MIDTERM Flashcards

1
Q

Synonymous and associated with collectives, such as mass movement of workers, trade unions and others

linked to “industrial” work, such as the manufacturing sector, labor, intensive tasks and factory working

though to be more focused “collective actions” such as COLLECTIVE BARGAINING AGREEMENTS

refers to a relationship between the employers and employees. The employers are represented by management
and employees are represented by unions.

A

INDUSTRY RELATIONS

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2
Q

The term revolves around a smaller subset of industries and goes beyod to collectives such as trade
unions

Focus not only on factory work, manufacturing jobs but includes the service sector/ non union entities,
part time, and contractual worker

refers to an organization’s efforts to create and maintain a positive relationship with
its employees

A

EMPLOYEE RELATIONS

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3
Q

Ensures respectful resolution of disagreement and improved team dynamics

A

Workplace conflict management

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4
Q

Efective integration of new hires into a company sets the stage for future employer and employee relations

A

Employee onboarding

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5
Q

Constructive negotiations and dispute.
ensures fair treatment and contribute to a harmonious work environment

A

Labor relation

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6
Q

Prioritizing health and safety, fosters trust create a safe work environment, strengthens employer and employee relationship

A

Workplace health and safety

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7
Q

Managing unexplained or unnecessary absences, vital for maintaining fairness and consistency and postive employee relation

A

Absenteeism

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8
Q

Addressing employee disregard for authority or rules maintain a balance discipline and cultivating

A

Insubordination

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9
Q

Swift and fair response to an misconduct contributes to an ethical work environment and promotes trust among employees

A

Employee Misconduct

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10
Q

Understanding and addressing ________ needs improves relation by echancing productivity, loyalty and engagement

A

Employee Wellbeing

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11
Q

PSYCHOLOGICAL CONTRACT AND
WHY IT MATTERS

A

Community building among pears

Tenure and security

Corporate monility and promotions

Expansion of skillsets and training

Humane treatment

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12
Q

PSYCHOLOGICAL CONTRACT AND
WHY IT MATTERS

A

Work/ life balance or intergration

Voices heard thru suggestions

Impact and performance are duly rewarded

Flexibility on tasks and processes

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13
Q

Standards set for mutual
benefits:

A

Proactive and willing to learn
A team player willing to work with
others
Focussed on achieving the goals set by
the organization

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14
Q

power, influence, control and freedom regarding the tasks given

self actualization, and fullfilment when doing their jobs

respect among peers and working relationship in the workplace

compensation

Recognition of personal vlaue

A

Employee Job Satisfaction

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15
Q

coercive- punishment,
remunerative- financial reward, normative- symbolic
awards tied to values held by the company

A

Source of Power

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16
Q

Alienative negative or antagonistic, calculative- careful and
thoughtful of choices, moral- positive and in accordance
with norms set by the comopany

A

Force of involvement

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17
Q

commitment that can be distinguished with the psychological
bond of the employer that is held common norms and values.

A

ATTITUDE COMMITMENT:

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18
Q

commitment that can be described as going beyond expectations or loyalty to the company

A

BEHAVIORAL COMMITMENT:

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19
Q

Is a perspective on employment that emphasizes the shared interests of all members of an organization. It assumes there are compatible goals

A

UNITARISM

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20
Q

sees employment as a relationship between members of a single social group, a
group with a common purpose or, to use a general will. The natural state of the relationship is
co-operation, without preconditions, in pursuit of the group’s aims and values.

A

The unitarist

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21
Q

is the belief that the way to achieve good industrial relations is to acknowledge that various groups of employees have different requirements, and make different demands. Thus,
management has to reach compromises. This belief also acknowledges conflicts and consider
them as desirable.

A

Pluralism

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22
Q

is often referred to as a process, strategy, or
software/technology that enables organizations
to manage relationships with their customers,vendors, and suppliers.

A

Customer Relationship Management

23
Q

Its goal is to build and maintain strong, long
lasting relationships with customers, enhance
customer satisfaction, and ultimately drive
business growth and loyalty.Customer Relationship Management

A

Customer Relationship Management

24
Q

The business cannot satisfy all the customers that comes
and can slip away anytime. The challenge is how they
can hold them.

A

Customer Relationship Management

25
Q

Developing new loyal customers. The challenge is how
business can achieve more value from new customers
and turn them into brand advocates.

A

Customer Engagement

26
Q

Businesses should consider to be warry on customers
who can bring them down. It is important, somehow to
select customers in some situations.

A

Customer De-selection

27
Q

Reasons for Failure

A

Negligence of their concerns.

False advertising

Failing to meet customer standards

Service incompetence

Reasons for Failure

Wrong pricing

Blaming customer

No methods of communication

Service incompetence

Reasons for Failure

Not replying to customer queries

Discrimination

Insensitive marketing

28
Q

Trends Why Customers Say No

A

Relative Price

Proximity

Proactivity to

customer needs

Hard to follow

instructions

Global
Competition

Cost

29
Q

Customer Service Excellence

A

Urgent delivery of value.

