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MN1101 > Semi-Finals 2 > Flashcards

Semi-Finals 2 Flashcards

0
Q

It has improved the person’s purchasing power and offered him a better choice of goods and services for his consumption

A

Modern technology

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1
Q

It is the process of planning, organizing, staffing, directing and controlling the marketing activities

A

Marketing Management

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2
Q

A trading place where all types of fruits and vegetables are traded

A

Farmer’s market

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3
Q

It may refer to sales trends or fluctuations in consumer demand

A

Market

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4
Q

Refers to the sales of corporation stocks in the stock exchange

A

Stock market

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5
Q

To economists, it is the sum of all transactions between buyers and sellers of goods at any designated time or place

A

Market for specific economic goods

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6
Q

It must have a buyer and a seller, a commodity or service, an exchange and an agreed selling price

A

Market

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7
Q

Performance of business activities that direct the flow of goods and services from producers to consumers or users for the latter’s ultimate consumption

A

Marketing

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8
Q

It refers to all activities involving the processing, sale and physical distribution of goods from the time they are delivered to their ultimate consumer

A

Marketing

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9
Q

It also includes marketing research, transportation, product packaging, and the use of advertising and credits as the means of satisfying consumer needs and influencing consumer patronage

A

Marketing

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10
Q

It is the system of interrelated business activities -of designing, promoting, pricing, and distributing goods and services to satisfy the needs and wants of potential users

A

Marketing

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11
Q

It is more or less synonymous with distribution

A

Marketing

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12
Q

It covers merchandising, promotion, selling and transportation, which are limited in scope

A

Marketing

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13
Q

It emphasizes the management function with the idea that the whole scheme of business activities should be customer-oriented

A

Marketing

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14
Q

It presents marketing as coordinated and integrated rather than fragmented

A

Marketing

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15
Q

Two major areas of business, each sharing approximately equally the consumer money:

A

Marketing

Production

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16
Q

It refers to the system of interrelated business activities of product development, designing, promoting, pricing and distributing goods and services to ultimate consumer

A

Marketing

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17
Q

It provides employment from 1/4 to 1/3 of the labor sector

A

Marketing

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18
Q

Role of marketing management:

A

Arrangement of the different aspects of marketing into an integrated function

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19
Q

Goods and services are distributed and rendered into two different markets:

A

Industrial market

Consumer market

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20
Q

They are considered as the primary function of marketing of goods because they influence changes in ownership until the goods are sold to the consumer

A

Buying and selling

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21
Q

Essential functions of marketing of goods:

A 
Transporting
Storing
Standardizing
Risk-bearing 
Pricing
Financing
Providing market information
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22
Q

Provides a variety of job opportunities for men and women with college preparation

A

Marketing

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23
Q

Process of planning, organizing, staffing, directing and controlling the production activities

A

Production management

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24
Q

It is the creating of anything of value such as goods, services, or ideas that people want and are willing to pay for

A

Production

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25
Q

The operating stage of any business

A

Production

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26
Q

With reference to manufacture, it is the processing of materials into a new expected form

A

Production

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27
Q

Today, consumers buy almost anything manufactured except–

A

Fruits and vegetables

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28
Q

They are a blend of raw materials extracted from the earth or the oceans

A

Products

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29
Q

Production includes-in addition to the raising of crops and the removal of lumber and minerals which is the process of making finished goods

A

Manufacturing

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30
Q

It is as old as production, but this area has not been given the same importance as sales and finance until recently

A

Industrial research

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31
Q

It has made its appearance at the turn of the 20th century with a few small research laboratories

A

Research industry

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32
Q

The most important function of research

A

Product improvement

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33
Q

The evaluation and analysis of the standing of competitors products

A

Continuing research-testing process

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34
Q

It always involves future development

A

Research

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35
Q

They play an important role in supporting management in planning for the future

A

Research personnel

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36
Q

It seeks the help of research department for scientific and systematic advice regarding products and processes

A

Management

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37
Q

The process of manufacturing a finished product follows after the raw materials have been procured

