Module 1 Business Mgmt & Strategy

Question 1

Money an organization’s customers owe the organization

Answer 1

Accounts receivable

Question 2

Detailed steps a unit, department, or team will take in order to achieve short-term objectives

Answer 2

Action plans

Question 3

Modification of the Constitution or a law; modification may be either formal (written) or informal (unwritten)

Answer 3

Amendment

Question 4

Financial, physical, and sometimes intangible properties an organization owns

Answer 4

Assets

Question 5

Statement of a firm’s financial position at a particular time

Answer 5

Balance sheet

Question 6

Measurement approach that provides an overall picture of an organization’s performance as measured against goals in finance, customers, internal business processes and learning and growth

Answer 6

Balanced scorecard

Question 7

Proposal presented to a legislative body for possible enactment as law

Answer 7

Bill

Question 8

Analysis that shows point in time at which total revenue associated with a program is equal to the total cost of the program

Answer 8

Break-even analysis

Question 9

Description of an organizational challenge and possible alternative solutions, arguing for a specific solution

Answer 9

Business case

Question 10

To an operations department, the ability to yield output

Answer 10

Capacity

Question 11

Record of how much cash is flowing into and out of an organization, including its sources or destinations

Answer 11

Cash Flow statement

Question 12

Degree to which decision-making authority is restricted to higher levels of management in an organization

Answer 12

Centralization

Question 13

Principles of conduct within an organization that guide decision making and behavior

Answer 13

Code of ethics

Question 14

Measure of the average change over time in prices paid by consumers for goods and services.

Answer 14

Consumer price index (CPI)

Question 15

To an operations department, an after the fact evaluation of a company’s ability to meet its own specifications and its customers’ needs

Answer 15

Control

Question 16

Measure that indicates the relationship between two variables

Answer 16

Correlation

Question 17

Ratio of value created to cost of creating that value; allows management to determine the financial impact particular activities and programs have on an organization’s profitability

Answer 17

Cost-benefit analysis

Question 18

Degree to which decision-making authority is given to lower levels in an organization’s hierarchy

Answer 18

Decentralization

Question 19

Way an organization groups jobs to coordinate work

Answer 19

Departmentalization

Question 20

Sale by a company of an assets that is not performing well, that is not core to the company’s business, or that is worth more more as a separate entity

Answer 20

Divestiture

Question 21

Organizational structure in which segments are separated by product, customer or market, or region

Answer 21

Divisional structure

Question 22

Requires greater transparency and accountability in the financial industry

Answer 22

Dodd-Frank Wall Street Reform and Consumer Protection Act

Question 23

Process of conducting an intensive investigation of an organization as one of the first steps in a pending merger or acquisition

Answer 23

Due diligence

Question 24

Act that makes it unlawful to intercept messages in transmission, access stored information on electronic communication services, or disclose this information

Answer 24

Electronic Communications Privacy Act (ECPA)

Question 25

Integrated processes and tools to allow information sharing and process management across functions, sometimes even with external partners, such as suppliers.

Answer 25

Enterprise management

Question 26

Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats

Answer 26

Environmental scanning

Question 27

Amount of owners' or shareholders' portion of business

Answer 27

Equity

Question 28

System of moral principles and values that establish appropriate conduct

Answer 28

Ethics

Question 29

Alliance between organization to create processes and information channels that allow communication and collaboration

Answer 29

Extended organization

Question 30

Calculations designed to describe an organization's financial health and performance from various perspectives

Answer 30

Financial ratios

Question 31

Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business

Answer 31

Foreign Corrupt Practices Act (FCPA)

Question 32

Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by specific amount

Answer 32

Formula budgeting

Question 33

Organizational structure that defines departments by what services they contribute to the organization's overall mission

Answer 33

Functional structure

Question 34

Project planning tool that graphically displays activities of a project in sequential order and plots them against time

Answer 34

Gantt chart

Question 35

Group of people born roughly between the years of 1965 and 1980

Answer 35

Generation X

Question 36

Group of people born after 1980

Answer 36

Generation Y

Question 37

Estimate of the total value of goods and services produced in a country in a given year

Answer 37

Gross domestic product (GDP)

Question 38

Ratio of gross profit to net sales

Answer 38

Gross profit margin

Question 39

Process to measure the effectiveness and efficiency of HR programs and positions

Answer 39

HR audit

Question 40

Combined knowledge, skills, and experience of a company's employees

Answer 40

Human capital

Question 41

Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data

Answer 41

Human resource information system (HRIS)

Question 42

Design of formal systems in an organization that ensures the effective and efficient use of human capital to accomplish organizational goals

Answer 42

Human resource management (HRM)

Question 43

Statement comparing revenues, expenses, and profits over a specified period of time, usually a year or a quarter

Answer 43

Income statement

Question 44

Form of budgeting in which the prior budget is the basis for allocation of funds

Answer 44

Incremental budgeting

Question 45

To an operations department, an organization's major assets after physical buildings and equipment

Answer 45

Inventory

Question 46

Quantifiable measures of performance used to gauge process toward strategic objectives or agreed standards of performance

Answer 46

Key performance indicators (KPIs)

Question 47

Organization's debts and other financial obligations

Answer 47

Liabilities

Question 48

Work groups that conduct the major business of an organization

Answer 48

Line units

Question 49

Specific results, to be accomplished in three to five years, that an organization seeks to achieve in pursuing its mission

Answer 49

Long-term objectives

Question 50

Process for creating, communicating, delivering, and exchanging offerings of goods and services to satisfy organizational objectives

Answer 50

Marketing

Question 51

Organizational structure that combines Departmentalization by division and function to gain the benefits of both

