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Business Mgmt Q3
Business Mgmt
| Question | Answer |
|---|---|
| ___% of American businesses are small businesses | 90% |
| Small businesses are a force in ___ & ___ economies | American & global |
| Small business criteria: casket manufacturer | 500 or fewer employees |
| Small business criteria: casket wholesaler | less than 100 employees |
| Small business criteria: casket retailer | gross annual sales average $500,000 or less |
| a firm that is independently owned & operated, not dominant in its industry/field, and its clientele is local | small business |
| In the past 15-20 years, there has been a decrease of what kinds of small businesses? | drugstores & grocery stores |
| Small businesses are more prevalent in ____ industries | service |
| founder/owner of a small business | entrepreneur |
| An entrepreneur usually... | takes a risk |
| Advantages of being an entrepreneur | 1. independence*** 2. gets all profits 3. satisfying way of life |
| Disadvantages of being an entrepreneur | 1. lack of managerial experience 2. start-up cost 3. personal stress 4. hard work, long hours 5. threat of failure |
| a formalized business relationship between two people | franchise |
| A franchisor is a ___ | corporation |
| A franchisee is a... | person who buys the franchise |
| Functions of a small business manager | 1. planning 2. leading (motivating) 3. organizing 4. controlling (monitoring) |
| Which small business manager function: develop a business plan | planning |
| the written document that sets out the basic idea with regard to a business & its startup considerations | business plan |
| Objectives of a business plan | 1. identify the nature & context of the business opportunity 2. present & define how you are going to exploit that opportunity 3. identify what factors must be present to make business successful 4. identify methods of raising capital |
| Contents of a business plan | 1. title page 2. summary of plan 3. mission statement 4. statement of nature of company 5. provide detail re: products & services 6. brief statement of marketing plan 7. mgmt plan 8. operating plan 9. financial plan |
| statement that indicates the amount of profit (or loss) generated by a business over a given period of time (usually one year) | income statement |
| income statement formula | gross sales - total expenses = net profit |
| shows owner's equity, assets & liabilities as of a certain date | balance sheet |
| assets that can readily be turned into cash (liquid) | current assets |
| aka working capital | current assets |
| assets such as land, building, etc. | fixed assets |
| assets such as logo, brand, goodwill | intangible assets |
| money you contributed yourself as an owner | owner's equity/capital |
| money borrowed that needs to be paid back | debt capital |
| the act of motivating people towards the achievement of a goal or goals | management |
| the administration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities & financial management | funeral service management |
| primary objective of funeral service | to service the needs of families who have suffered the loss of a loved one |
| secondary objective of funeral service | to generate income |
| Functions of a funeral home manager | 1. planning 2. organizing 3. directing (actuating) 4. controlling (evaluating) |
| a general broad statement of what the funeral home wants to achieve over a long period of time | goal |
| more specific statement of want you want to do to achieve your goals | objective |
| aka actuating | directing |
| the obtaining and maintaining of adequate workspace & funeral equipment | facilities management |
| complying with government regulations is part of... | facilities management |
| maintenance of facilities & equipment is part of... | facilities management |
| "let the buyer beware" | caveat emptor |
| "seller beware" | caveat veditor |
| all owners & managers must practice ___ ___ ___ | total quality management |
| ensure that the efforts of all your personnel are directed to ensure that quality in the production of goods & services is achieved to meet the needs of the family | total quality management |
| __ - __% of a firm's revenue goes to personnel costs | 18 - 26% |
| a list of the major responsibilities & tasks of a particular job | job description |
| process of determining the critical components of a job | job analysis |
| Title VII: Cannot ask | - race - sex - religion - age - color - ancestry - arrest/court record - marital status - kids -pregnancy |
| Employment interview: Cannot ask | - maiden name - arrest record - age - lawsuit w/ previous employer - marital status - children/dependents - disability - HIV positive - birthplace - military discharge - race - religion gender - pregnancy |
| Which act outlaws discrimination in employment? | Title VII of Civil Rights Act |
| Which act prohibits discrimination against those 40 years old or older | Age Discrimination in Employment Act |
| Which act prohibits discrimination in pay based on gender? | Equal Pay Act |
| Which act states that a disabled person must be otherwise qualified for the job? | Bona Fide Occupational Qualification Act (BFOQ) |
| Which act outlaws discrimination practices regarding wages? | Fair Labor Standard Act |
| aka Wage & Hour Act | Fair Labor Standard Act |
| Which act is concerned with minimum wage & overtime? | Fair Labor Standard Act (Wage & Hour Act) |
| What is important to employees? | 1. benefits 2. compensation 3. feeling safe in work environment 4. job security |
| the process of planning & executing the development, pricing, promotion, and distribution of your goods & services | marketing |
| making the public aware of the services & products that you provide | advertising |
| the registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person | copyright |
| the registered right of an inventor to make, use, and sell their invention | patent |
| an intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to a person to use for a specified period of time | trademark |
| legal name for "brand" | trademark |
| name, logo, etc | brand |
| A consumer must see/hear an ad __ - __ times before it sinks in | 9 - 15 times |
| Forms of Advertising | 1. direct mail 2. radio & TV 3. yellow pages 4. church bulletins 5. billboards 6. newspapers/obituaries 7. internet |
| __ - __% of yearly gross income should be spent on advertising | 2 - 5% |
| the wealth that is produced in a specific community | economic base |
| inducing the public to have a positive feeling & attitude about your funeral home | public relations |
| written or oral reports about your funeral home and your employees on local radio, TV or newspaper | publicity |
| a statistical study of population with respect to size, distribution, composition & income | demographics |
| Reasons people buy stuff | - comfort - convenience - need - prestige - health |
| Reasons funeral directors are needed for a disaster | - removal of dead - identification of dead - death certificates - processing of remains - notifying next of kin - embalming |
| disaster response team for funeral directors | Disaster Mortuary Operational Response Team (D-Mort) |
Created by:
leahmurphy
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