Business Review Practice Exam Test.
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 cal...
Business Review Practice Exam Test.
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
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