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Worsham Bus. Mngt Q1
| Question | Answer |
|---|---|
| 90% of businesses are | small businesses |
| Small business is defined as | a business indepently owned & operated that has a local geographical market base and is not a dominate force in it's industry |
| What are some of the purposes of the small business administration | helps the small business form, incorporation, find money, marketing, advertising and councel |
| how does the SBA define a small business in regurds to whole sale, manufacturing & retail | WS-100 or less employees, manu-500 or less employees, retail-gross sales are $500,000 or less |
| some advantages of small businesses include | service, personalization, SBA support, money, able to assist all around, your own boss, impliment own ideas, prices, operations |
| some disadvantages of small businesses include | inadiquet experiance, money, 100% of responsibility falls on you, time, personal stress |
| entrepreneurship | not fearful of taking chances. A small business owner person that is a founder of a business, owns and operates a business. |
| what are the 4 functions of a small business manager | planning, leading/directing/modivating, organization, controlling |
| Time management | managing your time so that you have the time to be a leader not just an employee. |
| A written document that lays out the basic idea underlying a business & related start-up considerations | Business Plan |
| the 4 objectives of a business plan | 1-Identify the nature of the business 2-Present and define the approach or means by which you plan to take to accomplish this 3-Identify the facters that need to be present in order to be successful 4-Primary methods of raising capitol |
| Primary functions of the business plan | 1-provide a clear statement of goals & stratigies 2-should serve as educational and selling document to 3rd parties |
| a business plan should contain 9 parts | 1-title page, 2-summary of total plan (table of contents, 3-mission statement, 4-statement of the nature of the business (overview), 5-statement of products & services, 6-marketing plan, 7-management plan, 8-opperating plan, 9-financial plan |
| document that shows projects of a businesses profits, assets & liabilities | accounting statement |
| Income statement/profit & loss statement | statement that indicates the amount of profits or losses that are generated over a given peroid of time, usually a year |
| total sales-total expenesses= | net profit/loss |
| balance sheet | indicates assets & liabilities. statement that provides a snap shot of a businesses finanical position at any specific point in time |
| assets-liability= | oweres equity |
| currant, fixed and intangable are types of | assests |
| currant assest | working capitol or liquid assest such as cash, accounts receivable, inventory on hand, anything that can be liquidated quickly |
| fixed assests | building, land, vechicles, equipment, office equipment |
| intangable assests | cannot see or touch such as good will, reputation, name, patent, skills |
| 2 types of financing | debt capital and owers capital |
| debt capital | bank loans or any borrowed loan capital that must be repaid |
| owers capital | owe money, property, etc |
| funeral home management | is the administration of a FS enterprise the activities of which in compass marketing, office, personnel, HR, facilities, and financial management |
| what is the primary purpose of the funeral service | meet the needs of the family |
| broad statement of what an organization wants to acheive | goals |
| specific statement of an end result | objective |
| assigning tasks is a major part of | organizing |
| regulating the activities or course of activities of a business | leading |
| a management function which compares organizational and individual proformances with pre-determined standards or expected results | controling/evaluating |
| facilities management | obtaining and maintaining of adquit work space and funeral equipment |
| determines of office equipment and ensuring paperwork is in proper order | office management |
| TQM | total quality management |
| coveat vendertar | seller beware |
| coveat emtor | buyer beware |
| process of accquiring, training, developing, motivating, a suficant amount of qualified people to proform necessary activites | Human resource |
| 3 steps in addressing hiring the right employees | 1-personnel manual/handbook, 2-develop a professional hiring process, 3-develop a professional training program |
| what type of policies should be in place by HR | training, sexual harrassment, dress code, continued education, organization, bennefits, work hours, PTO, salary, mission statement, progation peroid |
| when hiring be sure the following is clear | job description, job title, qualifications, job analysis |
| job analysis | process of determing the critical componets of the job |
| a written application containing basic information | employment application |
| what can you NOT ask at an employment interview | maiden name, if you were arrested, citizenship, age, birth place, lawsuits with prev. employers, marrital status, chidlren, illness/disease, religion, if discharge from military was dishonorable |
| what can you ask at an employment interview | authorized in work in US, how long have you lived here, what days can you work, are you over 18, whar are your long term career goals, have you ever worked or earned a degree under another name |
| what are guidlines when it goes to termination | 1-check state/fed laws, 2-sit down & talk to them, tell them what's wrong, give a probation peroid, 3-when problems start DOCUMENT EVERYTHING in personnel file, 4-be mindfull of unoin |
| when resigning/quitting it is good to | give proper notice in writting, dont' leave with bad feelings, keep feeling/oppinions to yourself, have class, tell immediate super then owner, complete outstanding tasks, don't be negative about company, don't take privilaged info |
| Tite VII of the Civil Rights Act of 1964 | outlaws discrimmination in employment based on race, color, religion, sex, national origin and pregnancy |
| Age Discrimination in Employment of 1967 | cannot discriminate against people over 40. hiring or promotions |
| Equal Pay Act of 1963 (part of Fair Labor Standard) | states you must give equal pay to men and women |
| Fair Labor Standard Act | outlaws discrimination in pay by making employer provide a minimum wage and over time pay |
| Americans With Disabilities Act (ADA) | only applies to businesses with 15 or more employees and gives people with disabilities a fair shot at employment |
| Bona Fied Occupational Qualification Act (BFOQ) | have to be qualified to proform the duties of a particular job even if you are disabled |
| according to the American Board what should the starting salary be for a funeral director | the same as a teacher starting in that community |
| according to Aberham Maslow what are the hierarchy of needs | 1-physiological, 2-security, 3-social, 4-self esteem, 5-self actualization |
| marketing | any activity that a FH engages in to create public awareness of their services & products, any activity to generate new business and retain present business |
| a marketing plan should include | advertising, public relations, branding, publicity |
| your statement to the community as to who you are. an intangible asset that is a distinct name, sign or symbol | trademark |
| registered right of a creator to re-produce, publish and sell the work which is the product of their intelligence & skill of that person | copyrights |
| registered right of an inventor to make, use & sell their invention | patent |
| how much should an advertising budget be | 2-5% of the yearly gross income |
| public relations | inducing the public to have a positive feeling about you funeral home |
| publicity | reports be it oral or written about the funeral home or employees of TV, radio, etc by a 3rd party |
| customer service | instill in employees that the central goal of the business is to satisfy the customers needs |
| how many steps are there in handling a complaint | 16 |
| what are the 3 types of disasters | natural, accidental, man-made |
| what does D-Mort stand for | Disaster Mortuary Operational Response Team |
| what is D-Mort | volunteer funeral directors that respond and assist when there is a disaster |
| what 2 types of small businesses have declined | drug stores and grocery stores |
| small businesses are more prevalent in | service industries than retail |
| what type of franchise saw a boom in the 60's and 70's | fast food |
| a major advantage of a franchise is | working with an established name |
| part of the leading function is to give employees the ability to make decisions is | empowerment |
| identifying goals and objectives is | planning |
| developing is known as | organizing |
| monitoring is synomonus with | time management |
| sales-costs is a simple formula for the | income statement |
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