Financial Management & HR

Question 1

When menu planning, which item is budgeted w/ first?

Answer 1

protein

Question 2

Work compensation

Answer 2

hurt at work

Question 3

unemployment compensation

Answer 3

dependent on each state (let go d/t no work availability)

Question 4

Steps in disciplinary employees

Answer 4

just remember consistency is key

Question 5

Taft Hartley Act

Answer 5

Pro-management (federal): prohibits certain union practices

Question 6

Fair Labor Standards act

Answer 6

• minimum wage

* child labor laws

Question 7

Job breakdown

Answer 7

How to do the job step by step

Question 8

Job enrichment

Answer 8

add more tasks to advance in position, to gain more in a job

Question 9

Market Niche

Answer 9

Need you are trying to fill (you use a poster to attract a certain clientle)

Question 10

Loss Leader

Answer 10

Mis-Leading

For ex: coffee beans is .60 cents but special grinder is needed so customers must buy more

Question 11

Family Medical Act

Answer 11

• 12 weeks off unpaid leave
• must have over 50 employees
• guaranteed an equal job not the same

Question 12

Liabilities

Answer 12

amount you owe to others

Question 13

Marketing Mix

Answer 13

Product: signature item
Place: where are you offering it
Price: $
Promotion: ads, publicity, network

Question 14

Grievances w/ union

Answer 14

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.

Question 15

Balance sheet

Answer 15

lists assets and liabilities at a specific time of day

Question 16

assets (4 examples)

Answer 16

bonds, rental properties, equipment and physical inventory

Question 17

QMI

Answer 17

quality management and improvement

Question 18

TQM

Answer 18

Total quality management (more individual)

where is there improvement needed (customer satisfaction)

Question 19

CQI

Answer 19

Continuous quality improvement (improvements in the organization)

Question 20

ADA compliances (4)

Answer 20

1. Company must have >15 workers
2. essential jobs
3. isles must be 36’’ and doors 32’’
4. have desks that can be lowered

Question 21

Social marketing

Answer 21

10% of sales will go here

good for the population

Question 22

Job enlargement

Answer 22

To alleviate boredom (adding more tasks)

Question 23

Sales

Answer 23

“income” “revenue”

Question 24

Six Sigma

Answer 24

Data driven approach using standard deviation to figure out how many errors have accrued and how to eliminate them

Question 25

Budget:

• capital
• cash
• operation
• performance
• flexible

Answer 25

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

Question 26

Civil right acts

Answer 26

prohibits discrimination

Question 27

Wagner act

Answer 27

Pro-labor - right to union

- federal

Question 28

Lean method

Answer 28

Reduce cost w/ more profit (by using less human efforts)

Question 29

Fixed budget

Answer 29

Prepared at one level of sales or revenue (no expected changes)

Question 30

Flexible budget

Answer 30

adjusted to various levels of operation w/ varying levels of sales or revenues throughout the year

Question 31

Performance budget

Answer 31

details what it costs to perform a job (how much to supervise the cafeteria)

Question 32

HIPPA (full name)

Answer 32

health insurance portability and accountability

Question 33

Net worth ratio

Answer 33

long term debt

Question 34

Kaizen

Answer 34

“good change”

* things can always be better w/ small changes

Question 35

Direct costs

Answer 35

“variable and flexible”

- food, plates, repairs, benefits

Question 36

Business marketing

Answer 36

filling the needs of customers

Question 37

TQM uses __ cycle

Answer 37

PDCA
(plan do check act)
figure out problem and work on making it better

Question 38

Collective bargaining (steps)

Answer 38

1. bargaining
2. mediation
3. Arbitration (binding)

Question 39

3 things when hiring someone

Answer 39

1. job analysis: what is needed
2. job description: what will the employee need to do
3. job specification: qualifications

Question 40

Indirect costs:

Answer 40

“fixed”

- rent, taxes, insurance, salary

Question 41

Cost benefit

Answer 41

it is more based on the outcome or result

Question 42

Indicators:

1. rate based
2. sentinel

Answer 42

1. assessing the pts on time

2. something you should never do (feeding an NPO pt)

Question 43

Semi-Variable costs

Answer 43

fixed and variable (labor, utilities and maintenance)

Question 44

Cost-effectiveness

Answer 44

“or” will be present

which program is better

Question 45

Liquidity

Answer 45

“solvency”

short term debt

Question 46

Unionization

Answer 46

collective bargaining (sky is the limit)

Question 47

Market segmentation (4)

Answer 47

1. demographic: gender, age and income
2. geographic: location
3. Psychographic: social class/motives
4. Behavioristic: occasion or loyalty