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Junior Year 2023 > Business Managment Final > Flashcards

Business Managment Final Flashcards

1
Q

If a potential candidate’s references are positive, typically the next step to hire someone is:

A

Offer Letter

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2
Q

Tuition reimbursement as part of the perks for a specific position is called:

A

Benefits

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3
Q

What important task must be considered when beginning the recruiting process?

A

Create a job description, figure out what an ideal candidate looks like, create the compensation and benefits

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4
Q

What is the goal of recruiting?

A

Make work easier for both employees and the company

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5
Q

Which law prohibits employment and discrimination based on race?

A

Civil rights act

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6
Q

Which of these constitutes a valid reason not to hire someone

A

Personality

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7
Q

What is the process of finding and hiring the best candidates for any given open position

A

Recruiting

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8
Q

What is a quick way to check if an applicant is a good fit for your job?

A

Phone interview

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9
Q

What is the “perfect applicant” called ?

A

Purple squirrel

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10
Q

What is not included in a job description?

A

Interview times

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11
Q

True or false: employee engagement can negatively impact employee turnover

A

False

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12
Q

What is a result of low employee engagement? 

A

High turnover

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13
Q

What would most likely appear in an employee break room? 

A

Suggestion box

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14
Q

How do employees need to feel before they’ll really contribute to the growth of the company

A

Involved

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15
Q

Management typically has more experience than employees that report to them. Why do employee opinions matter?

A

Employees who feel heard are more engaged and productive, ideas may be more valued because they are close to the action

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16
Q

Example of a website you can review companies to for is:

A

Glassdoor

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17
Q

Things that affect an organization outside of it are called:

A

External environment

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18
Q

We talked about these external environments

A

Stable, dynamic, complex

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19
Q

Internal environment is:

A

Cultures

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20
Q

Company culture aspects talked about

A

Company mission, employee involvement, adaptability

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21
Q

What managerial practice is vital to the growth of your employees, managers and business?

A

Employee supervision

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22
Q

What is the form of communication where the person focuses on what the other person says and repeats back what they heard?

A

Active listening

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23
Q

What are part of employee supervision?

A

Communication, mentoring, encouragement

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24
Q

Ways to require employee accountability

A

State your desired results, identify required action, state what you believe to be important

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25
Q

Goals of employees within an organization

A

Getting rich, doing a good job, getting promoted

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26
Q

What can a manager do that would create a negative work environment

A

Keep achievements between the employer and employee only

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27
Q

To create a sense of self-respect and self-fulfillment a manager can:

A

Offer monthly free lunches, create a company, sports team, and allow personal effects in the office

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28
Q

What are ethics

A

Set of moral principles or values that define right and wrong for people 

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29
Q

What is one way you can find out ethics of a person you want to hire? 

A

Personality based integrity tests. 

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30
Q

Why should companies be socially responsible

A

Because people tend to support socially responsible companies financially, because employees want to do the right thing and socially responsible companies have a better public image

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31
Q

What was created with the idea that there is strength in numbers?

A

Unions

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32
Q

What is a reason workers will go on strike

A

Pay, benefits, and ill treatment 

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33
Q

What is the process reunions negotiate with employers on behalf of the employees? 

A

Collective bargaining

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34
Q

What is a work advance brought about by unions

A

Five day work week, increase in workplace safety measures and child labor laws 

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35
Q

What was the large reason for the decline of unions at the end of the 20th century? 

A

Manufacturing jobs moving out of the country

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36
Q

What is a pitfall of planning that we discussed

A

It can stop change and slow needed adaption

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37
Q

What is the process of defining problems, evaluating alternatives and choosing optimal solutions

A

Rational decision- making

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38
Q

What are some benefits from planning

A

Increased buy- in

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39
Q

What type of conflict gets personal rather than professional

A

A-Type conflict

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40
Q

What is a real-world example of a strike we talked about

A

WGA strike

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41
Q

What do we call the amount of money or income that a company gets from its customers?

A

Revenue

42
Q

A concession stand sells a hotdog for two dollars and makes a .50 $ profit how much is the cost of good sold? 

A

$1.50

43
Q

If a company is described as being in the red, it means

A

The company is losing money

44
Q

The income statement is designed to measure

A

A companies performance over a certain period of time

45
Q

The accounting equation is

A

Assets = liabilities plus equity

46
Q

What is another word used to describe a companies liabilities?

