Best Practices in Management

What are the sub-budgets of the financial budget?

- Capital Expenditures Budget - Cash budget - Budgeted Balance Sheet - Budgeted Statement of Cash Flows

What are the sub-budgets of the operating budget?

- Sales Budget - Production Budget - Direct Materials Budget - Direct Labor Budget - Manufacturing Overhead Budget - COGS Budget - Selling and Administrative Budget - Budgeted Income Statement

The success of a company stems from its ability to create strong economies of scale and use efficient operations. Which competitive operational strategy is this company employing? A. Speed to market B. Differentiation C. Market Variation D. Cost Leadership

D. Cost leadership succeeds when firms can keep costs low, run efficiently, sell in high volume, and create strong economies of scale.

What is a function of leadership? A. Executing strategic plans B. Maintaining order and stability C. Focusing on processes D. Establishing vision and mission

D. Establishing vision and mission is a function of leadership. Leadership focuses on setting direction for a company, and establishing a vision and mission is the most significant way in which this occurs.

What are the four categories of operational strategies?

1. Corporate Strategies 2. Customer Satisfaction 3. Core Competencies 4. Competitive Strategies

Name the three common competitive operational strategies.

1. Cost Leadership 2. Differentiation 3. Market Segmentation

What are the 4 additional functions of a manager?

1. Customer relations and marketing 2. Community relations 3. Internal consulting 4. Monitoring products and services

A new start-up company is identifying short-term and long-term goals to support its vision and mission. Name the 5 steps for organizational goal setting.

1. Develop mission statement 2. Create strategic goals 3. Identify objectives 4. Define performance measures 5. Establish deadline

What is financial accounting?

A branch of accounting that uses standardized processes to prepare financial documents, such as an income statement and balance sheet, for external review and use.

Describe variable cost.

A cost that changes in relation to another variable such as production output.

Describe a strategy.

An approach to meeting a goal. General in nature.

What is a just-in-time inventory system?

An inventory method designed to increase efficiency, decrease wastes, and cut costs by only having the inventory on hand that is currently needed to fill orders.

What is a sunk cost?

Any cost resulting from a missed opportunity that cannot be recovered. An example of this could be a product mistake—either an error in production quality or customer dissatisfaction.

A company owner writes a detailed and clear picture of what the company will look like five years from now. What is this owner defining to the employees? A. Innate Attribute B. Mission Statement C. Organizational Structure D. Vision Statement

D

A professional was hired by an organization to administer the many intricate details involved in the operation of the business. Which role is being fulfilled by this professional? A. Leader B. Consultant C. Entrepreneur D. Manager

D A manager administers the intricate details involved in the operations of a business. Managers perform the operations function in a business and typically do not establish direction for the business. This is the role described in this scenario.

Describe a tactic.

The means used to gain an objective associated with a strategy. Requires action.

What is a cash disbursement?

The money paid out by an organization to settle an obligation.

What is a cash receipt?

The money received by an organization as payment for a good or service.

What is overhead?

The necessary expenses of running a business that cannot be directly linked to a product or service.

What is a production budget?

The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand.

What is net income?

Commonly called the "bottom line," it is an individual's income after taking taxes and other deductions into account.

What are constraints?

Constraints are the restrictions naturally put in place in a given situation. Financial constraints may be as straightforward as a limited amount of money.

What are the three roles of a manager and their associated sub-roles?

1. Informational a. Monitor Role b. Disseminator Role c. Presenter Role 2. Decisional a. Entrepreneur Role b. Crisis Handler Role c. Resource Allocator Role d. Negotiator Role 3. Interpersonal a. Figurehead Role b. Leader Role c. Liaison Role

What are the attributes associated with a manager?

1. Manager of processes 2. Monitors 3. Resource allocator 4. Enacts the direction 5. Reduces Risks 6. Sets Objectives 7. Eyes Bottom Line 8. Implements Plans

What are the attributes associated with a leader?

1. Motivates and empowers 2. Creates vision and mission 3. Focused on long-term/long-range 4. Not concerned with processes 5. More focused on relationships 6. Influencer 7. Change maker 8. Decision Maker 9. Team Builder 10. Sets the direction 11. Takes Risks 12. Eyes the horizon

What are the two sub-budgets of the master budget?

