Unit 2 final test

Question 1

what are the 6 factors of production

Answer 1

natural resources
raw materials
labour
capital
information
management

Question 2

what are the two main types of raw materials

Answer 2

ingredients and supplies

Question 3

what is the difference between ingredients and supplies

Answer 3

ingredients- raw materials that are combined or converted and become apart of the final product
supplies- raw materials that are consumed during the process but doesn’t become apart of the final product

Question 4

what is labour

Answer 4

labour includes all the physical and mental work needed to produce goods and services

Question 5

what is capital

Answer 5

money invested in the business and can be transformed into other items to run the business such as a new truck

Question 6

what is intellectual property

Answer 6

the ideas or the talent of a busines workforce

Question 7

what is information

Answer 7

to produce goods and services in a competitve global market. the require more info about - new tech, customers, competition, political conditions an sources of supple

Question 8

what is management

Answer 8

consists of people who run the business and control or direct the factors of production

Question 9

what is a commodity

Answer 9

data is the unprocessed good in which is organized and becomes information

Question 10

what are the 4 stages of the production process

Answer 10

purchasing
processing
quality control
grading

Question 11

what is purchasing

Answer 11

when a business purchases the raw materials that are needed to produce the product or service

Question 12

what is processing

Answer 12

all non service business convert one item into another through processing. called conversion processing (timber of logs - paper)

Question 13

what is quality control

Answer 13

standards that ensure all produced products conform to prescribed levels of excellence (standards are set by a company such as ISO)

Question 14

what is grading

Answer 14

the act of checking products for size an quality against fixed standards for the product category. (meat, eggs, gasoline)

Question 15

increased productivity consists of

Answer 15

maintaing quality while increasing speed
increasing quality while maintian speed
increasing both quality and speed at the same time

Question 16

improving and maintaining productivity is often dependant on

Answer 16

training
capital investment
investment in tech
new inventory systems

Question 17

what are the 4 major types of training

Answer 17

initial training
ongoing training
retraining
specialized training

Question 18

what is outsourcing

Answer 18

hiring of another company to perform tasks for any company, cost saving business option

Question 19

ads and disads of outsourcing

Answer 19

a: less expensive
d: losing management control of business functions means that you may no longer be able to control operations

Question 20

what are considerations while purchasing

Answer 20

• the quality of the raw material being purchased
• the price of the raw material being purchased
• any additional costs associated with the purchase of the raw material

Question 21

what are the 6 types of natural resources

Answer 21

1. fuel and energy
2. logging and forestry
3. fishing and trapping
4. agriculture
5. water
6. mining

Question 22

what is ISO

Answer 22

INternational organization for standards. sets worldwide standards for numerous industries in 157 countries

Question 23

what is CSA

Answer 23

Canadian standards association. not for profit organization. CSA registered mark shows that a product has been independently tested and certified to meet recognized standards for safety or performance

Question 24

name three things the HR department does

Answer 24

1. monitor the labour market
2. ensure health and safety within the work place
3. hire new employees

Question 25

what is unskilled labour

Answer 25

very little trainng and basic skills required ex. dishwasher, stok- boy

Question 26

what is semi skilled labour

Answer 26

some training (usually on sire) and some skill needed ex. cashier, machine operator

Question 27

what is skilled labour

Answer 27

training from an educational institution required ex. home inspector

Question 28

what is professional labour

Answer 28

high trained individuals, college or university courses ex. teacher

Question 29

what is employee turnover rate

Answer 29

the % of employees that leave every year

Question 30

what are the benefits from hiring within

Answer 30

- motivated employees - reduced training costs - smoother transition for new employees

Question 31

how do companies advertise postions

Answer 31

- newspapers - recruiting sites - company websites - government sites

Question 32

what is an exit interview and why is it important

Answer 32

when an employee is leaving a company. its important bc its important for the company to find new ways to improve

Question 33

what are 6 types of compensation

Answer 33

1. salary 2. salary plus commission 3. incentive bonus 4. performance based pay 5. stock options 6. hourly wage

Question 34

what rights does an employee have

Answer 34

``` minimum age for employment hours of work minimum wage paid public holidays parental leave recovery of unpaid wages ```

Question 35

what are employer rights

Answer 35

establish wage scale indiviually or through negotiations hire, promote, and assign the most qualified person decide companies employment needs, and set employment requirements

Question 36

what is a collective agreement? what issues are covered in a collective agreemetn

Answer 36

``` negotiated by management and union representatives: rates of pay and increases vacation schedules hours of work and breaks benefits disciplinary procedures ```