SGMA 217 EXAM 1(ACTUAL EXAM) WITH
CORRECT QUESTIONS AND ANSWERS
LATEST 2024 – 2025 GOOD SCORE IS
GUARANTEED GRADE A+
Oligopoly - ANSWERS-A market structure in which a few companies
produce most or all of the output and in which large capital
requirements or other factors limit the number of companies. p. 39
Patent - ANSWERS-A form of protection (limited monopoly) established
by the government for inventors; it gives an inventor the exclusive right
to manufacture, use, and sell an invention for 20 years. p. 17
Payroll Taxes - ANSWERS-Income taxes that are collected by the
employer and remitted to the federal government, usually in the form
of a deduction from the employee's pay. p. 21
Balance of Payments - ANSWERS-A summary of a country's
international financial transactions showing the difference between the
,country's total payments to, and its total receipts from, other countries.
p. 133
Balance of Trade - ANSWERS-The differences between the value of a
country's exports and the value of its imports during a certain time. p.
133
Bank of Canada - ANSWERS-Canada's central bank, whose objective is
the economic and financial well-being of Canada by creating a sound
balance of growth, employment, and price stability. p. 50
absolute advantage - ANSWERS-The situation when a country can
produce and sell a product at a lower cost than any other country, or
when it is the only country that can provide the product. p. 136
Association of Southeast Asian Nations (ASEAN) - ANSWERS-The
Association of Southeast Asian Nations (ASEAN), which, as of 2012,
included 10 member states. p. 139
baby boomers - ANSWERS-Canadians born between 1946 and 1964. p.
68
, Bankruptcy - ANSWERS-The legal procedure by which individuals or
businesses that cannot meet their financial obligations are relieved of
some, if not all, of their debt. p. 18
Barriers to Entry - ANSWERS-Factors, such as technological or legal
conditions, that prevent new companies from competing equally with a
monopoly. p. 40
Bonds - ANSWERS-Securities that represent long-term debt obligations
(liabilities) issued by corporations and governments. pp. 52, 520, 552
Business - ANSWERS-An organization that strives for a profit by
providing goods and services desired by its customers. p. 12
Business Cycles - ANSWERS-Upward and downward changes in the level
of economic activity. p. 46
Canadian Charter of Rights and Freedoms - ANSWERS-Legislation that
guarantees the rights and freedoms of Canadians. p. 77
Capital - ANSWERS-Tools, machinery, equipment, and buildings used to
produce goods and services and get them to the consumer. Sometimes
CORRECT QUESTIONS AND ANSWERS
LATEST 2024 – 2025 GOOD SCORE IS
GUARANTEED GRADE A+
Oligopoly - ANSWERS-A market structure in which a few companies
produce most or all of the output and in which large capital
requirements or other factors limit the number of companies. p. 39
Patent - ANSWERS-A form of protection (limited monopoly) established
by the government for inventors; it gives an inventor the exclusive right
to manufacture, use, and sell an invention for 20 years. p. 17
Payroll Taxes - ANSWERS-Income taxes that are collected by the
employer and remitted to the federal government, usually in the form
of a deduction from the employee's pay. p. 21
Balance of Payments - ANSWERS-A summary of a country's
international financial transactions showing the difference between the
,country's total payments to, and its total receipts from, other countries.
p. 133
Balance of Trade - ANSWERS-The differences between the value of a
country's exports and the value of its imports during a certain time. p.
133
Bank of Canada - ANSWERS-Canada's central bank, whose objective is
the economic and financial well-being of Canada by creating a sound
balance of growth, employment, and price stability. p. 50
absolute advantage - ANSWERS-The situation when a country can
produce and sell a product at a lower cost than any other country, or
when it is the only country that can provide the product. p. 136
Association of Southeast Asian Nations (ASEAN) - ANSWERS-The
Association of Southeast Asian Nations (ASEAN), which, as of 2012,
included 10 member states. p. 139
baby boomers - ANSWERS-Canadians born between 1946 and 1964. p.
68
, Bankruptcy - ANSWERS-The legal procedure by which individuals or
businesses that cannot meet their financial obligations are relieved of
some, if not all, of their debt. p. 18
Barriers to Entry - ANSWERS-Factors, such as technological or legal
conditions, that prevent new companies from competing equally with a
monopoly. p. 40
Bonds - ANSWERS-Securities that represent long-term debt obligations
(liabilities) issued by corporations and governments. pp. 52, 520, 552
Business - ANSWERS-An organization that strives for a profit by
providing goods and services desired by its customers. p. 12
Business Cycles - ANSWERS-Upward and downward changes in the level
of economic activity. p. 46
Canadian Charter of Rights and Freedoms - ANSWERS-Legislation that
guarantees the rights and freedoms of Canadians. p. 77
Capital - ANSWERS-Tools, machinery, equipment, and buildings used to
produce goods and services and get them to the consumer. Sometimes