A

Manufacturing process

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38
Q

In one industry, it may be considered a raw material in another industry that uses it in the manufacture of a more complex product

A

Finished product

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39
Q

Refers to the method used to change the form of materials

A

Manufacturing process

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40
Q

Most process fall into one of the following classes or types:

A

Fabricating
Analytical
Synthetic
Extractive

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41
Q

The raw materials used in making new product are taken from the land, air and ocean

A

Extractive process

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42
Q

It means using methods, such as mining or quarrying, in digging out those raw materials

A

Extractive process

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43
Q

Examples of extracting industries:

A 
Salt 
Coal
Salt
Copper
Gold 
Zinc
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44
Q

Is in which a raw material is broken up into its components

A

Analytical process

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45
Q

It is an analytical process by which petroleum is broken up into gasoline, lubricating oils, fuel oil, and basis for the making of petroleum, parrafin, Vaseline, tar, asphalt, etc

A

Refining

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46
Q

Example of analytic process

A

Chemical industry

Meat-packing industry

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47
Q

It is exactly the opposite of the analytic to synthesize is to put together

A

Synthetic Process

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48
Q

It combines raw materials to form new products

A

Synthetic process

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49
Q

Examples of products made by the synthetic process:

A

Drugs
Plastics
Fertilizers
Paints

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50
Q

It is to put together things to form a whole

A

Fabricating process

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51
Q

It includes the shaping of materials into new forms (stamping an auto fender from sheet metal, for instance) as well as the assembling of many parts into an integrated product

A

Fabricating process

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52
Q

It is one of the best-known examples of an industry that utilizes the fabricating process

A

Fabricating process

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53
Q

Tools and dies are employed to stamp out new designs, and manufactured parts are assembled from many sources and combined into a finished product

A

Fabricating process

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54
Q

Other industries include the manufacturers of stall files and furniture makers who construct metal tables and chairs

A

Fabrication process

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55
Q

The work proceeds in a pre-planned, orderly sequenced toward the complete product

A

Fabricating process

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56
Q

It pertains to the coordinated employment of men and machines to produce economic goods from raw materials

A

Manufacturing

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57
Q

It is the cornerstone of any business because it employs directly approximately one-fourth of all gainfully employed persons, and in addition, supports many other closely-related business activities

A

Manufacturing

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58
Q

Without this, there would be little need for transportation and communication, and few goods to merchandise

A

Manufacturing

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59
Q

It is characterized by the practices of specialization, mechanization and mass operations

A

Manufacturing

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60
Q

It is the key to modern industrial processes

A

Machine

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61
Q

It is utilized to supervise, maintain, operate and coordinate mechanized operations

A

Manpower

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62
Q

It is secured through planning, routing, scheduling, and dispatching

A

Procedural production

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63
Q

It is obtained by time and motion studies and comparison of outputs with expected standards

A

Performance control standard

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64
Q

It is used to maintain standards, identify defective materials and workmanship, and discover areas where improvement in the manufacturing processes are needed

A

Inspection

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65
Q

It is the process of planning, organizing, staffing, directing, and controlling procurement activities

A

Procurement management

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66
Q

It describe the process of buying, identifying the need, selecting supplies, negotiating prices and following up to ensure effective delivery

A

Purchasing

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67
Q

It encompasses broader areas and covers the responsibilities performed by purchasing, as well as other functions of material supervision and management, such as inventory control, receiving, incoming inspection and salvage operations

A

Procurement

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68
Q

It covers production control, traffic, and shipping

A

Procurement

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69
Q

It is more than just a function of assisting production. It has some commercial aspects

A

Procurement

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70
Q

Procurement is vital because of the following reasons:

A
  1. The proper utilization of money
  2. Purchased materials and services
  3. Investment
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71
Q

Process of planning, organizing, staffing, directing, and controlling the financial activities

A

Financial management

72
Q

It is the management-level responsibility for capital procurement, funds, allocation, capital structuring, and profit administration

A

Financial management

73
Q

This area is responsible for the liquidity, solvency, profitability, and financial control of the business