1. Operating Budget 2. Financial Budget

What are the four phases of the Deming Cycle?

1. Plan - Forecast Sales - Make a Budget - Consider limits on supplies, people and money 2. Do - Plan roll-out of product - Gather data - Make contingency plans 3. Check - Monitor budget - Check milestones - Study results 4. Act - Look for ways to improve the process - Implement the best solution

What are the five functions of a manager?

1. Planning 2. Organizing 3. Leading 4. Coordinating 5. Controlling

What are the four steps to strategic management process?

1. Strategic Objectives and Analysis 2. Strategic Formulation 3. Strategic Implementation 4. Strategic Evaluation and control

What are the four reasons for holding cash?

1. Transactions: A company must hold enough cash to cover its outstanding payments or transactions. 2. Precautionary measures: A company needs to maintain cash for unexpected disbursements. 3. Speculative measures: If a company is anticipating making an investment, it will hold a speculative amount to take advantage of opportunities in the marketplace. 4. Financial measures: In order to acquire assets, retire debt, or meet some significant event, a company must accumulate and hold a certain amount of cash.

What are some objectives of managing cash flows?

1. accelerating cash inflows wherever possible 2. delaying cash outflows until they come due 3. investing surplus cash to earn a rate of return 4. borrowing cash at the best possible terms 5,. maintaining an optimal level of cash that is neither excessive nor deficient

What are some issues that might necessitate the use of a contingency fund?

1. inadequate initial estimates 2. small items not covered in the planning 3. errors in initial estimates 4.small deviations due to inevitable delays

Describe an Objective.

A measurable step to attain a goal. Quantitative in nature.

What is depreciation?

A reduction in the value of an asset over time.

What is a balance sheet?

A statement of assets, liabilities, and capital for an organization at a particular point in time.

What is an income statement?

A summary of all of an organization's revenues and expenses during a predefined period of time.

Corporate leadership of a company informs the sales managers that they will need to adopt and use differentiation strategies to help improve operational performance at the beginning of the next fiscal year. Which action should the sales team take to meet this directive? A. Focus on strengthening the company's branding B. Liquidate existing inventory to create new sales opportunities C. Target a segment of the market that is not being addressed D. Sell a large volume of goods at a low cost

A. Focusing on branding is a key element of the differentiation competitive strategy.

Over the course of the next three to five years, a firm looks to grow revenue by 10%, expand into two new geographic markets, and launch two new projects that are currently in the research and development stage. Which business component is being addressed by this firm? A. Long-term goals B. Short-term goals C. Vision statements D. Grand strategies

A. Long-term goals are mission-supporting activities that a firm seeks to accomplish within a three-to-five-year time frame.

A manager continually gathers data regarding the organization's competition and the general business environment. Which management attribute is this individual displaying? A. Monitor B. Negotiator C. Influencer D. Figurehead

A. Managers continually scan the environment for information. This type of fact-finding is specifically mentioned in this scenario.

Why is it important that Sure Start managers set SMART goals during this period of growth and uncertainty? A. They will help the managers identify goals that are focused, measurable, and well defined to accomplish the vision of the company. B. It will help ensure that Sure Start will be profitable in the years to come. C. It will help reassure the employees in North Carolina that they have a future with the company. D. They will help the company identify strategic plans that are focused, measurable, and well defined to help them through this period of growth.

A. SMART goals are specific, measurable, achievable, realistic, and time constrained. They are not open-ended goals.

Why is it important for managers to sales forecast within a company? A. To determine how to create and manage the company's sales force B. To hire sales representatives with product knowledge C. To accelerate cash and credit sales inflow D. To take advantage of marketplace sales opportunities

A. Sales forecasts are used to decide how to create sales territories, how to set quotas for each sales representative, and how to measure performance.

A fast food chain restaurant seeks to open three more locations in a geographic territory within a one-year time frame. Which type of goal is being used for this expansion? A. Short-term B. Immediate-term C. Long-term D. Ultra long-term

A. Short-term goals are operational issues a firm seeks to address within a one-year period.

Which report shows the change in the company's financial performance over a stated period of time? A. Income Statement B. Sales Budget C. Revenue Projection D. Balance Sheet

A. The income statement shows the change in the financial status of an organization over a specified period.

The head of the information technology (IT) department gathers, collates, analyzes, and disseminates information on a new computer networking project. Which management role is being performed by the head of this department? A. Informational B. Decisional C. Interpersonal D. Liaison

A. The informational role is to gather, collate, analyze, and disseminate information. Managers who are performing this role become information resource centers.

