ORGANIZING THE OFFICE OPERATIONS Flashcards
1
Q
As applied to business enterprise, the term_______ means title to and possession of the assets of the enterprise, the power to determine the policies of the operations and the right to receive and dispose of the proceeds.
A
ownership
2
Q
Three (3) Classifications of Ownership
A
Private ownership
Public ownership
Mixed ownership
3
Q
It is when an enterprise is so organized that private individuals exercise and enjoy the rights and privileges of an owner in their own interest.
A
Private Ownership
4
Q
This ownership exists when the elements of ownership are divided such that private persons and public bodies share in the operation of the same enterprise.
A
Mixed ownership
5
Q
Four basic forms of private owned enterprise
A
- Single Proprietorship
- Partnership
- Corporations
- Cooperatives
6
Q
Factors to consider in organizing Business Enterprises
A
(a) nature and size of the business to be started;
(b) capital required and the means of procuring it;
(c) length of time the enterprise is expected to operate;
(d) technical conditions affecting the enterprise;
(e) types of products to be manufactured;
(f) method and volume of production;
(g) kind of markets to be supplied and methods of marketing;
(h) competitive nature of the chosen industry.
7
Q
The ownership is vested upon one person or individual.
A
Individual or Single Proprietorship
8
Q
This form of ownership is small, requires but little amount of capital, and is readily established under the control of one man.
A
Individual or Single Proprietorship
8
Q
It is the oldest known form of ownership
A
Individual or Single Proprietorship
9
Q
The single individual promotes the enterprise, gets together the necessary land, buildings, machinery, and labor; and conducts the business in person.
A
Individual or Single Proprietorship
10
Q
Many enterprises start as _________ and later they expand into larger forms as business prospers and the increased resources of the owner permits.
A
Individual or Single Proprietorship
11
Q
under what article defines a partnership as an organization where “two or more person bind themselves to contribute money, property, or machinery to a common fund with the intention of dividing the profits among themselves.”
A
The Civil Code under Article 1967
11
Q
The Civil Code under Article 1967 defines this as an organization where “two or more person bind themselves to contribute money, property, or machinery to a common fund with the intention of dividing the profits among themselves.”
A
partnership
12
Q
Partnership may be classified as to ____ or as to______.
A
Partnership as object
Partnership as liability
13
Q
A partnership is either: “universal” or “particular”.
A
Partnership as object
14
Q
A____________________ of property is one where the partners contribute all their property into a common fund , with the intention of dividing it, as well as its profits, among themselves.
A
universal partnership
15
Q
A ________________ of profits comprises all that the partners may acquire through their efforts.
A
universal partnership
16
Q
The Philippine laws recognizes two forms of partnership, insofar as liability is concerned. These are the general partnership and the limited or special partnership.
A
Partnership as liability
17
Q
In the ___________ the business relationship between two or more persons competent to make contracts for the purpose of engaging in a business activity.
A
general partnership
18
Q
The_____________ recognizes two forms of partnership, insofar as liability is concerned.
A
Philippine laws
19
Q
formed for a single transaction only to carry out one business venture or to complete one undertaking.
A
Particular Partnership
19
Q
It is a contractual relationship that may be entered into by any person, who possess the right to contract in his own right. This is the oldest forms of business ownership.
A
The general partnership
20
Q
A __________ is dissolved by the death or insolvency or insanity of any partner.
A
partnership
21
Q
A partnership is dissolved by the______________of any partner.
A
death or insolvency or insanity
21
Then stockholders agree to take some of the capital and to pay for it, we call that _____________. Once it paid for, it becomes paid-up capital.
stock subscribed
21
A _____________is an artificial being created by operation of law having the right of succession and the powers, attributes, and priorities, expressly authorized by law or incident to its existence.
corporation
21
Give the reasons for a partnership to be dissolved
death
insolvency
insanity
22
a relationship where one or
more partners are not
involved in the day-to-day
management of the business.
