Business
What is the process of finding and hiring the best candidates for any given open position?
Recruiting
What is the name of a person who owns part of a corporation?
shareholder
What kind of corporation can be taxed in the same way as a partnership?
"s" corporation
According to the U.S. Census Bureau, how many partnerships existed in the United States in 2008?
3.1 Million
Which law prohibits employment discrimination based on race?
Civil Rights Act
Which of the following is a key objective of operations management?
Dependability, quantity, flexibility
What is the term used for a 3-5 year forecast of your income and expenses?
Financial model
when companies ponder which positions they need to fill, what is this called?
Needs assessment
What is a form of business ownership in which two or more people jointly own a business?
Partnership
In a sole proprietorship, income and expenses are included on what for the owner?
Personal Tax Returns
What may managers rely on to decide if they'd like to interview a candidate in person?
Phone screen and personality test
Insurance involves the transfer of what to a third party?
Risk
What is the process of anticipating possible problems and putting plans in place to cope with certain risks if they become real?
Risk Management
What is the name given to a policy that combines all of a business's insurance policies?
business owner policy
Most common form of business ownership?
Sole proprietorship
Which is one place you're likely to find job candidates?
colleges, online and career fair
What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?
actuarial table
What is the term used to describe the point where your revenue equals your expenses?
breakeven point
What is a term used for the listing of your monthly expenses?
budget
What is the type of pricing determined largely by what other companies in your industry are charging?
competitors pricing
what is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?
copay
What type of business can be designated as profit or non-profit?
corporation
For which type of pricing do you add up fixed costs, direct costs, and indirect costs, then add your desired markup?
cost + pricing
cap on the amount of claims that a policyholder can file, in total and for specific health needs, over a given period of time is know as what?
coverage limit
what is the term used for amount that an employee must pay for medical or dental care before insurance begins paying?
deductible
What is one perk a sole proprietorship does not have access to?
employee funded health insurance
Work measurement is the science of determining how much an employee earns per unit produced. True or false?
false
A graphical representation of a process is known by which term?
flow chart
What is the rate at which the business grows or increases revenue from sales?
growth %
What do we call the contractually agreed upon amount of money that a company pays each month or each quarter to the insurance company?
insurance premium
What is a form of general partnership formed for a short period of time?
join venture
Which type of company only spends money when absolutely necessary?
lean startup
What is an example of an initial expense?
license fees
What type of corporation combines the benefits of a partnership and a corporation?
limited liability company
What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?
material requirements planning
job description
name of position, scope of the role and main tasks
Which of these constitutes a valid reason not to hire someone?
none
What is the process in which you orient and train new employees to be successful in their new roles.
onboarding
An operations manager can be likened to which other occupation?
orchestra conductor
Which aspect of operations management takes a broader, a more macro view of the organization, seeking out ways for it to function more effectively?
organization design
what is the term used to describe the art and science of creating processes within an organization?
process design
What is the term used by recruiters to describe their ideal candidate?
purple squirrel
What do we call the dollar amount calculated by the insurance company to represent the cost of replacing your property with new items of the same type and quality?
replacement cost
According to the guideline in the reading, when creating your business plan, how many months of expenses do you need funding for?
six
what is the means by which an employer seeks out qualified candidates for open positions?
sourcing plan
Insurance policies work for insurers because they help do what to their risks?
speed
What is defined as the people, parts, and processes involved in getting products or services from suppliers, on through to manufacturing and production, and then on to customers?
supply chain
An example of a job design technique is job rotation. True or false?
true
What is an example of a monthly, recurring expense?
utilities
what is the term used to describe the science of determining how much time an employee needs in order to complete a given task?
work measurment