Answer 51

Matrix structure

Question 52

Average score or value in a set of data

Answer 52

Mean

Question 53

Middle point above and below which 50% of scores in a set of data lie

Answer 53

Median

Question 54

Combination of two separate firms either by their joining together as relative equals (merger) or by one acquiring the other (acquisition)

Answer 54

Mergers and acquisitions (M & A)

Question 55

Serve a purpose similar to short term objectives but are completed in one to three years

Answer 55

Mid-term objectives

Question 56

Specifics what the organization does, who its customers are, and the priorities it has set in pursing its works

Answer 56

Mission statement

Question 57

Value that occurs most frequently in a set of data

Answer 57

Mode

Question 58

Ratio of net income (gross sales minus expenses and taxes) to net sales

Answer 58

Net profit margin

Question 59

Expected distribution given a random sampling across a large population

Answer 59

Normal distribution

Question 60

Relocation of processes or functions from a "home"country to another country

Answer 60

Off shoring

Question 61

Buying services externally rather than producing them internally

Answer 61

Outsourcing

Question 62

Specific point in a distribution of data that has given percentage of cases below it

Answer 62

Percentile

Question 63

Group of persons are objects or a complete set of observations or measurements about which one wishes to draw conclusions

Answer 63

Population

Question 64

Involved data that is gathered firsthand for a specific evaluation

Answer 64

Primary research

Question 65

What an organization sells to make a profit

Answer 65

Product

Question 66

Project management tool used to schedule organize and coordinate task within the project

Answer 66

Program evaluation and review technique (PERT) chart

Question 67

Series of tasks and activities that has a stated goal and objective a schedule with defined start and end dates and a budget that sets limits on the use of monetary and human resources.

Answer 67

Project

Question 68

Techniques for communicating information about products to consumers

Answer 68

Promotion

Question 69

Time allowed for the public to express it view and concerns regarding an action of a regulatory agency

Answer 69

Public comment period

Question 70

Based on research that supplies non-numeric data for example through the use of interviews open-ended survey questions and other method that gather attitudes opinions and feelings

Answer 70

Qualitative analysis

Question 71

Number of members of an organization that have to be present before official business may be conducted

Answer 71

Quorum

Question 72

Distance between highest and lowest scores in a set of data

Answer 72

Range

Question 73

Statistical method used to predict a variable from one or more predictor variables

Answer 73

Regression analysis

Question 74

Rule or order issued by a government agency agency; often has the force of law

Answer 74

Regulation

Question 75

Ability of an instrument to measure consistently

Answer 75

Reliability

Question 76

Written request asking vendors to propose solutions and prices that fit a customers requirement

Answer 76

Request for proposal (RFP)

Question 77

That part of an organization charge with designing and developing products processes and services to meet market needs

Answer 77

Research and development (R & D)

Question 78

Legislative measure limited in effect to either the Congress or one of its chambers

Answer 78

Resolution

Question 79

Ratio of incremental value (value received minus cost to create value) of an investment to it's cost multiplied by 100%; measures the economic return on a project or investment

Answer 79

Return on investment (ROI)

Question 80

Business function responsible for selling an organizations products to the marketplace

Answer 80

Sales

Question 81

Portion of a population used to draw conclusion regarding an entire population

Answer 81

Sample

Question 82

Act that changed corporate governance and reporting standards and underscored board of directors responsibility to help ensure financial accountability accuracy and compliance

Answer 82

Sarbanes- Oxley Act (SOX)

Question 83

Diagram that shows the relationship between data items using X and Y axes

Answer 83

Scatter diagrams

Question 84

To an operations department the act of detail planning based upon incoming orders order history and forecast of future demand

Answer 84

Scheduling

Question 85

Uses data already gathered by others and reported in various sources

Answer 85

Secondary research

Question 86

Milestones that must be achieved usually within six months to one year in order to reach long-term objectives

Answer 86

Short-term objectives

Question 87

Refers to the number of individuals who report to a supervisor

Answer 87

Span of control

Question 88

Work groups that assist line units by providing specialized services such as HR

Answer 88

Staff units

Question 89

Measure that indicates how much scores in a set of data are spread out around a mean or average

Answer 89

Standard deviation

Question 90

For an operation department provide the yardstick by which the amount and quality of output are measured

Answer 90

Standards

Question 91

Processes and activities used to formulate HR objectives practices and policies

Answer 91

Strategic business management

Question 92

Process that helps an organization focus on how to succeed in the future by evaluating the organizations current status where it would like to be and how to get there

Answer 92

Strategic planning

Question 93

Provide the direction that enables an organization to achieve its long-term objectives

Answer 93

Strategies

Question 94

Network that delivers products and services from raw materials to end customers through an engineered flow of information physical distribution And cash

Answer 94

Supply chain

Question 95

Process for evaluating an organization current strengths weaknesses opportunities and threats

Answer 95

SWOT analysis

Question 96

Ability of an instrument to measure what it is intended to measure

Answer 96

Validity

Question 97

Describe what is important to an organization dictate employee behavior and create the organizations culture

Answer 97

Values

Question 98

Action of canceling or postponing a decision or bill

Answer 98

Veto

Question 99

Vivid, guiding image of an organization desired future

Answer 99

Vision statement

Question 100

Form of budgeting that requires that expenditures be justified for each new period

Answer 100

Zero-based budgeting

Question 101

Money an organization owes it's vendors and suppliers

Answer 101

Accounts payable

Question 102

Examination of measurable and verifiable data such as earnings, revenue, wage, market share

Answer 102

Quantitative analysis