A thriving organization is trying to encourage their managers to use their leadership attributes rather than their managerial attributes to engage employees. Which statement accurately describes this goal? A. Leaders do not necessarily need to be in a position of power to be successful. B. Leaders are able to handle the day-to-day operations of the organization. C. Leaders possess innate qualities from birth that many do not possess. D. Leaders have the full backing of the organization's board of directors.

A. The power level is separate from a successful outcome. Many leaders are successful and yield little power.

How do leaders in an organization exercise power? A. Through their ability to influence others B. By reacting to competitive forces C. By following a company's bylaws D. Through their ability to adhere to best practices.

A. Their ability to influence others is how leaders exercise power. This is due to the fact that leaders gain power by creating a dynamic in which others want to follow and support their vision. As such, influencing others to want to get on board with that vision requires the ability to influence.

A senior manager's work involves both management and leadership roles. The focus is on creating specific, long-term goals for the future direction of the company. Which leadership attribute is being asked of this manager? A. Strategic visionary B. Decision maker C. Resource allocator D. Influence maker

A. This is a macro-level leadership attribute that focuses on the long-term range.

As the leader of the organization, in which task must Charlie Wicker excel for Sure Start to be successful? A. Establishing a direction B. Administering detailed processes. C. Implementing the plan D. Controlling existing circumstances

A. This task is the essence of leadership, which is Charlie's job for Sure Start.

Which attribute is possessed by managers when compared to leaders? A. They use their authority to gain compliance B. They gain power through their sense of influence. C. They motivate through intrinsic processes. D. They are most productive when they challenge authority.

A. Using authority is how managers gain compliance. This comes from the "rights to act" that they are given by the company as well as the position they hold within the corporate hierarchy.

What is managerial accounting?

Also called cost accounting, managerial accounting is a means of using accounting to align processes with the organization's goals. It is intended for internal use and used to provide management with important information to assist in decision-making and running the business.

Who is responsible to ensure that each department and division identify current deficiencies and methods for improvement? A. Chief Marketing Officer, Cynthia Troutman, by discovering how those deficiencies will undermine the new marketing strategy. B. Managers of individual departments, by working with each department's employees. C. Suppliers, by providing feedback about their experiences with Sure Start Batteries. D. CEO, Charlie Wicker, by identifying the best ways to implement his new research division.

B.

What is the function of a tactical plan? A. Emphasizing future operations B. Identifying short-term actions C. Committing significant resources D. Creating long-term goals

B. A tactical plan identifies the steps required to achieve the strategic goals of the organization. The plan is specific and is adjusted as the strategic goals are changed based on organizational and environmental conditions.

To finance operations, a company routinely borrows from a local bank at the best possible terms. Which budgetary activity does this action reflect? A. Process improvement B. Managing cash flow C. Reducing overhead costs D. Forecasting Revenue

B. Borrowing capital at the best possible terms is one of the objectives of cash flow management.

A manager is requested to help whenever there is a breakdown in a firm's production line. Which primary skills does this manager need to apply when such breakdowns occur? A. Communication skills B. Technical skills C. Delegation skills D. Conceptual skills

B. Having knowledge and expertise in specific area(s) and the ability to apply that knowledge composes a manager's technical skills.

Sure Start's mission is "to be the preferred mass producer of rechargeable batteries for electric cars" in the industry. Its vision is, "At Sure Start, we know it is important you know your car will start every time. That is why we are dedicated to producing quality batteries that work every time you start your car." Which statement accurately illustrates how Sure Start should use its goals to support this mission and vision? A. Long-term goals are only necessary if Sure Start decides to go in a different direction than the mission and vision. B. Long-term goals will help Sure Start define where it intends to be in three to five years, while short-term goals will help focus on what needs to be accomplished within one year, in support of its mission. C. Short-term goals are not necessary for Sure Start to develop each year if its long-term goals follow the SMART goal guideline of being specific, measurable, achievable, realistic, and time constrained. D. Short-term goals that are set annually will only matter to investors that Sure Start may use in the future to fund expansion programs.

