aPHR - Section 1 HR Operations - 38% Exam Questions and Answers

aPHR - Section 1 HR Operations - 38% Exam Questions and Answers 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 p