GWU MLS 4158 Study Cards

Motivation Theories - correct answer content theories and process theories Maslow's Hierarchy of Needs - correct answer Five categories (bottom to top- praimary take prioty) physiological needs, safety needs,, social needs, esteem needs, self actualization Herzberg two=factor theory - correct answer hygiene or maintenance (prevent job satisfaction), motivation factors McClellands achievement model - correct answer Three work related needs- achievement power affiliation Alderfer ERG Needs Theory - correct answer existence, relatedness, growth (similar to Maslows) ABCD of motivation - correct answer Acquire, Bond, Create, Defend Balance sheet - correct answer Companies assets, liabilities and shareholders equity at a specific point in time Assets - correct answer resource with economic value that an invidivudal, corporation or country owns or controls the expectation that it will provide a future benefit. fixed assets provide benefit for more than one year. Liabilities - correct answer companies legal debts or obligations that arise during the course of business operations. include loans, accounts payable, mortgages, deferred revenues, accrued expenses. Used to finance perations Owners equity - correct answer total assets minus total liabilities income statement - correct answer financial statement that measures comapnys financial performance over a specific accounting period Accrual accounting - correct answer accounting method that measures performance and position of a company by recognizing economic events cash basis accounting - correct answer major accoutning method that recognizes revenues and expenses at the time physical cash is actually received or paid out revenue - correct answer amount of money that a company actually receives during a specific period including discounts and dedcutions for returned merch expense - correct answer economic costs that a business incurs through its operations to earn revenue Inventories - correct answer raw materials, work in process goods and cojmpletely finished goods that are considered to be the poriton of a buusiness assets and will be ready for sale property plant and equipment - correct answer account on the balance sheet. summation of all companys assets accrued liabilities - correct answer epense that a business has incurred but has not yet paid. depreciation - correct answer method of allocating the cost of a tangible asset over its usueful life Accumulated deprecation - correct answer cumulative depreciation of an asset up to a single point cash flow statement - correct answer amount of cash and cash equivalents entering and leaving a company. Variable costs - correct answer Depend on rpoduction volume fixed costs - correct answer ie rent- tend to remain the same regardless of production output semi variable cost - correct answer vary but only incrementally Liquidity ratios - correct answer financial metrics used to determine company ability to pay off short term debts obligations. Current asset/current liabilities deb-equity ratio - correct answer measure a company's financial leverage- calculated by dividing a companys totl liabilities by its stockholders equity. How much debt is used to finance assets relative to amount o fvlaue in shareholder equity profitiblity ratios - correct answer assess business ability to generate earnings as compared to its expenses Cost volume profit analysis - correct answer Assumptins 1. all cost categorized as variable or fixed 2. sales price per unit, variable cost per unit and total fixed cost are constnt 3. all nits produced are sold Billable procedure - correct answer test billed to payer (insurance or individual). Microcost analysis to determine billabel procedure non-billable procedure - correct answer contirubtes to generaiton of billable test result but not directly reimbursable. Ie cost of running controls or any tests microcost analysi - correct answer direct expense and indirect expense (overhead) capital budgeting - correct answer planning process used to determine whether an organization long term invstments such as new insturmentation, new lab space, new product lines and R&D projects are worth the funding Capital Budgeting - correct answer Planning process used to determine organization long term investments such as new instrumentation, replacement instrumentation, new lab space, new product lines, R&D projects Capital Budget Process - correct answer involve mssive investment of resources. Not easily reversible. Have long-term implications for organization. Involve uncertainty and risk for the organization Capital Budget - correct answer Voice of the Business, Voice of teh customer, Voice of the Process, Voice of the Employees Voice of the Business - correct answer Based on organizational strategy & direction, understanding the VOB assists in identify potential projects to aid in moving the organization closer to its goals & objectives or to gain compettive edge. Represents needs to business and key stakeholders. Voice of the Customer - correct answer Customer behavior is key to strategy and process design, they define value added services adn products. Customer feedback important Voice of the Process - correct answer Performance and capability of a process to perform in relation both to customer and business needs. efficiency or effectiveness metrics. priority and non-priority processes,,. Identify bottlenecks or weak links. customer input Voice of the employee - correct answer communicates needs, desires, hopes, preferences of all employees. o Purchase pros/cons - correct answer Pros- discount, reagents cost less than if leased, depreciated Cons- total ownership, technology freeze, capital might not be avaialble for purchase Lease pros/cons - correct answer pros- no capital required, outside of capital budget cycle, upgrades or total different technology. Cons- reagents more expensive, total cost higher, huge lease termination fees.