Business Comprehensive Exam
Questions and Answers
what are the four functions of management and which is the first step in managing -
correct answer-planning(first step), organizing, leading and controlling
activities that are designed to encourage teamwork and help employees buy into
common goals are called what? - correct answer-team building
describe human relations skills - correct answer-the study of how people relate to each
other
what is time management - correct answer-the process of using time effectively
what are quantity discounts - correct answer-a discount that a vendor gives to a buyer
who places large orders
when you recieve a shipment from a vendor, it should come with an _____ that you will
use to check against your purchase order - correct answer-invoice
what is the difference between shrinkage and obsolescence costs - correct answer-
shrinkage costs are w/ the loss of inventory that are broken, etc.
obsolescence costs are w/ products or materials that become obsolete while in
inventory
describe just in time inventory systems - correct answer-it shifts most of the inventory
chores to the vendor
what is quality control - correct answer-the process of making sure the goods or
services you produce meet certain standards
wgar does distribution management include - correct answer-transportation, shipping &
receiving, storage & warehousing, materials handling, and specification of delivery
terms
what are the 4 steps of the product development process - correct answer-opportunity
recognition, concept investigation, product design, prototype building and testing
describe the following carriers : common, contract, private - correct answer-common - a
firm that provides transportation services at uniform rates to the general public
, contract - shipping company that transports freight under control w/ one or more
shippers
private - business that operates its own vehicles for the purpose of transporting its own
products and materials
what type of business will usually have a no credit policy - correct answer-convenience
stores
which type of credit entails less risk for a merchant - correct answer-bank credit cards
list and describe the 3 c's of credit - correct answer-1. character - a borrowers reputation
for honest dealings
2. capacity - a borrowers ability to repay a debt
3. capital - the overall assets of an individual
a fair policy for replacements, refunds, or repairs helps maintain what? - correct answer-
good will
what is a line and staff organization - correct answer-a form of business organization
that incorporates staff into line organization
what is the difference between a job description and a job specification - correct
answer-a job description is a statement that describes the objectives of a job and its
duties and responsibilites
a job specification is a document that details the abilities, skills, education level and
experience needed by an employee to perform the job
what is the intent of a policy - correct answer-to simplify day to day management
what is the purpose of educational activities - correct answer-they prepare employees
for advancing in the organization
what are the 4 steps in planning a training and development program - correct answer-
determine your needs, design your program, implement your program, evaluate your
program
law and regulations that are designed to protect employees from things like
discrimination are enforced by what commission - correct answer-equal employment
opportunity commission (EEOC)
what are hygiene factors and give three examples of them - correct answer-factors that
dont improve situations, but keep them from getting worse (compensation,working
conditions, fair company policies)
what is job enlargement - correct answer-the act of increasing the tasks, responsibilities
and scope of a job
Questions and Answers
what are the four functions of management and which is the first step in managing -
correct answer-planning(first step), organizing, leading and controlling
activities that are designed to encourage teamwork and help employees buy into
common goals are called what? - correct answer-team building
describe human relations skills - correct answer-the study of how people relate to each
other
what is time management - correct answer-the process of using time effectively
what are quantity discounts - correct answer-a discount that a vendor gives to a buyer
who places large orders
when you recieve a shipment from a vendor, it should come with an _____ that you will
use to check against your purchase order - correct answer-invoice
what is the difference between shrinkage and obsolescence costs - correct answer-
shrinkage costs are w/ the loss of inventory that are broken, etc.
obsolescence costs are w/ products or materials that become obsolete while in
inventory
describe just in time inventory systems - correct answer-it shifts most of the inventory
chores to the vendor
what is quality control - correct answer-the process of making sure the goods or
services you produce meet certain standards
wgar does distribution management include - correct answer-transportation, shipping &
receiving, storage & warehousing, materials handling, and specification of delivery
terms
what are the 4 steps of the product development process - correct answer-opportunity
recognition, concept investigation, product design, prototype building and testing
describe the following carriers : common, contract, private - correct answer-common - a
firm that provides transportation services at uniform rates to the general public
, contract - shipping company that transports freight under control w/ one or more
shippers
private - business that operates its own vehicles for the purpose of transporting its own
products and materials
what type of business will usually have a no credit policy - correct answer-convenience
stores
which type of credit entails less risk for a merchant - correct answer-bank credit cards
list and describe the 3 c's of credit - correct answer-1. character - a borrowers reputation
for honest dealings
2. capacity - a borrowers ability to repay a debt
3. capital - the overall assets of an individual
a fair policy for replacements, refunds, or repairs helps maintain what? - correct answer-
good will
what is a line and staff organization - correct answer-a form of business organization
that incorporates staff into line organization
what is the difference between a job description and a job specification - correct
answer-a job description is a statement that describes the objectives of a job and its
duties and responsibilites
a job specification is a document that details the abilities, skills, education level and
experience needed by an employee to perform the job
what is the intent of a policy - correct answer-to simplify day to day management
what is the purpose of educational activities - correct answer-they prepare employees
for advancing in the organization
what are the 4 steps in planning a training and development program - correct answer-
determine your needs, design your program, implement your program, evaluate your
program
law and regulations that are designed to protect employees from things like
discrimination are enforced by what commission - correct answer-equal employment
opportunity commission (EEOC)
what are hygiene factors and give three examples of them - correct answer-factors that
dont improve situations, but keep them from getting worse (compensation,working
conditions, fair company policies)
what is job enlargement - correct answer-the act of increasing the tasks, responsibilities
and scope of a job
