or False, Matching, Short Answer/Accounting Location, Time: 8:30am, C116 Materials: Pencil, Pen, Water Bottle Note: No smart watches or phones permitted. Please put them in your locker before the exam. Instructions: Complete the questions/respond to the prompts in this exam review to help you prepare for our exam. You may work in partners or groups to complete the questions. Note that the act of completing this review will help you study. All answers can​ be found in our slides or on our handouts which are all posted on Google classroom. Press CTRL + F on your keyboard to help quickly search for key terms in our slides and in our handouts to help you complete the review. The titles in blue are linked to their corresponding handouts to help you find your materials. Happy Studying! UNIT 1: Business Fundamentals LESSON 1.1 - Needs vs. Wants - Naomi 1.​ What is a need vs. a want? Need is something people need in order to live adequately such as water, shelter and food Wants are the things people desire but they can live without. 2.​ Name the equation for profit. Calculate it for the pricing of our kilt pins (price of pin - $1.94, price for customers $3). Profit = Revenue - Expenses $1.06 = $3 - $1.94 3.​ What are the main two reasons why businesses exist that we discussed in class? Businesses exist to provide goods and services and make a profit. → Remember - some businesses do not exist to make profit - i.e. not-for-profit 1 LESSON 1.2 - Demand -Minaa Define these terms from the general section: Disposable Income, Discretionary Buying Power Disposable income - income that remains after taxes and mandatory charges Discretionary Buying Power - 1.​ What is demand? What is the law of demand and what does it state? Demand is the driving force of our economy. It is the amount of money consumers are willing to spend on products and services at a given price. The law of demand states that as the price of a product or service goes down, the demand for the product goes up and vice versa. 2.​ Name the pricing and non-pricing factors that affect demand. Apply them to our keychain selling business. The pricing factors that affect demand are Price Positioning, Price Sensitivity and Price of Related or Substitute goods. 1- A business decides how they want to position their product or service: do they want to be a high-end luxury business or a discount retailer? In relation to our keychain business, the price positioning of our business is not high end, rather school based. 2- When demand for a product is affected dramatically by a price increase or decrease, the demand is said to be highly price-sensitive. The price sensitivity of the keychains is pretty sensitive because the target market is students who would rather buy cheaper items. 3- Substitute Goods - when one product can be replaced by another RELATED GOODS: Indirect competition for goods and services affects demand by providing the consumers with alternative spending categories. I.e. You buy running shoes instead of jeans. There aren't really any substitutes for the keychains as they are school merch but considering their price people who buy them over other items in the market. 2 The non-pricing factors that affect demand are Personal and Household Income, New Technology, Advertising and Promotion and Fads and Trends. 1- All consumers have limited income, limiting what they can buy and ultimately limiting demand. The ability of a working person to purchase goods and services usually depends on their net income. -​ Your net income is your wages minus the taxes and compulsory deductions taken off your paycheque. -​ The income remaining after your mandatory payments are deducted is called your disposable personal income. -​ Disposable income is limited by the amount of your salary that is committed to rent, food, clothing, and other necessities. Personal and household income is something that indirectly affects how a business is doing because of their target market income. It indicates if they have enough disposable income for products like the keychains. 2- As you’ve already learned, new technology affects demand. As new products come on the market, old products disappear. -​ New technology also improves the production and distribution of many products, making some manufacturing processes and transportation methods cheaper and more efficient. New technology includes how the keychains are good quality made with a rubber type of material. There were websites used for designing and selling such as school cash online. 3- Advertising and promotion. There were announcements during the school day, posters, selling at lunch and at the winter showcase and also instagram posts to advertise the keychain. 4- Keychains are fads nowadays and a lot of people buy them to put them on their car or house keys and besides that the keychain is related to the dame mascot therefore attracting sales from ND alumni and the community. 3 LESSON 1.3 - Supply - Emily H Define these terms from the general section: Loss Leader, Capacity 1.​ What is supply? Supply is the quality of a product or service that a business is willing and able to provide, within a range of prices that consumers are willing to pay. 2.​ What is the law of supply? The law of supply states that as the price goes up, the supply goes up and as the price goes down supply goes down. 3.​ Name the pricing and non-pricing factors that affect supply. Pricing: improved procedures, keeping or creating market/loss leader, increasing overall company sales/bundles. Non- pricing: capacity, shortage of essential supplies from other supplies. 4.