A

Debts 

47
Q

To calculate a companies, profits, what must be subtracted from its revenue

A

Expenses 

48
Q

What graph that we talked about shows and S curve

A

Technology cycle

49
Q

What is a risk of not changing

A

Organizational decline, in action stage and bankruptcy

50
Q

What is one piece of technology we talked about being replaced

A

Music like cassettes CD and streaming

51
Q

True or false evaluation of a request for proposal is based solely on price 

A

False

52
Q

Written details about cost time period and quality standards describes

A

A contract

53
Q

A variable cost is

A

A different amount each month

54
Q

Making sure the company has enough production capability to meet demand is an example of which concept

A

Capacity planning

55
Q

Which of the following is not used to calculate the cost of good sold and manufacturing businesses 

A

Ticket cost

56
Q

What is the term used to describe the cost to produce package and deliver an item?

A

Cost of goods

57
Q

What starts the bidding process

A

Invitation to bid

58
Q

What was a type of departmentalizing we talked about

A

Customer income and matrix departmentalization 

59
Q

What is a way we discussed on how to get employees satisfied with their jobs

A

Jab rotation, job, enlargement, and job enrichment 

60
Q

What is empowerment

A

Feeling intrinsically motivated and feeling like their work has meaning

61
Q

The ability of a company to enhance its existing products and create new ones is called

A

Flexibility

62
Q

What is a key objective of operations management?

A

Dependability quality flexibility

63
Q

What is defined as the processes involved in getting products from suppliers through the process to the customers? 

A

Supply chain

64
Q

Operations management is concerned with managing business processes that improve the products and services customers use

A

True

65
Q

What is an objective of operations management

A

How quick products get to the market how much products will cost and quality of products

66
Q

Reducing what can reduce costs and lead to higher profit margins

A

Waste

67
Q

Teams discussed

A

Virtual teams project teams in cross functional teams 

68
Q

What are informally agreed on standards that develop overtime with a team

A

Norms

69
Q

Conflict always leads to negative outcomes

A

False

70
Q

The positives of working in teams always outweigh the negatives

A

False

71
Q

Sales revenue is calculated by:

A

Number of sales X average customer sale price

72
Q

What is an example of a monthly recurring expense

A

Utilities

73
Q

According to what we talked about, how many months of expenses should you plan for

A

Six

74
Q

For which type of pricing do you add up fixed costs, direct costs, and indirect costs and add a markup?

A

Cost plus pricing

75
Q

Example of direct costs

A

Labor and material costs

76
Q

Which is greater, net profit or gross profit

A

Gross profit

77
Q

The quantity of a product that has to be sold before you break even it

A

Break even volume

78
Q

What is an example of an illegal interview question

A

Have you ever been arrested?

79
Q

What is an example of a performance appraisal mistake

A

Central tendency error, halo error, leniency error 

80
Q

Compensations with ownership in the company are

A

Profit, sharing employee stock, ownership, plans, and stock options 

81
Q

What is the name given to a policy that combines all of a businesses insurance policies?

A

Business owners pol

82
Q

Insurance involved the transfer of what to third-party

A

Risk

83
Q

What do we call the contractually agreed-upon amount of money that accompany pays for insurance coverage?

A

Insurance premium

84
Q

What’s the term used for the amount that an employee must pay for medical or dental care before insurance starts to pay

A

Deductible

85
Q

What term refers to purposeful steps taken to create opportunities to minorities or women?

A

Affirmative action

86
Q

Which was not a reason we discussed as a positive for diversity in the workplace

A

Smaller and easier pools of applicants to choose from

87
Q

What kind of diversity looks at personality and attitude things that can’t necessarily be seen

A

Deep level diversity

88
Q

The workplace is estimated to raise diversity of women and minorities

A

True

89
Q

The name given to the amount that insured employee is responsible for pain when they visit a medical service

A

Copay

90
Q

When a business has financial loss like a fire, they need to file a

A

Claim

91
Q

What is the form of business ownership in which two or more people jointly own a business?

A

Partnership

92
Q

Limited liability corporation is a form of business that is not available in each state

A

False

93
Q

The CEO of a company is hired and fired by whom

A

Board of directors

94
Q

Which form of a business has no liability, where if you sued you could lose both personal and corporations assets

A

Proprietorship

95
Q

What is the name of a person who owns part of a corporation?

A

Shareholder

96
Q

What is an example of intrinsic motivation

A

Working hard because you like the company you work for

97
Q

What is an example of extrinsic motivation

A

Working hard because you have been promised to raise if production improves

98
Q

What else is not considered when talking about job performance

A

Pay

99
Q

What is the base of Maslow’s hierarchy of needs

A

Physiological needs

100
Q

An example of higher-order diversity need would be

A

Challenges

Junior Year 2023 (2 decks)

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