BBI Culminating

What product to make.

How to package it (size, colour, shape).

What brand name to use.

What image to project.

What makes it different from it's competitors.

Reflect what a customer is willing to pay.

What competitors are selling their products for.

What image to project.

How potential customers will find out about a new product.

What the message will be (form and content).

When and where it will be delivered.

What incentives to buy the new product.

Where a product is to be distributed.

Location for stores?

How a product is to be distributed.

Storefront? Online? Both?

Total Assets = Total Liabilities + Owners Equity.

Summarises a company's total assets, total liabilities, and a company's net worth at a specific point in time.

Assets: Anything owned with a dollar value.
Liabilities: Anything the company owes money towards.
Owner's Equity: "Left over money", Assets - Liabilities.

Revenue - Expenses = Net Income (Loss).

Formal financial statement that shows how much profit or loss a business made over a period of time.

Revenue: Money a business brings in.
Expenses: Costs to do business.
Net Income: Sales - Costs.

1. Income Tax - Anyone who earns an income has to pay federal and provincial income tax. (Goes towards: Defence, Canadian Debt, and Education, etc.)

2. Property Tax - Tax raised through the municipal government to pay for roads, snow removal, garbage collection, etc.

3. Harmonised Sales Tax - GST / PST: Goods and Service Tax (5% tax added to both goods and services) Provincial Sales Tax (8% retail tax on goods only).

4. Licensing - Raise funds through driver's licence, plates, permits, hunting/fishing/boating licences, etc.

Saving accounts – allow you to set money aside
for emergencies, save for a large purchase or
build funds for your education – while keeping
your money readily accessible.

Chequing accounts – for money that you plan to use for day-to-day spending or to pay bills.

Banks and trust companies – make money for the people who own their shares.

Credit unions – owned and run by the members who bank there. They may charge a refundable membership fee to join.

Gross Pay - Total pay BEFORE deductions.

Net Pay - “Take Home” pay. Actual amount on your paycheck after deductions.

Deductions - Mandatory gov’t & any voluntary amounts taken off of your gross pay - Mandatory gov’t & any voluntary amounts taken off of your gross pay.

Salary - Get paid the same amount every pay - not paid for any overtime.

A cheque also is a piece of paper that you can give to someone in exchange for goods and services.

The amount you write on the cheque is the amount that the recipient is to receive when the cheque is cashed at a financial institution.

If you do write a cheque for an amount that exceeds your bank account balance, your cheque will be classified as being NSF (Nonsufficient Funds) for which you will be charged an NSF fee.

Cheques are usually valid for six (6) months, after that period of time they are not valid and are said to be stale dated.

Keep track of your income and expenses

Stay on top of your monthly bills

Be prepared for unexpected expenses

Avoid overspending

Figure out how much you need to save to meet your financial goals.

Pay people enough.

Safe workplace and a good environment.

Incentives – employee of the month.

Show respect.

Delegate – give responsibility.

Give recognition.

Offer support to complete new tasks.

Give staff and employees a challenge.

Work should be made interesting.

Lack of recognition.

Boredom.

Lack of involvement.