​ What is the equilibrium point? What is the break even point? Equilibrium: the state in which market supply and demand balance each other and as a result prices become stable. Break even: the point at which the total cost and total revenue are equal. Catholic Social Teachings 1.​ Define all the Catholic Social teachings. Be able to identify them in business scenarios much like you did when you wrote about them in your business crushes. 4 LESSON 1.4 - TYPES OF BUSINESS: Profit or Not-for-Profit - Raphaelle 1.​ Define the difference between a profit and not for profit business. One of them makes a profit and the other one doesn't make a profit it runs off of donations or get money from the government 2.​ How do non-profit organizations exist without making a profit? They use donations and/or money from the government 3.​ Do ALL businesses exist to make a profit? Explain. Not every business exists to make a profit - i.e. not for profit businesses 4.​ What do not for profit and for profit businesses do with their profit? They pay employees and put the money into the business LESSON 1.5 - Market Forces - Canadian Examples - Lizzie 1.​ Define what Market Forces are. -​ “In economics, market forces refer to factors that influence the price and quantity of goods and services, driving supply and demand in a market. These include 5  -​ competition, consumer preferences, technological advancements, economic growth, and government regulations.” -​ Capital.com LESSON 1.6 - Types of Businesses - Forms of Business Ownership - Isabella Define these terms from the general section: Industry, Sectors/Segments, Competitors, Shareholders 1.​ Name and define the 5 forms of business ownership. Corporation - Acts as a separate entity - borrow money, sell product, sue and be sue. Lots of shares. Protects the owner. Sole Proprietorship - When business owner owns the business on their own Advantages - complete control, tax benefits, flexibility, direct profit, simple management Partnership - When you share a business with someone else. Shared responsibility. Access to partner skills and knowledge. Advantages - more hands on deck, shared responsibility Franchise - A franchise is a joint venture between a franchisee and franchisor.The franchisee is the original business its sells the right to use its name and idea and the franchiser buys the right to sell and trademark the product. A franchisor must invest in the business to become and earn a part of the income Co-operative - A co-operative is a type of business that is owned and managed by its members. Each member of a particular co-operative has one vote. Every member is equal no one can have more than one vote. 2.​ Share the advantages and disadvantages of the types of business ownership. 3.​ Define the subcategories of business ownership and their attributes including: Crown corporations, Public corporations, Private corporations LESSON 1.7 - What do Businesses do anyway? - Keira Define these Terms: Primary and Secondary Industries, Processing Industries, Tertiary and Service Industries, Business Services, Consumer Services, B2B, B2C, Wholesale, Importers, Retailers Primary - Find or create products from natural and sell them. Ex: Fish, Meat, Oil , water Secondary/Processing Industries - Convert raw materials from primary industries into usable products. Ex; Iron ore into steel. Raw materials are sold to manufacturers, who convert them into products that don't require further alterations Ex: Canned tuna and cans 6 Tertiary and Service Industries - Accounting, logistics (shipping), cleaning, legal, insurance. B2B - Business to business B2C - Business to consumer Wholesale - buy products from other businesses (importers or manufacturers) and sell them to retailers. Importers- Find products in foreign countries that they anticipate will sell in canada Retailers- last link to distribution chain: If consumers are buying a new product, they are buying it at a retail store or other retail distribution locations. Ex: vending machines, tv shopping channels. 1.​ Describe the different categories of what businesses do - creating new products, providing services, selling products (distributive businesses) LESSON 1.8 - Introduction to Business Ethics - Trudie Define these Terms: Ethics, Ethical Behavior Ethics:Ethics are moral principles that guide what is right and wrong. Ethical Behavior:Ethical behavior is acting in a way that is honest, fair, and respects others. What are legal, absolute and situational values or ethics? Describe the differences between them. 1.​ Why do some people think business ethics is an oxymoron? What are some of the advantages of a business being successful for the community and employees? 7 Many people will argue that the term “business ethics” is an oxymoron. Due to the pursuit of profit, business has a historical reputation of being somewhat untrustworthy, perhaps even underhanded or slightly dishonest. LESSON 1.9 - Business Ethics: Ethical and Unethical Behavior, Continued - Sarah 1.​ Name and define the 5 unethical business practices listed in this section. a) bait and switch b) misleading advertising c)faulty and inferior products d) pressure sales e) exploitation 2.​ Define Bribery, Theft and Fraud Bribery= offering money, property, etc for special treatment Theft= stealing fraud= intentionally deceiving another party for personal or financial gain 3.