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Chapter 1
Definitions + Terms
7
Business
Undergraduate 1
12/02/2013

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Cards

Term
What is considered your Standard of living?
Definition
Measurement of products people buy
Term
What is a Business?
Definition
An organization that provides goods and products to customers in order to gain profit
Term
What does the Federal Government do?
Definition
(oversees the well-being of Canada)

-Money + banking
-Trade regulation
-Defence
-Criminal Law
-Transport
Term
Tort Law
Definition
Civil or private act that harms people or property
Term
What does the Provincial Government do?
Definition
(Protects Rights)

-Education
-Health/Welfare
-Environment
-Property + Civil Rights
Term
What does the Municipal government do?
Definition
Deliver services

-water, sewer, waste collection
-bylaws
Term
What are the 5 Most common taxes? and which of the 5 is paid through federal and provincial taxes?
Definition
1. Income Taxes (Federal + Provincial)
2. Property Taxes
3. Payroll taxes
4. Sales Taxes
5. Excise Taxes
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