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Business > Unit Test 2 > Flashcards

Unit Test 2 Flashcards

1
Q

Define Natural Resources

A

Those raw materials that we get from the earth, the water, and the air.

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2
Q

Define Primary Industries

A

The six natural resources that everything in the world is made out of

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3
Q

What are the six primary industries

A

Agriculture
Fishing & trapping
Mining
Water
Fuel & energy
Logging and forestry

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4
Q

Define Raw Materials

A

Ingredients that are transformed into another product.

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5
Q

What are the two types of raw materials

A

Ingredients and supplies

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6
Q

Define ingredients vs supplies

A

Ingredients: raw materials that go into a product (i.e. flour, sugar).
Supplies: Raw materials used in the running of a business that do not go into the product (i.e. oil, paper towel, envelopes).

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7
Q

Define Processing

A

Processing converts raw materials into a product.

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8
Q

Define labour

A

All the physical and mental work needed to produce goods or services

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9
Q

What are the three main ways companies save money on labour

A

Automation: The use of machines.
Consolidation: Centralizing work to one major site.
Outsourcing: The practice of subcontracting work to other companies.

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10
Q

Define capital

A

The money invested in a business

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11
Q

Define liquid capital

A

capital that can be transformed into other things at any time, with minimum effort.
Ex. Cash, stocks, bonds, Accounts receivable (money other businesses owe you)

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12
Q

Define non-liquid capital

A

items a business owns that are part of the everyday operations and cannot be easily converted into liquid capital.
Ex. Machinery (i.e. industrial mixer, Zamboni),

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13
Q

Define intellectual property

A

A business’ trade secrets or the ideas and talent of its workforce

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14
Q

What are some examples of information required so that companies can produce goods or services competitively in a global economy

A

New technology
Customers
Competition
Political conditions
Sources of supply

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15
Q

Define management

A

Those who decide how best to use an organisation’s human, financial, and material resources

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16
Q

What are some things managers make decisions on

A

How to allocate the company’s resources (capital & human)
What to purchase
What to make
Whom to hire
Where to sell

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17
Q

Define processing

A

converts raw materials into a product.

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18
Q

Define quality control

A

ensuring that the product a company makes meets certain standards.

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19
Q

What is the International Organization for Standardization (ISO)

A

an organization that sets worldwide standards for numerous industries.

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20
Q

What’s canada’s ISO rep.

A

Standards Council of Canada.

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21
Q

ISO-certified product meets international standards and expectations in industries such as what?

A

Aviation
Automotive
Construction
Electronics
Health care
Medicine
Telecommunications
Metals

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22
Q

Define grading

A

Checking products for size and quality against fixed standards for the product category.

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23
Q

Same 5 products that would be graded

A

Eggs, gasoline, meat, grain, gemstones

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24
Q

What is the main role of the purchasing department

A

Buying raw materials at the best price

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25
Q

What is environmental racism

A

~Hazardous waste/Pollutants disposed of in communities of colour (ie. Black and Indigenous communities). This disproportionately impacts these communities.
~Less attention/slow response from the government
~Where you live has bearing on your health

26
Q

How has production impacted the three communities discussed

A

~Direct - Burning of the landfill waste caused local communities to have high levels of cancer (breathing in the smoke, drinking bad water). Death of aquatic life
~Socially - Northern Plup trick the elders in the community in the 60’s to sign the deal, which lead to high rates of suicides, grief, etc.
~Indirect - Consumerism makes people buy more stuff which eventually ends up in landfills

27
Q

Are the two companies discussed in the documentary (Northern Pulp and Alton Gas) acting ethically?