​ What are some examples of how companies punish or reprimand unethical behavior? a) dismiss the employee, not involving the police b)employee makes a restitution (return) and enter counseling program instead of dismissal c) prosecute the crimes LESSON 1.10 - Corporate Social Responsibility - Madden Terms to Know: CSR, Stakeholder 8 Important Notes from this Section: Corporate social responsibility (CSR) refers to the principles and practices a corporation institutes to enhance the well-being of a community. CSR has organizations acting in ways that serve both its own interests and the interests of its stakeholders. A stakeholder is a person of interest of concern, especially in a business. They can be affected by the business or affect it. Principles of CSR: 1.​ providing a safe and healthy work environment 2.​ adopting fair labour practices 3.​ protecting the environment 4.​ being truthful in advertising 5.​ practising fair pricing 6.​ donating to charity Questions 1.​ Why did the CSR movement start? The CSR movement started in response to the desire of individual corporations or businesses to become more socially responsible within their community, recognizing that they are also citizens. There is no government legislation forcing companies to become CSR firms. UNIT 2: Competitive Markets and Pitch Development Note this is the same review as the one we used for your Unit 2 test LESSON 2.1 - International Business - Poppy Terms: Exploit, Sustainable Development, Containerization, Outsourcing Exploit - taking advantage of vulnerable people in need of money in order to spend less on labor or manufacture. Not paying enough. Sustainable development- never removing more than can be replaced 9 Containerization - goods are placed in a secure metal box in standard size Outsourcing - hiring service providers from countries where labour costs are lower 1.​ What are the benefits of International Trade? -​ access to markets - get to sell and buy from a variety of countries and demographics -​ Less expensive labor - access to lower paying standards around the world -​ Increased quantity and quality of goods - access to different goods from different countries -​ Access to resources - you get to use different places resources 2.​ What are the costs of International Trade? a.​ More specifically, name and describe the Social Costs of International Trade. -​ offshore outsourcing - takes advantage of vulnerable workers by under paying them -​ Human rights/labour abuses - uses workers without people looking out for their well-being and overworks them while not following safety precautions -​ Environment degradation - not using money to create a sustainable production procedures hurts the environment over time LESSON 2.2 - 4 Types of Competitive Market Structures - Chloe 1.​ What are the four types of Competitive Market Structures? Define them and describe how they are similar and different. The four types of competitive market structures are: -​ Perfect competition - is a market structure where all the sellers' products share similar characteristics therefore consumers “don't care” which product they buy. An example is toilet paper companies or tissue companies. -​ Monopoly - is a market structure where there is one seller of a particular product, and there are barriers/restrictions to prevent competition. An example of this is the LCBO -​ Monopolistic - is a market structure where many companies compete, each company has different products, they compete with product, quality, cost, and marketing. An example of this is starbucks and tim hortons -​ Oligopoly - A market where very few, large sellers dominate a single industry. An example of this is McDonalds and Burger King - they dominate the fast food industry. LESSON 2.3 - Government Intervention in Markets - Emily P Define these Terms: Price Floors, Price Ceilings, Minimum Wage Laws, Market Failure Price floors - when governments implement minimum prices set above the 10 equilibrium price to protect producers. It prevents the prices from falling too low. -​ Ex., farmers - price floors are set for them to ensure they receive a fair income for their products Price ceilings - when governments implement maximum prices set below the equilibrium price to help consumers afford needs/essentials. -​ Ex., rent control in housing markets. Minimum wage laws - laws that mandate a minimum hourly wage that employers must pay their workers. They ensure that workers receive a fair wage, allowing them to support themselves and their families. Market failure - when a market fails to distribute resources efficiently and leads to high prices, inadequate supply, or unequal distribution of products. 1.​ How does the government intervene in markets? Governments interfere in markets by setting price floors, price ceilings, and minimum wage laws. They do this to prevent market failure and promote fairness. 2.​ What is a market failure? What are the main types of market failures? When does a market failure occur? Market failures occur when the unregulated market fails to allocate/distribute resources efficiently, leading to undesirable outcomes such as excessive prices, inadequate supply, monopolies, or unequal distribution of goods/services. 3.​ List and define the alternative strategies governments may take to intervene in market failures. Subsidies - support the income of producers while allowing the market to determine prices. Vouchers and targeted assistance - providing vouchers or targeted financial assistance to low-income individuals to address affordability concerns without imposing price ceilings. Progressive taxation - taxing higher-income individuals to generate revenue to fund social programs and provide economic assistance to those in need. UNIT 3: Business Leadership and Project Management LESSON 3.1 - Business Leadership and Management Workshop - Nathania 1.