Limited or Special Partnership
23
KINDS OF PRIVATE CORPORATIONS
[a] stock corporation
[b] non-stock corporation
23
This is one which the capital stock is divided into shares, authorized to distribute dividends to the holders of the shares, or allot the surplus profit on the basis of the shares.
stock corporation
24
A ___________ maybe acquired directly from the corporation by subscription or from an existing stockholder by transfer of ownership.
certificate of stock
24
The authorized capital stock of a corporation represents the capitalization as found in the articles of incorporation and approved by the _______________________.
Securities and Exchange Commission.
24
_________- of a stock corporation are issued certificates of stock which are written acknowledgement by the corporation of the stockholders’ interest in the corporation and its property.
Stockholders
25
The ______________ of a corporation represents the capitalization as found in the articles of incorporation and approved by the Securities and Exchange Commission.
authorized capital stock
26
The authorized capital stock of a corporation represents the capitalization as found in the articles of incorporation and approved by the Securities and Exchange Commission. Then stockholders agree to take some of the capital and to pay for it, we call that stock subscribed. Once it paid for, it becomes_____________.
paid-up capital
27
The_______________ is one in which the capital stock is not so divided. It issues certificate of stock which in reality are merely certificates of memberships.
non-stock corporation
28
These certificates cannot be transferred except to members and only upon the members’ death.
certificates of memberships
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Classes of Capital Stock
(1) common stock
(2) the preferred stock
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the ordinary stock representing the basic ownership.
common stock
30
the ____________ carries with it the right of voting through which the holders have great residual ownership or power over the corporation.
common stock
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it provides the owner special protection or advantages of the common stockholders.
Preferred Stock
32
It carries preference as to priority in the payment of dividends over the common stock or as the capital in case of dissolution.
Preferred Stock
33
the ______ stock has priority in the distribution of the assets.
Preferred Stock
33
several classifications of preferred stock
dividends
assets
dividends and assets
cumulative preferred
callable and convertible
34
is the art of guiding the personnel of the office in the use of materials, methods, machines and equipment appropriate to their environment in order to achieve its specific purpose.
Office Management
35
“Office Management is the art of guiding the personnel of the office in the use of materials, methods, machines and equipment appropriate to their environment in order to achieve its specific purpose.” is defined by?
Leffingwell and Robinson
36
the art of guiding the personnel of the office in the use of materials, methods, machines and equipment appropriate to their environment in order to achieve its specific purpose.
Office Management
36
a part of an organization where records of activities are kept
and clerical operations are carried out
Office Management
37
What are the Elements of Office Management?
Purpose
Means
Personnel
Environment
38
The staff/personnel must be aware of their purpose, and the manager should teach/introduce the purpose of each personnel.
Purpose
38
Necessary in order to carry out the various activities. It include forms, stationery, furniture, premises, equipment, etc. as well as methods and techniques of performing activities
Means
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Also known as human resources.
Personnel
39
The environment has an important bearing on the efficiency of employees.
Environment
40
Office manager has to ensure implementation of plans and policies pertaining to effective recruitment and selection of right persons for the job;
Personnel
41
It comprises lighting, ventilation and temperature control, interior decoration, office furniture, security, safety, sanitary arrangements, etc.
Environment
41
Objectives of Office Management
(a) plan the activities of office and ensure their execution;
(b) coordinate the activities in the various department;
(c) preserve all the records of the business; and
(d) maintain books of accounts, registers, books, etc. of the business
42
Office Functions
Receiving information
Recording information
Arranging information
Giving information
42
It is an office function where we gather internal and external sources
Receiving information
43
It is an office function where information are maintained statutorily or kept in the office.
Recording information
43
It is an office function where there is an prescribe format
Arranging information
44
It is an office function where form of instructions, orders, statistical and financial statements etc. given by office managers are being disseminated.
