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aPHR Study Set > Business Management/Compliance and Risk Management > Flashcards

Business Management/Compliance and Risk Management Flashcards

1
Q

What is a sole proprietorship?

A

Company owned by a single person. Personal assets are not separate from the business and owner can be held liable for business debts.

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2
Q

What is a partnership?

A

At least 2 people own a business together.

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3
Q

What is a Limited Partnership (LP)?

A

1 partner is responsible for all liabilities. Other partner(s) have limited control and liability.

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4
Q

What is Limited Liability Partnerships (LLP)?

A

Similar to a Limited Partnership but each partner has limited liability.

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5
Q

What is a C Corporation?

A

Separate from the owners. Profits belong to the corporation. The corporation is liable and can be taxed.

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6
Q

What is an S Corporation?

A

Passes the profits and losses onto the shareholders.

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7
Q

What is a Benefit (B) Corporation?

A

Exists for public good and to bring projects to life.

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8
Q

What is a Close (C) Corporation?

A

Owned by a small group of shareholders.

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9
Q

What is a NonProfit Corporation?

A

Established for charity, education, religious, literary, or scientific work.

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10
Q

What is an LLC Corporation?

A

Combines partnerships and the corporation.

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11
Q

Organizational Structures: What is a Functional Structure?

A

Organized by departments.

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12
Q

Organizational Structures: What is a Divisional Structure?

A

Organized by product lines or geographic regions.

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13
Q

Organizational Structures: What is a Hybrid Structure?

A

Blend of any of the structures.

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14
Q

What are values?

A

An organization’s core beliefs and principles.

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15
Q

What are mission statements?

A

Company’s purpose (reason for existing), stays consistent over time, HR needs to keep this front and center.

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16
Q

What are vision statements?

A

Changes over time as it is the future goal for the company.

17
Q

What are service standards?

A

A set of guidelines that define company and customer relationship. Shapes consumer experiences.

18
Q

What is a Values Based Organization?

A

Values shape the company culture, guide decision-making, and guide company interaction.

19
Q

What is a credible activist?

A

Contributes to business decisions. Business knowledge, business practices, and relationship management.
Expand Network and exchange resources.

20
Q

What is environmental scanning?

A

Gathering information about the business and identifying themes.

21
Q

What is an environmental scanning technique?

A

S.W.O.T.
Stengths
Weaknesses
Opportunities
Threats

22
Q

What is the PESTLE Analysis?

A

Political: How the political climate impacts business.
Economic: How market drivers impact profit.
Social: Customer lifestyles, how and where to advertise.
Technological: How technology supports the company.
Legal: How new laws impact operations.
Environmental: How the environment impacts business.

23
Q

What is Porter’s 5 Forces Framework used for?

A

Designed to analyze the competition in business.

24
Q

What are Porter’s 5 Forces Framework?

A
  1. Threat of Entrants: How new competition impacts revenue.
  2. Threat of Substitution: Risk of a similar, lower-priced product.
  3. Bargaining Power of Buyers: Impact customers have on pricing.
  4. Bargaining Power of Suppliers: Risk of one supplier in control.
  5. Rivalry among existing competitors: Changing intensity of rivalry.
25
Q

What is litigation?

A

The process of taking legal action.

26
Q

What are litigation considerations?

A

Limit data exposure, provide policy updates, and sign off on receipt of policy.

27
Q

What are 5 HR data collection examples?

A
  1. Turnover
  2. Grievances
  3. Time to fill
  4. Harassment complaints
  5. Compensation
28
Q

What is predictive analysis?

A

Using gathered data to make predictions about future events.

29
Q

How can you use data to tell a story?

A
  1. Identify your audience.
  2. Tell the story by building context and identifying the problem.
  3. Describe how the problem was found/analysis process.
  4. Present findings.
  5. Solve problem together, bring ideas, and facilitate dialogue.

aPHR Study Set (5 decks)

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