​ What are the levels of management? What is each levels’ unique power? The levels of management are Corporate, Middle and Department. The unique power for Corporates is when they have a long-term outlook for the organization as a whole and give a leadership vision and the unique power for Middle they report to upper-level managers and are responsible for the department managers lastly the unique power for Department is when they train and manage front-line 11 employees who come into direct contact with customers, ensuring that corporate objectives are met. 2.​ Name and define all management categories and management duties (4). The management duties are planning, organizing, leading and controlling. Planning sets the specific objectives (goals) the company, the company, the division, and the individual departments. Organizing is to ensure effectiveness and efficiency in the meeting of goals and objectives. Leading when a manager provides erection to employees in a way that is inspiring people to do their best work. Controlling is the management function of ensuring that goals and objectives are met. 3.​ Identify the 3 leadership/management styles and share when they can be used effectively. The 3 leadership/ management styles are Laissez-Faire Leaders which is when people can respond to empowerment and that they take control of their daily lives. Democratic Leader which managers are known to use participative leadership when employees are participating in decision making. Autocratic Leader which manages to have complete control over decision making. 12 LESSON 3.2 - Introduction to Project Management - Saron Terms: Project Management, KPI 1.​ List and define three duties of a project manager. Three duties of a project manager are planning, organizing, and leading. Planning is setting the specific objectives (goals) for the company, the division, and the individual departments. Organizing is the goal of organizing is to ensure effectiveness and efficiency in the meeting of goals and objectives. Leading is when a manager provides direction to employees. In a way, leading is a way of inspiring people to do their best work. Terms Project Management - the planning and organizing of a company’s resources to move a specific task, event, or duty toward completion. KPI - Key Productivity Indicator UNIT 4: The Functions of a Business Note this is the same review as the one we used for your Unit 2 test LESSON 4.1 - Unit 4 Introduction: The 6 Factors of Production - Pangaea 1.​ What are the six factors in production? Name them and break them down. Natural Resources are made from raw materials. Raw materials which are used from natural resources. Labour consists of all of the physical and mental to make a product or service. Capital financial assets used for business operations. Information which holds meaning value or significance for your business. Management finding sources of supply, production and editing raw material and distributing money and equipment. LESSON 4.2 - The Steps in Production and Improving Productivity - Nahimi Terms: ISO, procurement, grading ISO 1.​ What are the steps in the production process? The steps in the production process include purchasing, grading, processing, and quality control. Purchasing- buying the product and materials a business needs.` Grading- each product gets graded by a system (ex. Canada AAA for meat), Processing- When one thing changes to another 13 Quality control- Ensures that products meet the standards areas to maintain quality and safety. 2.​ How can you improve production/productivity? Name all the ways of doing this we discussed in our handout Ways to improve production/productivity is Capital investment, investing in technology, inventory systems & JIT (just-in-time), and training & safety. Capital investment is the spending of money to fund a company's long-term growth. Investing in technology can also improve machinery, automated production, make quality control easier, and cut labour costs. Inventory system & JIT through a computer network, the factory informs suppliers of precisely how much material it will need on any given day. Training & Safety means practicing to improve performance and work in a safe environment. 3.​ List 3 ways to make your production more ethical and/or sustainable (refer back to Fashion Reimagined). 3 ways to make my production more ethical/sustainable is by using eco-friendly materials (like wool), reducing waste and emission entering the atmosphere and treating workers fairly. LESSON 4.3 - The Marketing Concept - The 2 Cs: Competition and Consumer - Jenna Terms: Marketing, Market Share 1.​ Who are consumers? Demographics, psychographics? Consumers are the people that are interested in a company's products and services. Demographics are Age, Gender, Life Cycle, Income level, Ethnicity and Culture (things you can’t change about yourself. Psychographics are things like personality, beliefs, interests, lifestyle, opinions and attitudes. 2.​ What are competitors - indirect and direct? Competitors are essentially multiple businesses/ organizations who are competing for a consumer's money. Indirect competitors are companies that are trying to sell different products. Direct competitors are companies that are trying to sell the same product as you. 3.​ What are the two ways you can increase market share that we discussed? 2 ways that you can increase market share are, increasing the size of the overall market and taking sales away from competitors. LESSON 4.4 - Marketing - The 4 Ps - Product, Price, Promotion, Place - Raquel 14 Terms: Product, Price, Promotion, Place How does the marketing mix work? ○​ Be able to break down a marketing strategy into all sections we described in class. Be able to define all terms below: i.