A

~Alton Gas - No, they gave protestors a “cage” area to protest and they weren’t following CSR rules about protecting the environment.
~Northern Pulp - said the people in the communities won’t be impacted which was a lie.
~Overall - They are putting profit over people

28
Q

What are the three groups business jobs can be divided into

A

Accounting, finance, marketing

29
Q

What are the 8 functional areas of human resources

A

Recruiting and staffing employees
Employee benefits
Employee compensation
Employee and labor relations
Human resources compliance
Organizational structure
Human resources information and payroll
Employee training and development

30
Q

What are the 4 main ways to improve productivity

A

Training, capital investment, investment in technology, new inventory systems

31
Q

What are the four main types of training

A

Initial Training- for new employees
Ongoing Training- for new systems/procedures
Retraining- for employees transferring to a different job
Specialized Training- for upgrading skills/education

32
Q

What is capital investment

A

Investing money into a business can improve productivity, but it is not always a guarantee.

33
Q

What is investment in technology

A

Technology can also improve productivity by making jobs more efficient or eliminating them altogether.

34
Q

What are new inventory systems

A

Finding ways to make sure raw materials are available precisely when and where you need them can improve productivity.

35
Q

Define management

A

Those who decide how best to use an organisation’s human, financial, and material resources.

36
Q

Define manager

A

People who get things done by directing others.

37
Q

What are the three levels of managers

A

First-Line Managers
Middle Managers
Top Managers

38
Q

Examples of first-line managers

A

-Team leader
-Foreperson
-Assistant manager

39
Q

examples of middle managers

A

Plant manager
-Marketing manager
-Regional manager

40
Q

Examples of top managers

A

CEO (Chief Executive Officer)
-COO (Chief Operating Officer)
-CFO (Chief Financial Officer)
-Vice-president
-Executive director

41
Q

What are the functions of management

A

planning, leading, organising, controlling

42
Q

What does planning do in the functions of management

A

Setting up objectives
Direction for the organisation
(Vision+Mission)
Strategizing
Goals+Objectives

43
Q

What does organizing do in the functions of management

A

Achieve the objectives
Organisation design
Culture
Delegating
Change Management

44
Q

What does leading do in the functions of management

A

Influencing employee behaviours to achieve organisational objectives
Leadership
Motivation
Communications
Groups/Teams

45
Q

What does controlling do in the functions of management

A

Establishing and implementing
mechanisms to ensure the organisations achieves its objectives
Systems and processes
Quality Control
Evaluation
Performance

46
Q

What are the three leadership styles

A

Autocratic
Laissez-Faire
Democratic

47
Q

Define an autocratic leader

A

A leader who makes all decisions and expects employees to do as they are told.

48
Q

Define a laissez-faire leader

A

A leader who leaves employees alone to do their job.

49
Q

Define democratic leader

A

A leader who encourages employees to participate in the decision-making process.

50
Q

Define a union

A

organisation of workers (in a similar job) who join together to protect and improve their members working conditions.

51
Q

Has union membership increased or decreased in the last 50 years?

A

Decreased

52
Q

What percentage of each paycheck is usually collected for union dues?

A

1-1.5%

53
Q

Are unions a for-profit or non-profit businesses?

A

non-profit

54
Q

On average, how much more does a unionised employee cost employers compared to a nonunion worker?

A

$14.01

55
Q

What are some downsides to unions?

A

-Communication
-Difficult to innovate because everything has to be negotiated

56
Q

Why is it harder to unionise in the United States?

A

-Labour laws aren’t strict
-Political parties are not in favour of unions

57
Q

What are some of the complaints Amazon workers are making?

A

-Want better working conditions
-Want change(pace of their work, parking, staff shortages, wages)

58
Q

What percentage of workers are unionised in the US?

A

10.5%

59
Q

What percentage of workers are unionised in Finland and Denmark?

A

65%

60
Q

What are some benefits that Amazon currently offers?

A

-Pays tuitions for employees
-Health, dental, vision care provided
-Retirement plans
-Inductry leading pay

61
Q

What are some of the reasons Amazon doesn’t want employees to unionize?

A

-Work production will go down which might cause Amazon to hire more workers=costly
-Want direct communication

62
Q

What would happen if Amazon workers unionize?

A

-Ripple effect in other tech companies, and other large companies (they would want to unionize)
-Increase in costs for Amazon
-High wages, more bargaining power (for employees)

Business (4 decks)

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