Financial Management & HR Flashcards
When menu planning, which item is budgeted w/ first?
protein
Work compensation
hurt at work
unemployment compensation
dependent on each state (let go d/t no work availability)
Steps in disciplinary employees
just remember consistency is key
Taft Hartley Act
Pro-management (federal): prohibits certain union practices
Fair Labor Standards act
- minimum wage
* child labor laws
Job breakdown
How to do the job step by step
Job enrichment
add more tasks to advance in position, to gain more in a job
Market Niche
Need you are trying to fill (you use a poster to attract a certain clientle)
Loss Leader
Mis-Leading
For ex: coffee beans is .60 cents but special grinder is needed so customers must buy more
Family Medical Act
- 12 weeks off unpaid leave
- must have over 50 employees
- guaranteed an equal job not the same
Liabilities
amount you owe to others
Marketing Mix
Product: signature item
Place: where are you offering it
Price: $
Promotion: ads, publicity, network
Grievances w/ union
if employee is not in a union, leaving position may be informal
if an employee is in a union, settlement needs to be formal; written in a contract.
Balance sheet
lists assets and liabilities at a specific time of day
assets (4 examples)
bonds, rental properties, equipment and physical inventory
QMI
quality management and improvement
TQM
Total quality management (more individual)
where is there improvement needed (customer satisfaction)
CQI
Continuous quality improvement (improvements in the organization)
ADA compliances (4)
- Company must have >15 workers
- essential jobs
- isles must be 36’’ and doors 32’’
- have desks that can be lowered
Social marketing
10% of sales will go here
good for the population
Job enlargement
To alleviate boredom (adding more tasks)
Sales
“income” “revenue”
Six Sigma
Data driven approach using standard deviation to figure out how many errors have accrued and how to eliminate them
Budget:
- capital
- cash
- operation
- performance
- flexible
Capital: can we purchase this
Cash: are we making money
Operations: forecast sales the budget labor
Performance: can we afford to get us evaluated
Flexible: what is budget? what do we need to change
Civil right acts
prohibits discrimination
Wagner act
Pro-labor - right to union
- federal
Lean method
Reduce cost w/ more profit (by using less human efforts)
Fixed budget
Prepared at one level of sales or revenue (no expected changes)
Flexible budget
adjusted to various levels of operation w/ varying levels of sales or revenues throughout the year
Performance budget
details what it costs to perform a job (how much to supervise the cafeteria)
HIPPA (full name)
health insurance portability and accountability
Net worth ratio
long term debt
Kaizen
“good change”
* things can always be better w/ small changes
Direct costs
“variable and flexible”
- food, plates, repairs, benefits
Business marketing
filling the needs of customers
TQM uses __ cycle
PDCA
(plan do check act)
figure out problem and work on making it better
Collective bargaining (steps)
- bargaining
- mediation
- Arbitration (binding)
3 things when hiring someone
- job analysis: what is needed
- job description: what will the employee need to do
- job specification: qualifications
Indirect costs:
“fixed”
- rent, taxes, insurance, salary
Cost benefit
it is more based on the outcome or result
Indicators:
- rate based
- sentinel
- assessing the pts on time
2. something you should never do (feeding an NPO pt)
Semi-Variable costs
fixed and variable (labor, utilities and maintenance)
Cost-effectiveness
“or” will be present
which program is better
Liquidity
“solvency”
short term debt
Unionization
collective bargaining (sky is the limit)
Market segmentation (4)
- demographic: gender, age and income
- geographic: location
- Psychographic: social class/motives
- Behavioristic: occasion or loyalty