B. Long-term goals help with strategic strategies while short-term goals guide operational management.

A manager continually gathers data regarding the organization's competition and the general business environment. Which management attribute is this individual displaying? A. Negotiator B. Monitor C. Influencer D. Figurehead

B. Managers continually scan the environment for information. This type of fact-finding is specifically mentioned in this scenario.

A manager is great at persuading staff members to undertake tasks they feel are beyond their particular skill set. Which five fundamental management functions help this manager achieve this result? A. Performing, observing, labeling, categorizing, and coordinating B. Planning, organizing, leading, coordinating, and controlling C. Performing, orchestrating, learning, reflecting, and comparing D. Planning, orbiting, leaning, directing, and contradicting

B. Planning, organizing, leading, and controlling are considered the four main functions of managers.

What is the focus of the full-range theory of leadership? A. Effective leaders focus on the current circumstance to identify what is necessary in the situation. B. Effective leaders focus on motivation and morale by connecting the employee's sense of identity to a project and the organization. C. Effective leaders focus on engaging in the correct actions. D. Effective leaders focus on identifying equitable exchanges between leader and follower.

B. The full-range theory of leadership is a component of transformational leadership and focuses on employee motivation and morale by connecting the employee's sense of identity to a project and the identity of the organization.

A professional is asked to make sure that the ideas and goals of the company become reality rather than words on paper. Which managerial attribute should be used to accomplish this task? A. Focusing on relationship B. Overseeing processes C. Setting direction D. Creating vision and mission

B. This is a managerial attribute that involves the direct implementation of a specific organizational plan.

A manager is responsible for controlling and overseeing a small company. Which management attribute is needed to undertake this set of responsibilities? A. Risk-Taker B. Resource Allocator C. Visionary D. Changemaker

B. This management attribute would help with the overseeing of a small company by managing the flow of resources in a situation in which error should be minimal.

Which function is a manager performing when developing the department's annual budget? A. Controlling B. Planning C. Organizing D. Negotiating

C. When developing the department's annual budget, the manager is matching resources to the plan developed to achieve the goals of the organization.

Describe a goal.

Broad primary outcomes. Qualitative in nature.

What is a master budget?

Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans.

A hardworking, dependable employee is struggling to perform a particular job. What is the first step a manager should take before assigning this employee to another job? A. Provide the employee with training and a mentor B. Refer the employee to a human resources for an evaluation. C. Identify the employee's strengths and weaknesses D. Contact the employee's union representative for suggestions.

C. A great manager understands an employee's strengths and weakness before determining the best approach to help a struggling employee.

A manager makes time during monthly staff meetings to talk about the company's vision. The manager's enthusiasm inspires staff to exceed their duties. Which leadership attribute is this manager displaying? A. Reducing Risks B. Implementing Plans C. Being an influencer D. Setting Objectives

C. A leader influences the behavior of the team by enthusiastic inspiration.

The chief operating officer (COO) of an organization understands how the various parts of the system are interdependent. The COO also recognizes how the smooth operation of the organization produces value for customers. Which type of leadership skill is being illustrated by this COO? A. Interpersonal B. Technical C. Conceptual D. Problem-Solving

C. Conceptual skills include the ability to view the organization as a whole, understand how the various parts are interdependent, and understand how it produces value for customers.

The chief financial officer (CFO), Darris Johnson, is recommending that senior leadership create clearly defined goals for both the short term and the long term. Which short-term goal should be created by the senior leadership? A. Increasing the customer pool by 150% B. Hiring a replacement general manager for the Asian market. C. Staffing the Vietnam office with the appropriate head count D. Determining the marketing strategy for the next generation of rechargeable batteries

C. Leadership's focus for the immediate future should be hiring staff for the Asia office.

Chief marketing officer (CMO), Cynthia Troutman, was tasked with developing and communicating a marketing brand to win over new customers for the new rechargeable battery. Which managerial attribute should she use to successfully complete this assignment on this tight timeline? A. Taking on risk B. Creating vision C. Allocating proper resources D. Eyeing the horizon

C. Managers are responsible for working through and with others to efficiently and effectively complete activities that meet the goals of the organization.