Giving information
44
It is the center of organization.
office
45
It is involve in receiving, collecting, processing and communicating information.
office
45
ensure the better performance of the organization.
office
46
It provides accurate, complete and timely information.
office
46
It is an _______ regardless of where the work is done or who does it , it is all about the work itself.
office
46
Office Work Process or Outline
Receipt of requisition from stores
Collection of information
Calling for quotations
Follow up with the suppliers
Receipt of materials and invoice
Preparation of received notes form stores
Materials checking with samples
Invoice checking
Passing the invoice for payment
To the cash department for preparation of cheque
Dispatch of cheque
47
Responsible for getting the work done in the office and has to ensure that procedures and policies are formulated and implemented properly
Office Manager
48
Plans, organizes, directs, controls and coordinates various departments
Office Manager
49
What are the Qualities of a Good Manager?
Leadership
Personal Qualities
Professional Interest
49
ability to enthuse, inspire and guide subordinates
Leadership
49
self-control, enthusiasm, sincerity and adaptability
Personal Qualities
50
concerned with identification, development, and dissemination of modern management techniques.
Professional Interest
50
Functions of Office Manager
Recruitment of staff
Training of staff
Devising methods of work
Coordinating
Discipline
Controlling stationery and supplies
51
He would required to do quality rating in order to determine the suitability of the job to the man.
Recruitment of staff
52
Office Manager does this not only for new recruits but also the old hands.
Training of staff
52
Office Manager does this to ensure efficiency and cooperation of the staff.
Devising methods of work
52
Office Manager does this essential for its existence.
Coordinating
53
Office Manager does this see to it that other people come in time, observe telephone calls, dress and behavior.
Discipline
54
Office Manager does this to enforce proper control over stationery and supplies into the office.
Controlling stationery and supplies
55
can be defined as, “The structure of relationships and responsibilities, authorities and duties by means of which the work to be done and the personnel and means to do it are brought together and coordinated.
Organization
56
is essentially a matter of relationship of man to man, job to job and department to department.
Organization
56
is the process of dividing up of the activities which are necessary to any purpose and arranging them in groups which are assigned to individuals.
Organization
57
Types of Organizational Structure
1. Line Organization
2. Functional Organization
3. Line and Staff Organization
58
Each departmental head has complete control over his/her section and he/she is fully authorized to select his/her labor, staff, purchases of raw materials, stores and to set the standards of output etc.
Line Organizational Structure
58
The responsibility of each departmental head is clearly defined.
Line Organizational Structure
59
Each department works as a self-supporting unit.
Line Organizational Structure
60
Advantages of Line Organizational Structure
- Simplicity
- Strong in discipline
- Unity of command
60
Disadvantages of Line Organizational Structure
- Undue Reliance
- Personal Limitations
- Overload of Work
61
The main feature of functional organization is the division of work and specialization.
Functional Organization Structure
62
In each department, there is one expert.
Functional Organization Structure
62
An expert is not only a counselor but also an administrator. He/she advices his/her subordinates.
Functional Organization Structure
63
An Expert does not only bear responsibility of his department but also bear responsibility of all departments.
Functional Organization Structure
64
Advantages of Functional Organization Structure
Separation of work
Ease of selection and training
64
Disadvantages of Functional Organization Structure
Indiscipline
Shifting of Responsibility
Increase in Cost
65
Organizational Structure in which the line heads are assisted by specialist staff.
Line and Staff Organizational Structure
65
The line maintains discipline and stability, staff provides experts information and helps to improve overall efficiency.
Line and Staff Organizational Structure
65
The staff are thinkers while the line are doers.
Line and Staff Organizational Structure
66
Advantages of Line and Staff Organizational Structure
Planned
Availability of specialized
Adaptability to progressive business
Less wastage & Improved Quality.
66
Disadvantages of Line and Staff Organizational Structure
Chances of Misinterpretation
Expensive
Loss of initiative by line executives
66
is the process of breaking down an enterprise into various departments/divisions.
Departmentalization
67
What are the different types of Departments?
(a) Finance Department
(b) Purchasing Department
(c) Accounting Department
(d) Human Resource Department
68
plays a huge role in business because that's where the money is
Finance Department
68
This department knows how much money is needed to pay vendors, secure clients, cover bills and pay employees.
