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HRM > Management midterm REVIEWER part1 > Flashcards

Management midterm REVIEWER part1 Flashcards

1
Q

Types of Cooperative:

A

Credit cooperatives.
Consumers cooperative.
Producers cooperative.
Marketing cooperative.
Service cooperative.
Multipurpose cooperative.

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2
Q

According to _________________ , an industrial psychologist his Hierarchy of Needs theory, there are five needs of men that are to be satisfied continually in the following order

A

Abraham W. Maslow

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3
Q

a form of business ownership organized and managed by only one person. It is possible that the capital in this form of business comes from the collective contribution of members of the family or among friends. However, for the business to be considered a sole proprietorship, it should be registered in the
name of only one person.

A

Sole Proprietorship

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4
Q

the study of how a society produces and distributes its desired goods and services. It deals with how society uses its resources to produce goods and services.

A

Economics

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5
Q

Focuses on manufacturing and processing, turning raw
materials from the primary sector into finished goods.

A

Secondary Sector:

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6
Q

the desire for security, stability, or protection against danger;

A

Safety need

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7
Q

A group of business firms offering similar goods or services. Ex. electronics, car, chemicals, petroleum, banking and finance, and construction industries.

A

Industry

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8
Q

used to categorize industries and companies that operate in a similar segment of the economy. These sectors help investors, analysts, and economists to organize and analyze different parts of the economy more effectively.

A

Sector

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9
Q

refers to the physical and mental input of the people who produce the goods and services.

A

Labor

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10
Q

During the primitive era, exchange was done through barter which was the direct exchange of goods for goods, services for services, goods for services orservices for goods.

A

Barter Economy.

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11
Q

involve the conversion of raw materials into finished products or goods
Ex. Honda, Sony, San Miguel Brewery, Shell, Purefoods, etc.

A

Industries

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12
Q

Involves knowledge-based services such as information technology, research, and development.

A

Quaternary Sector

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13
Q

KINDS OF BUSINESS

A

Industries
Commerce
Services

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14
Q

LEGAL FORMS OF BUSINESS OWNERSHIP

A

Sole Proprietorship -
Partnership
Corporation
Cooperative

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15
Q

Undertake medical and dental care, hospitalization, transportation , insurance, housing, labor, electric light and power, communication, and other services.

A

Service cooperative.

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16
Q

pertains to all natural resources, including minerals, petroleum, and the land itself.

A

Land

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17
Q

stands for the collective ownership by the government of consumption goods and production goods. It is also a way of organizing the productive forces of a society.

A

Communism

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18
Q

Combines two or more of the business activities of the different types of cooperative.

A

Multipurpose cooperative.

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19
Q

Disadvantages:
1. Unlimited liability
2. Lack of stability
3. Limited access to credit / Growth limited by owner’s financial
means
4. Limited business knowledge and skills.
5. Demanding on owner's personal time.

A

Sole Proprietorship

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20
Q

B. Extent of Economic Activity

A
  1. Household Economy.
  2. Village Economy
  3. National Economy.
  4. International Economy.
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21
Q

Since the family is the smallest and earliest social unit, the first phase is termed household economy. The needs of the family were satisfied largely by the efforts and contributions of all members of the family.

A

Household Economy.

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22
Q

what is the evolutionary growth of various activities developing from a simple to a complex system.

A

Business

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23
Q

Engages in the supply of production inputs to members and markets their products.

A

Marketing cooperative.

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24
Q

the need for group belongingness, affection, love, and friendship;

A

Social need

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25
Q

a business organization Where two or more persons contribute money, property, or talent, to carry on a business. A partnership acquires juridical personality upon the agreement of the partners.

A

Partnership

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26
Q

Means of Livelihood

A
  1. Hunting and Fishing Phase.
  2. Pastoral Phase
  3. Handicraft Phase.
  4. Agricultural Phase
  5. Industrial Phase.
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27
Q

With better and modem means of transportation and communication, a country expands its economic relationship through international trade and diplomatic cooperation.

A

International Economy.

28
Q

Undertake joint production in agriculture and industry.

A

Producers cooperative.

29
Q

Includes services like retail, entertainment, financial services, and healthcare.

A

Tertiary Sector:

30
Q

buys and organizes the production.

A

Entrepreneur

31
Q

KINDS OF ECONOMIC SYSTEMS

A

Capitalism
Socialism
Communism
Mixed Economy
Market Economy

32
Q
  1. To encourage thrift and savings among the members;
  2. To generate funds and extend credit to the members for productive and provident
    purposes;
  3. To encourage among members systematic production and marketing;
  4. To provide goods and services and other requirements to the member
  5. To develop expertise and skills among its members;
  6. To acquire lands and provide housing benefits for the members;
  7. To promote and advance the economic , social, and educational status of the
    members; and
  8. To establish, own , lese, or operate cooperative banks, cooperative wholesale and
    retail complexes, insurance and agricultural/ industrial processing enterprise, and public
    markets.
A

Objectives of Cooperatives

33
Q

Medium of Exchange

A
  1. Barter Economy.
  2. Money Economy.
  3. Money and Credit Economy.
34
Q

Why People Engage in Business

A

power, profit, service to the community, prestige, livelihood, social approval, etc.

