HRCI PHR Module 1 - Business Management (Definitions) 2023/2024 updated to pass

HRCI PHR Module 1 - Business Management (Definitions)Organization - correct answer a group of individuals united around a specific purpose, engaged in the pursuit of achieving a set of common goals. Human Capital - correct answer the value added to an organization by the skills, knowledge, and talent of its employees. Adamson Act (1916), Adamson Act - correct answer In this act, the government began to regulate employee treatment more specifically by establishing an eight-hour workday, with additional pay for overtime work, for interstate railroad workers. This act also helped foster compliance as a domain of HR. Frederick Taylor's Scientific Management Theory (1911), Scientific Management Theory, Frederick Taylor's Theory - correct answer This act led to a focus on organizational efficiency with the theory that efficiency is achieved by matching a motivated worker with a job that utilized his or her individual capabilities including the idea that money is the best motivator. This act was one of two acts that made compensation a domain of HR. Fair Labor Standards Act (1938), FLSA, Fair Labor Standards Act - correct answer This act is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits employment of minors in "oppressive child labor". This act was one of two acts that made compensation a domain of HR. Equal Pay Act (1963), Equal Pay Act - correct answer This is one of two acts that required organizations to ensure all employees were treated equally. It addressed wage differences based on gender making it illegal to pay men and women working in the same place different salaries for similar work. This act made employee support another domain of HR. Civil Rights Act (1964), Civil Rights Act - correct answer This is one of two acts that required organizations to ensure all employees were treated equally by prohibiting discrimination on the basis of race, color, religion, sex or national origin. This act made employee support another domain of HR. Internal Revenue Service (IRS), IRS - correct answer a service that defines business entities based on who owns and is legally responsible for a business. Sole Proprietorship - correct answer is an IRS tax definition defines businesses with a single owner who is solely accountable for the business. This includes responsibility for all debts and liabilities as well as profits. The organization may operate under a business name that has been registered locally; however, income is reported as personal income and subject to self-employment taxes. Partnership - correct answer is an IRS tax definition where two or more people share ownership of a business entity. Each owner shares in the risk and profits of a partnership, although the division of accountability varies between businesses. The business itself is not subject to income tax. Instead, individual partners report their share of the income as personal income tax and are responsible for self-employment taxes. Corporation - correct answer is an IRS tax definition which is owned and funded by shareholders through the sale of stocks. The shareholders are not individually liable for debts. Instead the corporation itself is legally responsible for taxes, debts, and its actions. The corporation is subject to taxes on profits. Shareholders are also responsible for income taxes on their distributed shares of profits. Limited Liability Company (LLC), LLC, Limited Liability Company - correct answer is an IRS tax definition which offers owners the liability protection of a corporation without requiring the sale of stocks. The owners, or members, of an LLC report their share of earnings as personal income tax and are subject to self-employment taxes. Generally, an LLC may have one or more members, although a few states require at least two members to grant an LLC designation. S-Corporation - correct answer is an IRS tax definition which is owned by shareholders who have individual tax liability for the business, akin to a partnership. The shareholders report their share of the corporation's profits and losses on their personal income taxes. As a result, the business itself is not taxed on profits. Business Elements - correct answer are key components of an organization which describe products/services, customer/clients, competitors, organizational culture, and technology use. Internal Functions - correct answer are core departments and organizations which help the business run.