Finance Department
68
This department is also in charge of filing taxes, keeping up with the current value of assets, and knowing how much cash flow the company has at any given time.
Finance Department
69
Anything involving money passes through this department.
Finance Department
69
What are the department under the larger umbrella of the finance department?
payroll department
accounts payable department
accounts receivable department
69
The______________ keeps track of employee hours worked, sets current salary or hourly rates, manages vacation and sick leave time, adheres to current tax laws and cuts checks for employees.
payroll department
70
The ______________________ receives invoices from vendors and contract employees, matches them to inventory or receipts and enters them into the system for payment.
accounts payable department
71
This department also cuts and mails checks for payables other than payroll.
accounts payable department
72
The_____________________ receives payments and makes sure that they are accurately entered into the system.
accounts receivable department
73
A segment that studies market trends to help determine how much money the company can expect to make from current and future ventures.
financial forecasting
74
Purpose of a Finance Department:
oversees financial planning and management activities,
- budgeting and forecasting,
- reporting and compliance,
- creation of value.
75
___________ and _________ is completed on a regular basis in companies.
Budgeting and forecasting
75
This department prepares historical documents and projects to aid leaders in developing forward-looking budgets.
finance department
76
________ in ______ inform executives about any changes to projections based on over- or under-developing sales results.
Leaders in finance
76
__________ and ____________ is a major role, especially in a public company, because it must issue regular earnings reports to inform shareholders and the public about its current financial position.
Reporting and compliance
77
The _________department prepares common financial statements that meet Securities and Exchange Commission requirements.
finance department
78
____________ then present this information in a _________ and often in a _________ with analysts.
Company leaders
press release
conference call
78
This department also prepare internal financial reports that are used by managers for decision-making.
Finance departments
79
Before a company invests in new property or equipment, for instance, the Financial department might prepare a ___________ report.
risk analysis report
79
A company's finance department could consist of __________ person or it could employ dozens of financial professionals.
only one person
79
_________ also play a key role in advising on business investment activities.
Finance departments
80
A business's __________ department is responsible for processing payroll, paying vendors or suppliers (accounts payable), accepting payment from customers (accounts receivable), allocating assets, reducing liabilities and managing cash flow.
finance department
81
The _____________ is responsible for managing all financial and accounting business for the firm, including the preparation of all financial reports.
CFO or Chief Financial Officer
82
This department must determine where and how to spend money.
finance department
83
This department is often tasked with finding cheaper alternatives to expensive products or services.
finance department
84
This department can also work closely with human resources to manage employees' compensation and salaries.
finance department
85
It is indeed a task and requires experts to make scientific purchases in modern day.
Purchasing
86
An organization’s __________ department bears the responsibility for procuring materials, supplies and services, as Reference for Business explains.
purchasing department
87
Employees in the purchasing department are called ______, _______ or ________.
buyers, supply managers or purchasing agents.
87
________ means obtaining appropriate materials, services and technology from the right source, in the right quantity and at the right time.
Purchasing
87
What are the two primary types of purchasing
purchasing for consumption or transformation
purchasing for resale
88
This department negotiates with vendors to acquire the best quality and most cost-effective items with the right delivery time.
Purchasing Department
88
The role of this department is to procure goods and services for an organization; thus, it's also referred to as the procurement department.
Purchasing Department
88
This ensures that a firm obtains the necessary parts for the manufacturing process and enables the production team to produce high-quality products for customers.
Purchasing Department
89
The department is a cost optimizer, always looking for ways to secure the best deal from suppliers. However, it's not just looking for low cost; it's also looking for high quality and service guarantees.
Purchasing Department
90
generally solicit bids from potential vendors by putting out a request for quotes, or RFQ
Purchasing Department
91
The _____ will specify in detail the department's requirements.
RFQ
91
_______ are given a time frame to respond within, along with their cost quote to fulfill the requirements.
Vendors
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