A senior leader is considering a significant change in the products offered by the company. What are this leader's primary responsibilities, as opposed to a manager's responsibilities, in making this change? A. Identifying staffing requirements needed for the new products. B. Creating a marketing strategy for the new products. C. Updating and communicating the company's mission and vision regarding the new products. D. Developing operational strategies to support the new products.

C. Senior leaders establish a company's overall mission and vision and communicate this to the organization so that operational strategies, staffing, and marketing can be effective.

A business owner began to computerize the organization's operations and has encouraged members of the staff to see the change as an opportunity for professional development. Which leadership attribute is this business owner exhibiting? A. Focusing on short-term goals B. Eyeing the horizon C. Motivating employees D. Reducing risks

C. Taking time to encourage ones' workers and giving them the freedom to make decisions are leadership attributes of motivation and empowerment.

As Sure Start works to establish their offices in Germany and Vietnam, its managers will be doing so in cultures that they are not familiar with and will be hiring local employees to fill the positions. According to Robert Katz, which managerial attribute will support expansion into these new markets? A. Long-Term vision B. Conceptual understanding C. Human relation skills D. Technical skills

C. These are the interpersonal skills managers use to accomplish goals.

A manager is working on department production goals set by a director and needs to illustrate how planning will be used in the next project. Which action illustrates this component? A. Forming a committee to interview potential employees B. Appointing a new production manager C. Projecting the number of units that will be sold D. Determining if the project was profitable this month

C. This is part of planning and is used to project the outcome of the activity.

A manager, who is acting as an internal consultant, is asked for a product recommendation. Which activity is this manager performing? A. Developing a comprehensive long-range plan B. Coordinating work with several departments C. Determining appropriate software to be purchased D. Overseeing the work of subordinates

C. Using expertise to help solve a problem represents internal consulting. Therefore, this is the correct answer.

The chief marketing officer (CMO), Cynthia Troutman, is setting SMART goals for developing the new marketing brand for Sure Start. One of the goals involves increasing new customers for the rechargeable electric batteries. Which SMART goal should be used to obtain this result? A. Increase the number of new customers who have heard of Sure Start's rechargeable electric battery through advertising and promotion B. Advertise in magazines in all of the countries where Sure Start wants to attract new automotive customers and offer discounts C. Send emails to the top auto manufacturers worldwide to promote the new electric battery product line as an eco-friendly choice D. By the end of the calendar year, buy placement in the top auto industry print publications in U.S., German, and Chinese markets

D. It is clear, measurable, time-bound, and motivating.

For an organization to be successful, decisions must be made to allocate resources, prioritize projects, and monitor overall progress toward goals. Whose responsibility is this within the organization? A. Front-line employees B. Management Consultants C. Senior Leaders D. Management

D. Managers allocate resources, prioritize projects, and monitor progress, among other responsibilities, to ensure the organization is following the overall direction.

The operations manager for a chain of restaurants is budgeting for the addition of more healthy menu options and realizes the project may involve unanticipated costs. How should the manager budget for these costs? A. Forecast net revenue B. Document opportunity costs C. Estimate cash flow D. Create a contingency fund

D. Managers create a contingency plan for a new product or project to identify alternate paths for the project in case various difficulties are encountered. A component of this plan often includes a contingency fund that is set aside to cover unanticipated costs.

A manager with a building construction company hears that the building permits submitted to the city's works department for approval have been delayed. The manager offers to speak with the city's works department head, who is a member of the manager's church. Which Mintzberg's managerial role is this manager fulfilling? A. Decision Maker B. Changemaker C. Interpersonal Relationships D. Setting Objectives

D. Managers form alliances, friendships, and personal relationships with many others. In this case, the manager is playing the role of liaison between the company and the city.

What is the function of operations management in achieving strategic goals? A. Focusing on broad company outcomes B. Describing long-term business goals C. Defining goals to support mission D. Transforming resources into profits

D. Operations management is focused on producing goods and services from inputs to create profits. Operations management is critical to implementing the day-to-day responsibilities associated with achieving strategic goals.

Why should a manager regularly compare budgeted revenues and expenses with actual operational performance? A. To analyze environmental factors B. For financial prediction purposes C. To create contingency plans D. For control purposes

D. Regular monitoring of budgeted versus actual performance allows managers to control operations so budgets can be corrected if necessary.

