PHR Certification Exam With 100% Correct Answers 2023

Accounts Payable - Correct answer-Money an organization owes its vendors and suppliers. Accounts Receivable - Correct answer-Money an organization's customers owe the organization. Action Plans - Correct answer-Detailed steps a unit, department, or team will take in order to achieve short-term objectives. Amendment - Correct answer-Modification or the Constitution or a law; modification may be either formal (written) or informal (unwritten). Assets - Correct answer-Financial, physical, and sometiems intangible properties an organization owns. Balance Sheet - Correct answer-Statement of a firm's financial position at a particular time. Balanced scorecard - Correct 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 - Correct answer-Proposal presented to a legislative body for possible enactment as a law. Break-even analysis - Correct 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 - Correct answer-Description of an organizational challenge and possible alternative solutions, arguing for specific solution. Capacity - Correct answer-To an operations department, the ability to yield output. Cash flow statement - Correct answer-Record of how much cash is flowing into and out of an organization, including its sources or destinations. Centralization - Correct answer-Degree to which decision-making authority is restricted to higher levels of management in an organization. Code of ethics - Correct answer-Principles of conduct within an organization that guide decision making and behavior. Consumer price index - Correct answer-Measure of the average change over time in the prices paid by consumers for goods and services. Control - Correct 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 - Correct answer-Measure that indicates the relationship between two variables. Cost-benefit analysis - Correct 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 - Correct answer-Degree to which decision-making authority is given to lower levels in an organization's hierarchy. Departmentalization - Correct answer-Way an organization groups jobs to coordinate work. Divestiture - Correct 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. Divisional structure - Correct answer-Organizational structure in which segments ae separated by product, customer or market, or region. Due diligence - Correct 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) - Correct answer-Act that makes it unlawful to intercept messages in transmission, access stored information on electronic communication services, or disclose this information. Enterprise management - Correct answer-Integrated processes and tools to allow information sharing and process management across functions, sometimes even with external partners, such as suppliers. Environmental scanning - Correct answer-Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats. Equity - Correct answer-Amount of owners' or shareholders' portion of a business. Ethics - Correct answer-System of moral principles and values that establish appropriate conduct. Extended organization - Correct answer-Alliance between organizations to create processes and information channels that allow communication and collaboration. Financial ratios - Correct answer-Calculations designed to describe an organization's financial health and performance from various perspectives. Foreign Corrupt Practices Act (FCPA) - Correct answer-Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business. Formula budgeting - Correct answer-Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount. Functional structure - Correct answer-Organizational structure that defines departments by what services they contribute to the organization's overall mission. Gantt chart - Correct answer-Project planning tool that graphically displays activities of a project in sequential order and plots them against time. Generation X - Correct answer-Group of people born roughly between the years of 1965 - 1980 Generation Y - Correct answer-Group of people born after 1980. Gross domestic product (GDP) - Correct answer-Estimate of the total value of goods and services produced in a country in a given year. Gross profit margin - Correct answer-Ratio of gross profit to net sales. HR audit - Correct answer-Process to measure the effectiveness and efficiency of HR programs and positions. Human capital - Correct answer-Combined knowledge, skills, and experience of a company's employees. Human resource information system (HRIS) - Correct answer-Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data. Human resource management (HRM) - Correct answer-Design of formal systems in an organization that ensure the effective and efficient use of human capital to accomplish organizational goals. Income statement - Correct answer-Statement comparing revenues, expenses, and profits over a specified period of time, usually a year or a quarter. Incremental budgeting - Correct answer-Form of budgeting in which the prior budget is the basis for allocation of funds. Inventory - Correct answer-To an operations department, an organization's major asset after physical buildings and equipment. Key performance indicators (KPIs) - Correct answer-Quantifiable measures of performances used to gauge progress toward strategic objectives or agreed standards of performance. Liabilities - Correct answer-Organization's debts and other financial obligations. Line