Download Business Management and HR: Definitions, Functions, and Skills and more Exams Business Economics in PDF only on Docsity! Unit 3 Business Test Exam Questions with Answers (solved by Expert) Latest Update Definition of Production - Correct answer when an individual, business, or an organization makes a product, provides a service, or generates an idea or concept Definition of Marketing - Correct answer business activities used to plan, price, promote, and distribute goods/services to consumers Definition of Finance - Correct answer businesses activities that concentrate on financial worth, spending, expenses, mergers, and costs Definition of Human Resources - Correct answer people aspect of the business, everyone from owner to employees Definition of Management - Correct answer the planning, organizing and controlling of all business activities Natural Resources - Correct answer agriculture, fishing & trapping, mining, water, fuel & energy, logging & forestry Raw Materials - Correct answer any goods used in the manufacturing of other goods ex) yeast, sugar, water eggs, etc. Labor - Correct answer all physical and mental work needed to produce goods and services ex) Capital - Correct answer money invested in the business- liquid and non-liquid ex) the donut shop just bought a brand new car in order to complete donut deliveries- that is liquid capital Information - Correct answer businesses require more info about new tech, customers, competition, political conditions, and sources of supply in order to improve the product, increase productivity, or get ahead of competition ex) the donut shop conducts a customer survey to see what new donut they should introduce to guarantee that it will be a success Management - Correct answer people who run the business and control or direct the factors of production ex) a higher level manager at the donut shop makes decisions about where the profit should be distributed, for example the costs of new labor raw materials Purchasing - Correct answer within a business, someone is responsible for purchasing the raw materials needed to produce the product or service ex) Greg works in the purchasing department and his role is to purchase the ingredients necessary for making donuts Processing - Correct answer all non-service businesses covert one item into another through processing ex) mixing and baking the ingredients to create the finished product (donut) Quality Control - Correct answer standards that ensure all produced products conform to a prescribed level of excellence ex) donuts that are not 3 inches thick do not meet company standards Grading - Correct answer act of checking products for size and quality against fixed standards for the product in terms of its technical characteristics ex) donuts missing the correct filing or sprinkles will be sold at a lower price Ways To Increase Productivity - Correct answer training, capital investment, investment in technology, new inventory systems Just-in-time Inventory System - Correct answer receiving goods only as they are needed in the production process, thereby reducing inventory costs Role of HR Department in a Company - Correct answer part of the management team who hire workers, set up their training programs, and arrange for payment of their salaries 6 Specific Tasks HR Department Performs - Correct answer Recruitment, Selection, Training, Development, Assessment, Compensation Recruitment - Correct answer looking for the right employee, uses a variety of sources to hire qualified employees (newspaper, postings on job banks, company's website) Selection - Correct answer interviewing and checking for qualifications, verifying references, administering skill/experience tests Training - Correct answer teaching skills that are then learned by practice, short term- specific to a job description, train to meet company standards Development - Correct answer long process of upgrading an employee's performance overtime Assessment - Correct answer employees are assessed to see if they need to make improvements in their job or qualify for promotions, bonuses, etc. ex) top-down, matrix evaluation, self-assessment