  1. Personalized service to
    customers.
  2. Proactivity and exceeding
    expectations.
  3. Hospitality in all engagements.
  4. Transparency with the
    customer.
  5. Consistency in delivering value.
30
Q

Are members of a collective that
share a common or shared identity.

A

Role as gatekeeper.

31
Q

Types of Communities

A

Site Community

Impact Community

Employee Community

Fenceline Community

Interest Community

Cyber
Community

32
Q

Strategies for Community Relations

A

Create sustainable community links

Aim to improve

the community

33
Q

Types of Communities

A

Site Community

Impact Community

Employee Community

Fenceline Community

Interest Community

Cyber
Community

34
Q

Refers to the processes, policies and procedures that organizations
put in place to safeguard their assets, ensure the accuracy of financial
information, and promote compliance with laws and regulations.

A

Internal Control

35
Q

Objectives of Internal Control

A

Effective & Efficient Operations
Reliability of Financial & Non-financial Reporting
Compliance withapplicable laws and regulations

36
Q

is a foundation of modern internal controls and fraud deterrence.

This framework has been used to guide and help
develop other existing compliance frameworks.

A

COSO framework

36
Q
  1. The company establishes objectives with enough specificity to enable the
    identification and assessment of risks to the objectives.
  2. The company identifies risks to objectives and scrutinizes identified risks
    to develop an action plan for risk treatment.
  3. When evaluating risks, fraud is explicitly considered as part of the
    assessment.
  4. The organization anticipates and assesses any changes that may affect
    internal controls.
A
  1. Risk Management
36
Q
  1. The company commits to integrity and ethical values.
  2. The Board of Directors maintains independence from management
    and oversees internal controls programs.
  3. Management defines organizational structure, authority, reporting
    lines, and responsibilities to execute on the company’s operational,
    reporting, compliance, and business objectives.
  4. The company prioritizes the recruitment, development, and retention
    of capable, competent individuals aligned to internal controls
    objectives.
  5. The company establishes accountability for control responsibilities.
A
  1. Control Environment
37
Q
  1. Control activities address and mitigate risks to the company’s
    objectives.
  2. The company establishes control activities over technology in line with
    the company’s objectives.
  3. Policies and procedures define the control activities that should be
    taking place at the company as part of the internal controls program.
A
  1. Control Activities
38
Q
  1. The company uses quality data and information to support control
    objectives.
  2. The company communicates relevant information, objectives,
    assignments, accountability, and responsibilities for internal control
    activities.
  3. When necessary, the company communicates with external entities
    regarding internal controls.
A
  1. Information & Communication
39
Q
  1. Regular or ongoing evaluations occur to determine if the internal
    controls program is operating effectively.
  2. Any internal control deficiencies are reported timely to the accountable
    parties, including the Board of Directors and upper management when
    necessary.
A
  1. Monitoring Activities
40
Q

Limitations of Internal Control

A
  1. Possibility of collusion
  2. Management override
  3. Human factors
  4. Cost benefits considerations
41
Q

Are controls that are applied broadly at the company level and essentially effect the entire corporate culture as well as the functioning of transaction level controls.

A

ENTITY-LEVEL CONTROLS

42
Q

Are internal control procedures deployed and implemented for every major transaction and accounts of the company.

A

TRANSACTION-LEVEL CONTROL

43
Q

are controls that have tangible or physical characteristics. This includes, biometric
devices, CCTV cameras, fire extinguishers, cash vaults, locks and keys, physical fences and warehouse storage facilities.

A

HARD & SOFT CONTROL

44
Q

Are those intended to avert the happening of negative events,

“Prevention is better than cure.”

A

PREVENTIVE CONTOLS

45
Q

Are those controls intended to identify and uncover fraud, error, or noncompliance that might have already occured within the company. These are the second line of defense.

A

DETECTIVE CONTROLS

46
Q

Bank Recons could be corrected through adjustments in the books of account.

In fraud, determination of the amount of loss and the one who committed the fraud is identified.

Sanctions should be implemented.

A

CORRECTIVE CONTROLS

47
Q

Computerized controls.
Are built into computer programs and systems intended to ensure system integrity, reliability and security.

A

AUTOMATED CONTROLS

48
Q

examination intended to ascertain whether the management has conducted business operations effectively and efficiently.

A

OPERATIONAL AUDITS

49
Q

examinations intended to determine whether the company or any of its department is able to adhere to prevailing laws
and regulations.

A

COMPLIANCE AUDITS

50
Q

examinations focus on determining whether the company’s finance function as well as financial reports are accurate
and reliable.

A

FINANCIAL AUDITS

51
Q

is an advanced certification although it is not mandatory requirement for one to be an internal auditor.

A

Certified Internal Auditors

52
Q

They express opinion on truthfulness of the financial statements
of the company. They focus on the fairness of corporate financial
statements insofar as adherance to applicable accounting standards are
concerned.

This need to be accountants

A

External Auditing