35
Q

When transactions continued to increase in volume and frequency, it became imperative to allow others to purchase one goods or engage one services with payments to be paid at some future date. This was proven when credit transactions in modem business became far greater in volume than cash transactions.

A

Money and Credit Economy.

36
Q

Disadvantages:
1. Difficult to organize
2. Strictly regulated and supervised by the government
3. Some corporations and socially irresponsible
4. Formal and impersonal employer- employee relationship.
5. Limited by management by individual stockholders
6. Tendency to institutionalize Bureaucracy

A

Corporation

37
Q

System in which the means of production are owned and operated by private individuals. It is a system of economic organization wherein privately-owned capital, and property rights are privately invested with the ultimate aim of personal gain.

A

Capitalism

38
Q

Involves the extraction and harvesting of natural resources, such
as mining, agriculture, and forestry.

A

Primary Sector:

39
Q

For membership, there should be a minimum of 15 natural persons. They should be citizens of the Philippines who are residing or working in the intended area of operation of the cooperative.

A

Organizing a cooperative

40
Q

is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand.

A

Market Economy

41
Q

the Core Group (leader) should first study the study the following factors:

A

 Felt need
 Volume and business
 Availability of qualified officers
 Adequacy of facilities
 Opportunities for growth

42
Q

Promotes thrift among its members and create funds in
order to grant loans for productive and provident purposes.

A

Credit cooperatives.

43
Q

the need for the realization of personal goal or ambition.

A

Self-fulfillment need

44
Q

Disadvantages:
1. Unlimited liability
2. Lack of stability
3. Management disagreement
4. Idle investment
5. Equal profit sharing despite unequal attention and time given by
partners to business

A

Partnership

45
Q

Advantages:
1. It is easy to form and dissolve.
2. All profits belong to the business owner.
3. The owner is the boss.
4. Decision-making is left entirely to owner
5. Tax advantage and less government regulation

A

Sole Proprietorship

46
Q

the money or wealth needed to produce goods and services.

A

Capital

47
Q

Advantages:
1. It is easy to organize
2. Availability of more capital and credit
3. The partners get all profits
4. More and better knowledge and skills
5. Checks and balances maintained with two parties around

A

Partnership

48
Q

While barter was used, there came to circulate in the market certain objects, such as bars of metals, buttons, tools, and utensils which were stable in value, durable, and generally accepted by the public.

A

Money Economy.

49
Q

Procures and distributes commodities to its members
and non-members.

A

Consumers cooperative.

50
Q

one that combines aspects of both capitalism and socialism. A mixed economic system accepts private property and permits economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

A

Mixed Economy

51
Q

a duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic end.

A

Cooperative

52
Q

involves the process of buying and selling where the goods are
moved from the point of production to the point of consumption.
Ex. SM, 7/11, Robinsons, National Bookstore, etc.

A

. Commerce

53
Q

An area of the economy in which businesses share the same or related business activity, product, or service. Sectors represent a large grouping of companies with similar business activities, such as the extraction of natural resources and
agriculture.

A

Sector

54
Q

the ownership of production and capital by the government and the regulation by society, as a whole, of the process of production and distribution, and of the giving of essential services.

A

Socialism

55
Q

the main objective of business which distinguishes it from charitable institutions and government agencies.

A

Profit

56
Q

This phase involves the grouping of villages into bigger and broader social units. Consequently, nation-building develops economic activities on a nationwide scale.

A

National Economy.

57
Q

primarily concerned with the satisfaction of the needs and wants of the consumers. Subdivided into a. Public and Community Services, ex. (Meralco, Transportation Utilities, News and Broadcast), and b. Professional and Trade Service, ex. (Law Firms, CPA, Management Consultancy, Human Resources Consultancy).

A

Services

58
Q

the essentials for survival, such as the need for food, clothing, shelter, sex, air, water.

A

Physiological or biological need

59
Q

When several families organize a village, economic and social relations spread among the various families resulting in the rise of the village economy.

A

Village Economy.

60
Q

the need for self-recognition or group satisfaction;

A

Ego or self-esteem need

61
Q

Profit should be maximized to provide a
fair share to the workers in the form of just ______ and _____

A

wages and incentives

62
Q

five needs of men that are to be satisfied continually

A

Physiological or biological need
Safety need
Social need
Ego or self-esteem need
Self-fulfillment need

63
Q

Factors of Production/Business

A

Land
Labor
Capital
Entrepreneur

64
Q
  1. Open and voluntary membership
  2. Democratic control
  3. Limited interest on capital
  4. Division of net surplus
  5. Cooperative education
  6. Cooperation with other cooperatives
A

Principles of Cooperation

65
Q

is an artificial being created by the operation of law, having the rights of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.

A

Corporation

66
Q

Advantages:
1. Maximum flexibility
2. Limited liability of individual share
3. Greater room for professionalism
4. Dissolution is least likely to occur
5. Can involve a wide range of people in business including
employees
6. Reduced tax burden on owners
7. Easy to raise capital
8. Perpetual life
9. Specialized management

A

Corporation

67
Q

4 sector

A

Primary Sector:
Secondary Sector:
Tertiary Sector:
Quaternary Sector:

HRM (32 decks)

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