A

Financial management

74
Q

This responsibility involves: financial planning, analysis of financial condition; and supervision of financial operations

A

Financial management

75
Q

To perform these functions, the fiancé manger uses the following tools:

A 
Balance sheet analysis
Operating statements
Cash budget
Operating margins
Capital budget
Operations budget
Comparative operating statements
76
Q

To measure income, expenses and profits

A

Operating statements

77
Q

To identify the components of gross sales and percentage of sales

A

Operating margins

78
Q

To compare the results for the current period against those earlier periods and the company’s results against those of others in the same line of business

A

Comparative operating statement

79
Q

Comparative studies and ratios

A

Balance sheet analysis

80
Q

To forecast sales, costs, expenses and profits

A

Operations budget

81
Q

To forecast short-run cash flows from operations and short-run working capital requirements

A

Cash budget

82
Q

To forecast capital expenditures

A

Capital budget

83
Q

Appropriate the needs and capabilities of the business through a protection of the availability-funds for a short-term period (working capital cash flow, operating budgets, and sources of working capital) and for long-range period (investment cash flow, capital and conditions of the capital market)

A

Financial planning

84
Q

Two basic types of funds:

A

Personal equity

Borrowed funds

85
Q

Fixed claims by outsiders

A

Borrowed funds

86
Q

The selection between the two basic types of funds would be based:

A

Period of the obligation agreement
Priority of claim on income
Priority of claim on assets
Participation in management

87
Q

The projection of fund requirements distinguishes:

A

Short term
Medium term
Long term

88
Q

General rules to consider in the acquisition of funds:

A

Maturity of the obligation be well
Use of funds should generate income
Projected regular capital should be desired

89
Q

“Accounts payable liability for the buyer

A

Trade credit

90
Q

One name or several names as co-maker, either secured or unsecured

A

Promissory notes

91
Q

The recipient of the forthcoming payment entrusts the obligated party to accept the draft by writing his name across the face of the instruments

A

Commercial drafts

92
Q

Bonds and shares of stocks

A

Marketable securities

93
Q

Moveable property

A

Chattel

94
Q

The process of planning, organizing, directing, and controlling of personnel activities

A

Human Resource Management

95
Q

This department has the main responsibility for personnel activities, but all managers should perform personnel functions

A

Human Resource Department

96
Q

The scope of control exercises over the total personnel function is determined by the order it receives from top management

A

Human Resource department

97
Q

The department works closely together with all other departments in the organization

A

HRD

98
Q

It is concerned with selecting new employees, their job assignments, and their continuing development

A

HRD

99
Q

The general responsibility of the Human Resource Management

A

Safety and general welfare of the employees

100
Q

They are provided to maintain employee morale and to reduce absenteeism and labor turn-over

A

Satisfactory working conditions

Effective supervision

101
Q

It is part of the job every manager, for the personnel function is necessary in every operation where people are employed

A

Human Resource Department

102
Q

It is the process of planning, organizing, staffing, directing, controlling office activities and those performing them in order to achieve determined objectives

A

Office management

103
Q

It covers managerial efforts over office work anywhere in the company

A

Office management

104
Q

It is not confined strictly the activities of the office manager or some official with a similar position, nor it is limited to work performed in the office only

A

Office management

105
Q

It is not routinary as some people view it. It is taught with great difficult. It requires decisiveness, and creativity

A

Office management

106
Q

It is inevitable that the supervisor, wherever he is located in the company, will have to perform –

A

Office management functions

107
Q

The supervisor’s operational activities may be divided into two groups:

A

Line activities

Office work

108
Q

His involvement in these activities will depend on several factors:

A

Nature of the business
Size of the business
Kind of operational function

109
Q

Challenges of office management:

A

Careful analysis and involvement
Reduction in the amount of unnecessary paperwork
Attracting and acquiring the better graduates from schools to office jobs
Preparation for the “electronic function”
Development of better means of motivating office employees
Extent of specialization in the individual office job
Greater delegation of authority
Simplification of office practices and operations
Establishment of more and better office work standards

