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