Business Test Unit #4

What is production?

The business function that turns inputs into finished outputs.

What are the 6 factors of production?

Natural resources, raw materials, labour, capital, information, management.

What are the 6 natural resources?

Fuel and energy, logging and forestry, water, agriculture, mining, fishing and trapping.

What are raw materials?

Goods used to make other goods.

What is the difference between ingredients and supplies?

Ingredients become part of the final product; supplies are used up while making it.

What is labour?

The physical and mental work needed to produce goods and services.

What is capital?

Money and assets used to run a business.

What is monetary capital?

Money invested in the business.

What is liquid capital?

Capital that can be easily turned into cash.

What is non-liquid capital?

Capital like buildings or equipment that is hard to turn into cash.

What is intellectual property as capital?

Ideas or talent that add value to a business.

What is information as a factor of production?

Useful knowledge about technology, customers, competition, politics, and supply sources.

What is management as a factor of production?

The people who run the business, direct resources, and make decisions.

What are the 4 stages of production?

Purchasing, processing, quality control, grading.

What is purchasing?

Buying raw materials while considering quality, price, and extra costs.

What is processing?

Converting inputs into outputs.

What is quality control?

Checking that products meet set standards.

What is grading?

Sorting products by size or quality level.

What is productivity?

A comparison of resources used to the goods or services produced.

What are 3 ways productivity can increase?

Maintain quality while increasing speed; increase quality while keeping speed; increase both quality and speed.

Does adding more resources automatically increase productivity?

No.

What are 4 ways to improve productivity?

Training, capital investment, technology investment, new inventory systems.

What is the Human Resources department responsible for?

Coordinating all activities involving a company’s employees.

What are the 6 functions of HR?

Recruitment, selection, training, development, assessment, compensation.

What is recruitment?

Looking for the right employee.

What is internal recruitment?

Hiring from within the company.

What is external recruitment?

Hiring from outside the company.

What is selection?

Choosing the right candidate for a job.

What is training?

Developing skills, knowledge, and procedures needed for the job.

What is orientation?

When new employees tour the workplace and meet coworkers.

What is development?

The long-term process of improving employee performance.

What is assessment?

Evaluating employee performance.

What is another name for assessment?

Performance appraisal.

What is compensation?

The money and benefits employees receive for their work.

What are employability skills?

Skills that help a person succeed in the workplace.

What are the 4 fundamental employability skills?

Communicate, manage information, use numbers, think and solve problems.

What are 5 personal management skills?

Positive attitude, responsibility, adaptability, continuous learning, work safely.

What are the 2 teamwork skills?

Work with others; participate in projects and tasks.

What are legal interview questions about age?

Are you over the minimum age required for the job?

What are illegal interview questions about age?

How old are you? When is your birthday? When did you graduate?

What are legal interview questions about work eligibility?

Are you eligible to work in Canada?

What are illegal interview questions about citizenship?

Are you a Canadian citizen?

What are illegal interview questions about disability?

Do you have any disabilities?

What are illegal interview questions about family?

What is your marital status? Do you have children?

What are illegal interview questions about appearance?

How tall are you? How much do you weigh?

What are legal interview questions about physical ability?

Can you perform the job-related tasks, like lifting required weight?

What are the only 2 reasons you can fire an employee?

Illegal act or incompetence.

What does just cause mean?

A legal reason for firing an employee.

What are the steps to fire someone for incompetence?

Document performance, give verbal warning, provide help/time, give written warning, give more time, discharge.

What can a company offer to attract workers?

Compensation and benefits like pay, bonuses, health plans, and vacation.

What 3 safety rights do employees have?

Know hazards, help solve safety problems, refuse dangerous work.

What are the 4 functions of management?

Planning, organizing, leading, controlling.

What is planning?

Setting goals and deciding how to achieve them.

What is organizing?

Arranging people and tasks to carry out plans.

What is leading?

Motivating, communicating with, and encouraging employees.

What is controlling?

Checking performance and managing resources.

What is external motivation?

Motivation from outside rewards or consequences.

What are examples of external motivation?

Pay raises, promotions, bonuses, fear of losing a job.

What is internal motivation?

Motivation that comes from within the person.

What are examples of internal motivation?

Accomplishment, challenge, earning respect.

What is autocratic leadership?

A style where the manager makes all the decisions.

When is autocratic leadership best?

When fast decisions are needed or workers are inexperienced.

What is a disadvantage of autocratic leadership?

It can lower morale if overused.

What is laissez-faire leadership?

A style where employees are left alone to do their work.

When is laissez-faire leadership best?

With independent, self-disciplined experts.

What is a disadvantage of laissez-faire leadership?

It can be hard for new workers who need direction.

What is democratic leadership?

A style where employees help in decision-making.

What is an advantage of democratic leadership?

Higher morale, creativity, participation, and productivity.

What is a disadvantage of democratic leadership?

It takes more time.

What is a committee?

An ongoing group from different areas working on a specific responsibility.

What is a cross-functional team?

A team with members from different departments.

What is a virtual team?

A team that works together from different places using technology.

What is a task force?

A temporary team formed for one specific task.

What is a self-managed work team?

A team with no official leader that manages its own work.

What is an informal team?

A team that forms naturally, not by management.

What are 3 advantages of teamwork?

More ideas, better decisions, higher morale.

What are 3 disadvantages of teamwork?

Takes more time, some people may do less work, conflicts can happen.

What is a union?

An organization that uses collective bargaining to protect workers.

What is collective bargaining?

Negotiating employee demands with management through union representatives.

What is a collective agreement?

A legal contract between the union and employer about work conditions.

What is mediation?

A neutral person helps both sides communicate and try to agree.

What is arbitration?

A neutral board makes a binding decision.

What is conciliation?

A process used after an impasse that can lead to a strike if no deal is reached.

What are 5 things unions fought for?

Pensions, safe working conditions, health insurance, a living wage, maternity rights, the right to organize.

What are 3 pros of being in a union?

Protects rights, increases bargaining power, often leads to better pay.

What are 3 cons of being in a union?

Union dues, conflict with company, less individuality.

Why might a company not want a union?

It may raise costs, reduce flexibility, and make it harder to remove weak workers.

What is ethics?

Moral principles about right and wrong.

What is ethical behaviour?

Honest, fair, respectful behaviour that protects people’s rights and dignity.

What are values?

Beliefs and attitudes that influence behaviour.

What is discrimination?

Treating someone unfairly for a non-job-related reason like race, religion, or gender.

What is affirmative action?

Programs that increase representation of groups harmed by past discrimination.

What is the glass ceiling?

Barriers to advancement because of gender, race, or culture.

What is sexual harassment?

Inappropriate sexual comments, actions, or requests that make someone uncomfortable.

What is a conflict of interest?

When personal interests affect workplace decisions.

What is insider trading?

Illegal buying or selling of shares using secret information.

What is contract fraud?

Using bribes or kickbacks to get a contract.

What is customer confidence?

How much customers trust a business.

What is consumer fraud?

Tricking customers with false claims or misleading advertising.

What is misuse of organizational resources?

Using company time, money, supplies, or systems improperly.