110
Q

The activities in office management:

A

Seeing to it correspondence work is performed
Handling incoming and outgoing mail
Supplying reception
Filing records and reports

111
Q

Determining the complete course of action to accomplish the work involves:

A

Being informed to latest developments
Arranging the office layout
Maintaining power balance
Selecting office methods
Coordinating the office work with non-office work
Selecting office location
Determining what would be needed for an effective work environment

112
Q

Providing an effective office organization includes:

A

Knowing the individual jobs
Apportioning the work among organizational units
Delegating authority
Assigning proper personnel to organizational units
Providing proper work facilities
Identifying organizational units
Fixing responsibility among personnel
Establishing definite and known relationships among organizational units

113
Q

Inspiring the office personnel to do their best, involves:

A

Motivating office employees

Giving adequate supervision

114
Q

It exists in all fields of endeavor

A

Systems

115
Q

Major Information Systems in Business/ Pertinent information management decisions

A

Production system
Materials System
Personnel system
Finance system

116
Q

Group of components (functions, people activities, and events) that interface with and compliment one another to achieve one of more predefined goals

A

System

117
Q

It accepts input

A

System

118
Q

Production system

A 
Manufacturing
Engineering
Maintenance
Scheduling
Quality
119
Q

Materials System

A 
Raw materials
Parts
Finished goods
Parts
Purchasing
120
Q

Personnel system

A

Skills available
Developmental activities
Safety
Fringe benefits

121
Q

Finance systems

A 
Budgets
Investments
Loans and credits
Ledger accounts
Receivables and payables
122
Q

The conceptual boundary exists in a system:

A

All components of the system
Provided input to the system
Influenced by output from the system

123
Q

Hardware, software, people, procedures and data are combined to create

A

Informational system

124
Q

The term information system is a generic reference to a computer-based system that provides the following:

A

Data processing capabilities for a department

Information that people need to make better, more informed decisions

125
Q

It is commonly used in the business environment as a general reference to all technologies, procedures, systems, and people associated with computers and information processing

A

Management Information System

126
Q

The are the base technology that enables us to tap the information resource

A

Computer

127
Q

It is also used to refer a computer based system

A

Management Information System

128
Q

Historically been the biggest challenges of managers

A

Identify information

Acquire information

129
Q

For ___ years or so, managers almost never felt that they had enough enough information to make decisions

In the ____, a manager could send a term of researchers to the local library, even then, much of the data would not be current

A

25

1950’s

130
Q

The first electronic computer, ____ was developed by the _______ I’m conjunction with ______

A

ENIAC
University of Pennsylvania
U.S. Army-Ordinance Corps

131
Q

The ____ was __ feet high, ___ feet long, weighted ___ tons, and required about ______ watts of power to run. On the average, it took about __ to set up to carry out a program

A 
ENIAC
8
8
30
174,000
2
132
Q

In the ____, large and very costly mainframe computers (such as the IBM 360 series) were in use by only the largest companies and government organization

A

1960’s

133
Q

In ___, the large computers were followed by the microcomputers

A

1970’s

134
Q

They were much smaller in size and cost and they were often programmed to do specific functions for a specific business activity.

A

Microcomputers

135
Q

They were ushered in the concept of distributed data processing-each operational area of a jargon to use computers

A

Microcomputers

136
Q

Three important Concept:

A

Management Information System (MIS)
Electronic Data Processing (EDS)
Decision Support System

137
Q

During the ____, the era of the modern control system can be dated to the creation of the first computer

A

1940’s

138
Q

It represents the first attempt to control individuals, subsystems and the total organization or system through the use of computer-generated data

A

Electronic Data Processing

139
Q

Is manipulating data or individual transactions at a central computer facility housing a large mainframe computer upon which thousands of pieces of information can be easily stored and manipulated

A

Electronic Data Processing

140
Q

This form of control is very cumbersome, since it requires access to a mainframe computer and usually extensive knowledge of computer programming and operations

A

Electronic Data Processing

141
Q

It proved to be helpful in such areas as storing accounting and salary information, primarily because such information is standardized and can be easily manipulated by computer specialists

A

Electronic Data Processing

142
Q

When line manager wanted such information, They would approach the ___ department and its specialists would provide it in the form of computer output and reports

A

EDP

143
Q

It is a natural extension of EDP

A

MIS

144
Q

It is the activity of taking processed data and turning it into meaningful information or reports that managers can use.