​ Consumer: demographics, psychographics -​ Consumers are any people that are interested in buying a good or service and contribute to a business's sales. -​ Demographics are obvious characteristics of consumers such as age and ethnicity, and target specific people. Psychographics refer to personality, interest, lifestyles, opinions and attitudes. ii.​ Competitor: indirect, direct, market share -​ Competitors: other businesses that fight with yours to take away sales and customers from others and in that way increase their market share. -​ Indirect competition: when products and services are not directly related, but still compete and can take away sales from each other and companies fight for a customer's money. -​ Direct competition: products or services that are the same or similar to each other, but customers prefer one over the other because of minor differences or preferences; one may offer a better price, place or promotion. -​ Market share: percentage that each company has of a specific market, it is worth in money and everyone's competing for the bigger piece. iii.​ Price: target market -​ Target market: a group of potential customers that a business is aiming their products or services to. iv.​ Product: tangible, intangible, USP, market research -​ USP: unique selling proposition -​ Market research: identifying the needs and wants of the customers within your target market -​ Tangible: physical can be touched 15  -​ Intangible: cannot be touched v.​ Place: variety -​ Both websites and physical stores give options to the customers. vi.​ Promotion: advertising, sales promotion, discounts/offers, direct marketing, social media, influencers LESSON 4.5 - HR Functions & Rights and Responsibilities - Kayla Terms: HR, Recruitment, Performance, KPI 1.​ What are the main duties of a HR professional? -​ Recruitment -​ Planning for staffing needs -​ Developing employees - training, mentoring 2.​ What should a performance appraisal plan include? -​ Formal assessments of an employee's work, including skill, efficiency, productivity, and attitude. Good performance review - promotion. Bad review - adjustments must be made. -​ They formally document issues and problems, to avoid misunderstandings if the employee needs to be fired. -​ Must be signed by the appraiser and the employee. 3.​ Why is it important to retain employees? How can you retain them? -​ Compensation: increasing pay levels will prevent higher-skilled employees from finding jobs elsewhere. Compensation packages (benefits), are more important to come than actual pay. -​ Health and safety: maintaining a safe work environment. -​ Wellness programs and DEI: promote physical and emotional well-being to help reduce absences. -​ Career development: workers wanting to advance within the organization. 4.​ Describe departures, dismissals, and retirements and understand HR’s role during these scenarios. -​ Departures: an employee leaves the job voluntarily. -​ Dismissals: usually occur during layoffs, when companies must downsize. -​ Retirement: an employee voluntarily withdraws from the labour market after reaching a certain age (55-65). 5.​ How does a DEI department help to make a business more ethical? 16  -​ The Diversity, Equity, and Inclusion department makes a business more ethical by promoting fair treatment, reducing discrimination, and fostering an environment where all employees, regardless of their background, feel valued and respected. 6.​ Identify the employer’s rights and responsibilities to their employees - know 3 for each. -​ Rights: minimum wage, hours of work, vacation pay. -​ Responsibilities: create a safe work environment, engage employees, provide training. LESSON 4.6 - ASSIGNMENT - Pathways & Employability Skills Terms: Employability Skills Unit 5: Finance LESSON 5.1 - Accounting and Break Even Analysis - Eve Define these Terms: Accounting, Fixed Cost 1. What is financial vs. managerial accounting? Financial Accounting: record, summarize, and report transactions from business operations over a period of time. Managerial Accounting: Identify, measure, analize, interpret, and communicate financial information to a manager to pursuit the organizations goals. 2. Describe what a break-even analysis does. Compares your income from sales to fixed costs. Lower fixed cost=lower break-even point. LESSON 5.2 - Income Statements - Leah Terms: Revenue, Expenses Important Notes: Equation for Businesses; 1. Total Revenue – Total Expenses = Net Income Equation for Retail Businesses; 1. Revenue – Cost of Goods Sold = Gross Profit 2. Gross Profit – Expenses = Net Income 1. What is an income statement and what does it record? What period of time does it cover? 17  An income statement is a financial statement that shows a business profit (or loss) over a stated period of time. - week, month, quarter (every three months) and year. 2. TBD: Create an income statement LESSON 5.3 - Balance Sheets - Raquel Terms: Assets, Liabilities Important Notes: Assets – Liabilities = Owner’s Equity 1.​ What is a balance sheet and what does it record? What period of time does it cover? Snapshot that shows how a business is doing on a specific day. Does not indicate whether a business has made a profit 2.​ Why do the dollars on both sides of a balance sheet balance? Balanced because the left side (LS) must equal the right side (RS) 3.​ Name the five steps to creating a balance sheet. Make a mini balance sheet using the balance sheet conventions found in handout 3.3. 1. Fill in the statement heading (Who, What, When) 2.List the Assets 3.List the Liabilities 4.Calculate owners equity 5.Put it all together 18