units - Correct answer-Work groups that conduct the major business of an organization. Long-term objectives - Correct answer-Specific results, to be accomplished in three to five years, that an organization seeks to achieve in pursuing its mission. Marketing - Correct answer-Process of planning, pricing, promoting, and distributing goods and services to satisfy organizational objectives. Matrix structure - Correct answer-Organizational structure that combines departmentalization by division and function to gain the benefits of both. Mean - Correct answer-Average score or value in a set of data. Median - Correct answer-Middle point above and below which 50% of scores in a set of data lie. Mergers and acquisitions (M&A) - Correct answer-Combination of two separate firms either by their joining together as a relative equals (merger) or by one acquiring the other (acquisition). Mid-term objectives - Correct answer-Serve a purpose similar to short-term objectives but are completed in one to three years. Mission statement - Correct answer-Specifies what the organization does, who its customers are, and the priorities it has set in pursuing its work. Mode - Correct answer-Value that occurs most frequently in a set of data. Net profit margin - Correct answer-Ratio of net income (gross sales minus expenses and taxes) to net sales. Normal distribution - Correct answer-Expected distribution given a random sampling across a large population. Offshoring - Correct answer-Relocation of processes or functions from a 'home' country to another country. Percentile - Correct answer-Specific point in a distribution of data that has a given percentage of cases below it. Population - Correct answer-Group of persons or objects or a complete set of observations or measurements about which one whishes to draw conclusions. Primary research - Correct answer-Involves data that is gathered firsthand for a specific evaluation. Product - Correct answer-Whan an organization sells to make a profit. Program evaluation and review technique (PERT) chart - Correct answer-Project management tool used to schedule, organize, and coordinate tasks within a project. Project - Correct answer-Series of tasks and activities that has a stated goal and objectives, a schedule with defined start and end dates, and a budget that sets limits on the use of monetary and human resources. Promotion - Correct answer-Techniques for communicating information about products to consumers. Public comment period - Correct answer-Time allowed for the public to express its views and concerns regarding an action of a regulatory agency. Qualitative analysis - Correct answer-Based on research that supplies non-numeric data, for example, through the use of interviews, open-ended survey questions, and other methods that gather attitudes, opinions, and feelings. Quantitative analysis - Correct answer-Seeks to obtain easily quantifiable data on a limited number of measurement points. Quorum - Correct answer-Number of members of an organization that have to be present before official business may be conducted. Range - Correct answer-Distance between highest and lowest scores in a set of data. Regression analysis - Correct answer-Statistical method used to predict a variable from one or more predictor variables. Regulation - Correct answer-Rule or order issued by a government agency; often has the force of law. Reliability - Correct answer-Ability of an instrument to measure consistently. Request for proposal (RFP) - Correct answer-Written request asking vendors to propose solutions and prices that fit a customer's requirements. Research and development (R&D) - Correct answer-That part of an organization charged with designing and developing products, processes, and services to meet market needs. Resolution - Correct answer-Legislative measure limited in effect to either the Congress or one of its chambers. Return on investment (ROI) - Correct answer-Ratio of incremental value (value received minus cost to create value) of an investment to its cost multipled by 100%; measures the economic return on a project or investment. Sales - Correct answer-Business function responsible for selling an organization's product to the marketplace. Sample - Correct answer-Portion of a population used to draw conclusions regarding an entire population. Sarbanes - Oxley Act (SOX) - Correct answer-Act that changed corporate governance and reporting standards and underscored board of director's responsibility to help ensure financial accountability, accuracy, and compliance. Scheduling - Correct answer-To an operations department, the act of detailed planning; based upon incoming orders, order history, and forecasts of future demand. Secondary research - Correct answer-Uses data already gathered by others and reported in various sources. Short-term objectives - Correct answer-Milestones that must be achieved, usually within six months to one year, in order to reach long-term objectives. Span of control - Correct answer-Refers to the number of individuals who report to a supervisor. Staff units - Correct answer-Work groups that assist line units by providing specialized services, such as HR. Standard deviation - Correct answer-Measure that indicates how much scores in a set of data are spread out around a mean or average. Standards - Correct answer-For an operations department, provide the yardstick by which the amount and quality of output are measured