Charlie wants Sure Start to be an early market entrant in the electric car rechargeable battery market since it is new and no one is established as the industry leader. In which operational strategy category is Sure Start focusing its efforts? A. Maximizing the organization's core competencies B. Creating a system to measure competitive priorities C. Developing a well-integrated company D. Producing products that focus on market position

D. Sure Start is looking to take create valuable market position by being one of the first in the market.

A business owner began to computerize the organization's operations and has encouraged members of the staff to see the change as an opportunity for professional development. Which leadership attribute is this business owner exhibiting? A. Eyeing the horizon B. Reducing risks C. Focusing on short-term goals D. Motivating employees

D. Taking time to encourage one's workers and giving them the freedom to make decisions are leadership attributes of motivation and empowerment.

A manager is asked to initiate activities that will support environmental scanning. Which activity should be used by this manager for this purpose? A. Setting the advertising budget B. Implementing a new program C. Reviewing production D. Monitoring competitors

D. The competitive marketplace should be monitored as part of environmental scanning.

A marketing team sets a goal to increase its product market share by 10%. Which other component of a SMART goal should this team include? A. Specificity B. Measurable C. Acceptability D. Time-Bound

D. The goal needs a defined deadline for it to be achieved.

Which information does a projected income statement report as a function of the budget-planning process? A. Market share B. Sales plan C. Deferred revenue D. Current profit

D. The projected income statement contains sales and other data from the previous financial period. This provides information on current profit and expenses.

Which component must be developed when creating an operating budget for the upcoming fiscal year? A. Financial Assets B. Owner's Equity C. Cash Flow D. Sales Plan

D. The sales plan is a projection of the expected number of items that will be sold during the upcoming year.

To ensure a productivity goal is met, a manager provides new computers and software updates for all employees in the company. Which aspect of a SMART goal is reflected by this manager's action? A. Time-Bound B. Operational C. Strategic D. Attainable

D. When setting attainable SMART goals, it is important to make sure that the resources needed to accomplish a task are available to the employees.

What are assets?

Resources that have economic value and from which future economic benefits are expected to flow to the enterprise. They are commonly defined as the things you "own."

What are the aspects of a SMART goal?

Specific, Measurable, Attainable, Realistic and Time-Constrained

An organization's long-term strategy is to be the best provider of earth-friendly paper packaging products in its region by ensuring 99.9% error-free production within six months. Describe the different aspects of SMART goal.

Specific: 99.9% error-free production Time-Bound: By the end of the coming year Value Statement: Earth-Friendly Mission: Best provider of their product

What are liabilities?

State of responsibility for something; that an organization or individual owes.

Describe the fourth stage of the strategic management process.

Strategic Evaluation and Control. Strategic evaluation and control is a crucial stage. Performance measurements (determined by the nature of the goal) will help determine if critical milestones are being met. Reexamining the goals or the measurement criteria to determine success may be necessary.

Describe the third stage of the strategic management process.

Strategic Execution. This is the stage when planning stops and action begins. Employees in the organization should be aware of their assignments, responsibilities, and authority. Management should provide any additional employee training necessary to meet the plan objectives during this stage, as well as allocate any necessary additional resources.

Describe the second stage of the strategic management process.

Strategic Formulation. Based on the internal information obtained from the internal investigation, goals and objectives are formulated. Goals are broad, primary outcomes the organization is hoping to achieve. Objectives are measurable, quantitative statements a manager can use to evaluate an organization's, department's, or employees' progress toward meeting their goals.

Describe the first stage of the strategic management process.

Strategic Objectives and Analysis. During this first stage, organizations need to evaluate political, economic, social, technological, environmental, and legal factors that may affect an organization's strategy by performing an internal investigation typically using a SWOT analysis.

What is an opportunity cost?

The inability to pursue another alternative that offers a potential gain after making a decision.

What are revenues?

The income generated from the sale of goods or services.

What is job costing?

Total cost and revenue estimation by job or project.

What is equity?

Value of a property after debt is deducted or the value of shares of stock issued by a company.

Describe COGS.

cost of goods sold (COGS)—all costs in material, labor, and overhead that are directly required for the production and/or manufacturing of a given good

Describe the costs of SG&A.

selling, general, and administration (SG&A)—support costs, such as the salaries of HR staff, management, legal, accounting, marketing, and other broader corporate expenses that benefit the sale of a particular good