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Buisness test 3 Flashcards

1
Q

What is management

A
  • Get things done by directing individuals & teams

- Develop & are responsible for employees

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2
Q

What is achieved by management

A

Achieve buiseness goals by deciding on best use of human financial & material resources.

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3
Q

what are the 4 major functions?

A
  1. planning
  2. organising
  3. leading
  4. controlling
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4
Q

What is planning?

A

Setting goals short term & long term

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5
Q

What is organisation?

A

Arranging people & tasks

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6
Q

What are 3 levels of management

A

Upper- ex CEO
Middle- plant mgr
Lower- assistant mgr

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7
Q

what does leading involve?

A

motivating
communicating
participation

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8
Q

What does controlling involve

A

Involves discipline
Performance appraisal
Budgeting
Goal- resource allocation

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9
Q

What is managing resource

A
  • purchasing
  • production
  • Marketing & distribution
  • R & D
  • finance
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10
Q

What are leadership types and what are they

A 
Influence by personality & situation  
types
-Autocratic 
-laissez-faire 
-Democratice
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11
Q

What do managers do

A

make decisions about ethical behaviours

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12
Q

3 areas of management & ethics

A
  • employees: treatment of employees
  • environment: energy conservation
  • community: fundraising
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13
Q

what is a team

A

Group of people with different skills

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14
Q

What is teamwork

A

The ability of people to work together towards a common goal

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15
Q

what are some teamwork disadvantages

A 
social loafing - a member who does less work
time 
cost
implementation -no responsibility
personality conflict 
timing 
unprepared
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16
Q

what are 6 types of teams?

A 
commmittee 
task force 
cross functional 
self managed 
virtual 
informal
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17
Q

What is committee

A
  • Different areas
  • ongoing
  • specific task
    ex: employee benefits, social
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18
Q

What is a task force team?

A

-accomplish a specific task
-disbanded
Ex: Product design, building design

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19
Q

what is cross-functional team?

A
  • different functional areas
  • diversity of input
  • quick decision making
    ex: car development, engineers, sales and accountants.
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20
Q

What is a self-managed team?

A
  • no official leader
  • responsible for all work
  • Manage hiring, training, developing, scheduling etc.
    ex: google engineers & developers
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21
Q

What is a virtual team

A

operate via computer technology over a long distance

saves time & travel cost

22
Q

What is an informal team

A

not formally appointed by management
forms naturally by members
ex. carpool company sports team, lunch walking group

23
Q

What is production?

A
  • making a product
  • providing a service
  • Generates and idea or concept
  • events
24
Q

What are the 6 factors of production

A
  1. natural resources
  2. Raw materials
  3. Labour (human resources)
  4. capital
  5. information
  6. Management
25
Factor production 1- natural resources
supplied by primary industries 1. agriculture 2. fishing and trapping 3. mining 4. water 5. fuel and energy 6. logging and forestry
26
Factor production 2- raw materials
Goods used to manufacture and make other goods like 1. ingredients- combined/ converted to make the finished product 2. supplies- part of a new product but used in the process
27
Factor production 3- labour
=s physical & mental work cost-saving measures -automation (machines perform a task) - Consolidation (centralise manufacturing sites) refers to the combination of several business units or different companies into a single, larger organisation -Outsourcing (hire another business to do work like payroll)
28
Factor production 4- capital
Money invested in the business ( can be transformed ex: truck) 1. liquid: cash 2. Non-liquid which is buildings/equipment (capital goods) Intellectual property (which is creations of the mind, such as inventions) are non-tangible capital (meaning are untouchable)
29
Factor production 5- information
- new technology - customers - competition - political conditions - sources of supply
30
Factor production 6- Management
- People who run the buiseness & control/direct the factors of production - allocates resources of the business - make decisions that affect business operations - large businesses- managers - small businesses-owners
31
What are the 4 stages of the production process?
1. purchasing 2. processing 3. quality control 4. grading
32
production process 1- purchasing
``` Raw materials consider -quality -price -extra costs Ex; shipping, taxes ```
33
production process 2- processing
``` Convert one item to another ex: bauxite-> aluminium Sugar cane-> sugar Wheat-> flour Timber or logs-> paper ```
34
production process 3- quality control
Products=set standards set by: -business -government
35
production process 4- grading
Checking products for size & quality
36
Improving productivity
Increased productivity - = Quality, + speed - + Quality, = speed - + Quality & speed
37
How to improve productivity
- training - capital investment - investment in technology - new inventory systems
38
list 4 functions of human resources
1. Hire workers 2. trainning 3. payments of salaries/ wages 4. Dismiss
39
What is the labour market?
employers meet employees
40
What are the types of labour?
unskilled- limited training (some highschool) semiskilled- some training/certification Skilled-training & education professional- highly trained
41
Losing employees
Departures-voluntary there would be exit interviews Dismissal-involuntary bcs performance/layoff costcut retirement-withdrawal
42
What does compensation mean?
how do "i" get paid
43
what are some compensations?
``` Hourly wage-min wage Salary-fixed amount commission-sales bonus-targets performance-based pay piecework fee for service-ex: construction stock options-shares ```
44
Difference between health & safety regulations
Health is sick pay + wellness programs | Safety is employees rights like WHMIS
45
What is workers compensation?
pays salaries while recovering medical coverage payment for rehabilitation
46
what is a comptroller?
A financial manager
47
What is retention
the continued possession, use, or control of something. its basically to keep the employee interested in work like offering them benefits and vacation
48
Compensation earned due to meeting targets.
bonus
49
what is pay by Piecework pay
according to how many products you complete
50
If I sell property and receive a percentage of the selling price my compensation is
a commission
51
what is Compensation
Compensation describes the cash rewards paid to employees in exchange for the services they provide.
52
If I offer a catering service I am paid compensation according to
Fee for service

Buisness (7 decks)

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