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Buisness > Buisness test 3 > Flashcards

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
Q

Factor production 1- natural resources

A

supplied by primary industries

  1. agriculture
  2. fishing and trapping
  3. mining
  4. water
  5. fuel and energy
  6. logging and forestry
26
Q

Factor production 2- raw materials

A

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
Q

Factor production 3- labour

A

=s physical & mental work
cost-saving measures
-automation (machines perform a task)
- Consolidation (centralise manufacturing sites) refers to the combination of severalbusinessunits or differentcompaniesinto a single, larger organisation
-Outsourcing (hire another business to do work like payroll)

28
Q

Factor production 4- capital

A

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
Q

Factor production 5- information

A
  • new technology
  • customers
  • competition
  • political conditions
  • sources of supply
30
Q

Factor production 6- Management

A
  • 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
Q

What are the 4 stages of the production process?

A
  1. purchasing
  2. processing
  3. quality control
  4. grading
32
Q

production process 1- purchasing

A 
Raw materials 
consider 
-quality 
-price 
-extra costs Ex; shipping, taxes
33
Q

production process 2- processing

A 
Convert one item to another 
ex: 
bauxite-> aluminium 
Sugar cane-> sugar
Wheat-> flour 
Timber or logs-> paper
34
Q

production process 3- quality control

A

Products=set standards
set by:
-business
-government

35
Q

production process 4- grading

A

Checking products for size & quality

36
Q

Improving productivity

A

Increased productivity

  • = Quality, + speed
    • Quality, = speed
    • Quality & speed
37
Q

How to improve productivity

A
  • training
  • capital investment
  • investment in technology
  • new inventory systems
38
Q

list 4 functions of human resources

A
  1. Hire workers
  2. trainning
  3. payments of salaries/ wages
  4. Dismiss
39
Q

What is the labour market?

A

employers meet employees

40
Q

What are the types of labour?

A

unskilled- limited training (some highschool)
semiskilled- some training/certification
Skilled-training & education
professional- highly trained

41
Q

Losing employees

A

Departures-voluntary there would be exit interviews
Dismissal-involuntary bcs performance/layoff costcut
retirement-withdrawal

42
Q

What does compensation mean?

A

how do ā€œiā€ get paid

43
Q

what are some compensations?

A 
Hourly wage-min wage
Salary-fixed amount 
commission-sales
bonus-targets
performance-based pay piecework 
fee for service-ex: construction 
stock options-shares
44
Q

Difference between health & safety regulations

A

Health is sick pay + wellness programs

Safety is employees rights like WHMIS

45
Q

What is workers compensation?

A

pays salaries while recovering
medical coverage
payment for rehabilitation

46
Q

what is a comptroller?

A

A financial manager

47
Q

What is retention

A

the continued possession, use, or control of something. its basically to keep the employee interested in work like offering them benefits and vacation

48
Q

Compensation earned due to meeting targets.

A

bonus

49
Q

what is pay by Piecework pay

A

according to how many products you complete

50
Q

If I sell property and receive a percentage of the selling price my compensation is

A

a commission

51
Q

what is Compensation

A

Compensation describes the cash rewards paid to employees in exchange for the services they provide.

52
Q

If I offer a catering service I am paid compensation according to

A

Fee for service

Buisness (7 decks)

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