aPHR - Section 1 HR Operations Exam Solved 100%

Accounts Payable - Answer Money the organization owes to vendors or suppliers Accounts Receivable - Answer Money customers owe the organization Amendment - Answer Formal revision of, addition to, or change in a bill or a constitution Balance Sheet - Answer Accounting report showing the financial position of an organization Balanced Scorecard - Answer A management tool that provides a concise picture of the overall organization in four quadrants: 1) financial; 2) customer perspective; 3) internal processes; and 4) learning and innovation Benchmarking - Answer The process of comparing a firm's performance against the "best practices" of other leading companies Bill - Answer Draft of a proposed law presented for approval to a legislative body Centralized organizational structure - Answer Decisions made by upper management (corporate headquarters) Chain of command - Answer A system where authority passes down from the top through a series of management positions in which each is accountable to the one directly superior Change Theory (Kurt Lewin) - Answer Unfreeze, move and refreeze Computerized forecast - Answer Software package that allows projection of staff needs based on project sales, production volume and staff needed to maintain that level of production Consumer Price Index (CPI) - Answer Index measuring the change in the cost of typical wage-earner purchases of goods and services expressed as a percentage of the cost of the same goods and services in some base period Controlling - Answer Management responsibilities for ensuring steps for the organizational plan are followed Coordinating - Answer Management responsibility for providing resources and tools to accomplish goals Core Competency - Answer Organizational capabilities or strengths - what an organization does best that differentiates it from competition Cost Leadership Strategy - Answer Organization seeks to satisfy the consumer need for quality, low cost, products and services Critical Success Factors (CSF) - Answer Activities that a business or organization must perform extremely well in order to achieve its mission, goals, and objectives Culture - Answer The values, beliefs and actions of a society Corporate Culture - Answer A company's values, beliefs, business principles, traditions, ways of operating, and internal work environment Customer based organizational structure - Answer Organizational chart based upon customer needs Decentralized Organizational Structure - Answer Decisions made by lower levels of authority Deflation - Answer A contraction in the volume of available money or credit that results in a general decline in prices Directing - Answer Management responsibility for leading and reinforcing for effective results Disposable income - Answer The amount of money consumers have available to spend after taxes have been paid Divisional organizational structure - Answer Organizational chart separated by product, market, group, region, etc. Dual chain of command - Answer Employees have more than one reporting relationship - as in a matrix structure Economic value added (EVA) - Answer Net operating profit after taxes minus (capital x cost of capital); a measure of the economic value of an investment or project Employee Engagement - Answer The extent to which an employee feels a sense of attachment to the organization and believes in tis goals and supports its values Ethics - Answer Determining right and wrong behavior based on a set of standards of conduct and moral judgement