A

MIS

145
Q

It makes the line mangers or end users responsible for articulating their needs so gang the computer programmers can design reports tailored to them.

A

MIS

146
Q

It also places the burden of extracting relevant information on the manager or end user

A

MIS

147
Q

It is clearly an improvement on EDP. However, it often fails or operates suboptimally.

A

MIS

148
Q

It focuses not on the data itself or the processed information per se but rather, on the end product or decision itself, and the manager or her assistant is encouraged to manipulate the data on a desktop computer

A

DSS

149
Q

It is not meant to supplant managerial judgment rather, it is a hands-on approach to decision-making, which allows the line manager to participate actively in the manipulation of the data.

A

DSS

150
Q

It is means to facilitate managerial decision making

A

DSS

151
Q

He points out that ____ is most applicable to the area of semi structural decision making

A

Denise Eriksen

DDS

152
Q

He has argued that DDS will become prominent in the area of strategies planning as top corporate and divisional line managers become accustomed to using desktop computer

A

William King

DDS

153
Q

Certain basic components for a Successful MIS:

A

Interactive computer
A database
Graphical displays
A computer language

154
Q

Known as the hardware

A

Computer

155
Q

Requirements for MIS:

A

Computer
Software
Database
Management staff and executive leadership

156
Q

People who write the instructional programs that tell the computer what to do

A

Programmer

157
Q

Serves as the intermediaries between the users and the programmers

A

System analysts

158
Q

Includes the data needed by the user

A

Database

159
Q

It has the organization about the organization’s operations

A

Database

160
Q

It is stored so as to be readily accessed and can be very expensive

A

Database

161
Q

Process of providing managers with the right information, at the right time, on the right used and at the least cost

A

MIS

162
Q

It has evolved from a mere basic,functions of reporting financial statements and statistical information to sophisticated financial and statistical projection and performance reports

A

MIS

163
Q

It has been traditionally an accounting function but due to the advent of technology, it is now a separate functional area in business characterized as a support/services group

A

MIS

164
Q

Head of MIS/EDP for large and medium scale

A

Large-MIS Director

Medium- EDP manager

165
Q

Staff of MIS/ED manager

A 
System Analysts
Programmer
Data Controller
Computer Operator
Data encoder
166
Q

Oversees the design and documentation of business systems

A

Systems analysts

167
Q

Codes systems design into a specific language, e.g. BASIC, COBOL

A

Programmer

168
Q

Checks input/output data

A

Data Controller

169
Q

Takes charge of the operation/ maintenance of the computer facilities

A

Computer Operator

170
Q

Transcribes data inputs

A

Data encoder

171
Q

He also participates in management decisions, particularly in planning and controlling activities

A

EDP Department Manager

172
Q

It brought faster awareness of problems and opportunities because of the speed and accuracy of information processing enable mangers to concentrate on other management activities.

A

EDP technology

173
Q

It also affords a lot of alternatives open to every management problem

A

EDP technology

174
Q

Main strength of computers:

A

Speed
Accuracy
Reliability

175
Q

The great impact of computer on managerial control processes are summarized as follows:

A

Economic variables are better processed
Measurement of performance is facilitated in all areas (production, sales, finance,)
Comparative analysis
Control decisions

176
Q

It’s considered as a cost cutter, the last objective of “least economical cost” It must be treated as an investment wherein the return is in the form of management efficiency

A

MIS/EDP

177
Q

MIS Computer Impact on Managerial Activities

A 
I. Definition
II. As a new functional area
III. Impact on Managerial Functions
i. Planning
ii. Controlling

MN1101 (4 decks)

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