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PHR Certification Study Guide Solutions Accounts Payable - ANSWER-Money an organization owes its vendors and suppliers. Accounts Receivable - ANSWER-Money an organization's customers owe the organization. Action Plans - ANSWER-Detailed steps a unit, department, or team will take in order to ...

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  • November 11, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • phr certification study guide solutions

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PHR Certification Study Guide
Solutions




Accounts Payable - ANSWER✔✔-Money an organization owes its vendors and

suppliers.


Accounts Receivable - ANSWER✔✔-Money an organization's customers owe the

organization.


Action Plans - ANSWER✔✔-Detailed steps a unit, department, or team will take in

order to achieve short-term objectives.

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Amendment - ANSWER✔✔-Modification or the Constitution or a law; modification

may be either formal (written) or informal (unwritten).


Assets - ANSWER✔✔-Financial, physical, and sometiems intangible properties an

organization owns.


Balance Sheet - ANSWER✔✔-Statement of a firm's financial position at a particular

time.


Balanced scorecard - ANSWER✔✔-Measurement approach that provides an overall

picture of an organization's performance as measured against goals in finance,

customers, internal business processes, and learning and growth.


Bill - ANSWER✔✔-Proposal presented to a legislative body for possible enactment as a

law.


Break-even analysis - ANSWER✔✔-Analysis that shows point in time at which total

revenue associated with a program is equal to the total cost of the program.


Business Case - ANSWER✔✔-Description of an organizational challenge and possible

alternative solutions, arguing for specific solution.


Capacity - ANSWER✔✔-To an operations department, the ability to yield output.


Cash flow statement - ANSWER✔✔-Record of how much cash is flowing into and out

of an organization, including its sources or destinations.


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Centralization - ANSWER✔✔-Degree to which decision-making authority is restricted

to higher levels of management in an organization.


Code of ethics - ANSWER✔✔-Principles of conduct within an organization that guide

decision making and behavior.


Consumer price index - ANSWER✔✔-Measure of the average change over time in the

prices paid by consumers for goods and services.


Control - ANSWER✔✔-To an operations department, an after-the-fact evaluation of a

company's ability to meet its own specifications and its customers' needs.


Correlation - ANSWER✔✔-Measure that indicates the relationship between two

variables.


Cost-benefit analysis - ANSWER✔✔-Ratio of value created to cost of creating that value;

allows management to determine the financial impact particular activities and

programs have on an organization's profitability.


Decentralization - ANSWER✔✔-Degree to which decision-making authority is given to

lower levels in an organization's hierarchy.


Departmentalization - ANSWER✔✔-Way an organization groups jobs to coordinate

work.


Divestiture - ANSWER✔✔-Sale by a company of an asset that is not performing well,

that is not core to the company's business, or that is worth more as a separate entity.
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Divisional structure - ANSWER✔✔-Organizational structure in which segments ae

separated by product, customer or market, or region.


Due diligence - ANSWER✔✔-Process of conducting an intensive investigation of an

organization as one of the first steps in a pending merger or acquisition.


Electronic Communications Privacy Act (ECPA) - ANSWER✔✔-Act that makes it

unlawful to intercept messages in transmission, access stored information on electronic

communication services, or disclose this information.


Enterprise management - ANSWER✔✔-Integrated processes and tools to allow

information sharing and process management across functions, sometimes even with

external partners, such as suppliers.


Environmental scanning - ANSWER✔✔-Process that involves a systematic survey and

interpretation of relevant data to identify external opportunities and threats.


Equity - ANSWER✔✔-Amount of owners' or shareholders' portion of a business.


Ethics - ANSWER✔✔-System of moral principles and values that establish appropriate

conduct.


Extended organization - ANSWER✔✔-Alliance between organizations to create

processes and information channels that allow communication and collaboration.


Financial ratios - ANSWER✔✔-Calculations designed to describe an organization's

financial health and performance from various perspectives.
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