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POBF Exam Review
| Term | Definition |
|---|---|
| Managment Information System | Cheng processed reports on his computer that will allow his manager to make decisions about the amount of brake pads and oil to order from the warehouse. This is an example of what type of technology application |
| Amber writes her goals down | Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomplished if |
| Process Innovation | This type of innovation occurs when a business changes how something is done |
| Position Innovation | This type of innovation occurs when the purpose of a product is changed |
| use a decision making process | When making an important decision for a business it is BEST to |
| Minimum Input | Herbie is in charge of the company's potluck picnic. He doesn't need help deciding who to invite. It is a company picnic so you invite the employees. This is an example of what type of decision? |
| Moderate Input | Herbie is in charge of the company's potluck picnic. He needs to decide where to hold the picnic. He thinks it may be helpful to ask the employee steering committee. This is an example of what type of decision? |
| Maximum Input | Herbie is in charge of the company's potluck picnic. Since it is a potluck |
| Product Innovation | This type of innovation occurs when a business either creates or improves a product. |
| Paradigm Innovation | This type of innovation involves a significant change in thinking |
| How much merchandise should we buy | Which of the following questions would best be answered by the purchasing function |
| Bid analysis | Comparing the prices offered by different vendors for the same goods and services is what part of the purchasing process |
| helps you to develop personal interests | Self-understanding helps you to raise your level of self-esteem because it |
| Follow-up | What production activity evaluates products to make sure that the products the business produces meet certain quality standards |
| Output | Which of the following terms is used to describe the quantity |
| Be brief and to the point | Which of the following is a guideline for writing a job application letter |
| He should not include a work experience section | Manuel is preparing his job resume |
| Accounting | the process of keeping and interpreting financial records |
| accounting system | the methods and procedures used in consistently handling the business's financial information |
| accrual accounting method | a method of accounting that records transactions at the time they occur even if no money changes hands at the time |
| Cash accounting | the process of obtaining funds and using them to achieve the goals of the business |
| Cost accounting | used to reduce and eliminate costs in a business. It is used to determine the price for a product or service that will allow earning of a reasonable profit |
| Managerial accounting | a type of accounting that involves preparing and reporting financial data to internal users who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business |
| Finance | the process of obtaining funds and using them to achieve the goals of the business |
| Capital investment | decisions that determine which projects a business will invest in |
| Working capital management | management of a firm's current balance of assets and liabilities; involves accounts payable and receivable |
| cash conversion cycle of working capital management | a ratio that refers to the number of days between a company's paying for raw materials and receiving cash from selling the products made from those raw materials |
| Return on capital | a measure of how well a business generates cash flow in relation to the capital it has already invested in itself |
| Good Samaritan Law | what protects employees from liability when they administer first aid to customers |
| Discount coupons | what would customers need to present at the time of purchase to get money taken off the purchase price of the item |
| To minimize loss | Why is it important for employees to follow instructions when using equipment and machinery |
| gives you a true picture of yourself | Self-understanding helps you to raise your level of self-esteem because it: |
| solving problems | Several employees are facing the possibility of being laid off from work. By concluding that they should look for new jobs before that happens |
| It may be one part of a business's overall information management program. | what is a true statement about a management information system (MIS) |
| without thinking about the purchase | A good example of impulse decision-making is purchasing a car |
| routine decision | Deciding what to wear |
| gather information | In decision-making |
| computer system | What do most businesses use to store information for future use? |
| specific | Stating a goal in concrete terms is making sure that it is: |
| Collaborator | Shelly likes to work with others and she is a "good listener". What type of communicator is she? |
| remain objective | When organizing information to present in a business report |
| clarifies the goal | what is a benefit of putting your goals in writing? |
| abbreviations | What note taking strategy does the following example use? gvt=government vs=against |
| Sharing a personal experience | what is NOT a tool that people use when participating in discussions: |
| offering rebates | When manufacturers give back part of the purchase price of an item to the customer |
| people's attitudes have changed | One of the reasons that has caused government's role in business to expand is that: |
| product prices | In a private enterprise economic system |
| Clayton Act | A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating? |
| A special promotion fails to increase sales | what is an example of a speculative business risk? |
| To organize vendor information | what is a way that businesses often use database software programs? |
| to interpret data | Why is it important for businesses to store information for future use? |
| The supply of materials used in manufacturing a product has decreased. | what situation would most likely indicate the need to adapt to changes in the business environment? |
| patents | what provides government protection of business property? |
| outputs divided by inputs | The formula that is generally used to measure productivity is: |
| Good Samaritan Law | What protects employees from liability when they administer first aid to customers? |
| to minimize loss | Why is it important for employees to follow instructions when using equipment and machinery? |
| stop the press | A company trained you for five days on how to run a high-speed printing press. Now you are working by yourself, but you have forgotten a step in the process although the machine seems to be operating correctly. What should you do? |
| read the company's training manual thoroughly | To help create a safe environment in the workplace |
| business cycle | What is an example of an economic factor that affects the business environment? |
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2CoachConroy
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