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Guide (FSE 2202) Questions
The efforts of all members of an organization directed to ensure that quality in the production of goods and services is achieved - Correct Answers ✅Total Quality Management: A method of classifying inventory items with categories, which are of high-value, less costly, and/or low-cost items - Correct Answers ✅ABC Method of Inventory Control The cost of a fixed asset less accumulated depreciation - Correct Answers ✅Book Value Debt Equity is also known as: - Correct Answers ✅Borrowed Equity, or Borrowed Capital The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers. - Correct Answers ✅Consumerism Factoring Approach - Correct Answers ✅Used to measure the value of tangible assets When buying a business, the purchaser should: - Correct Answers ✅call suppliers to verify the amount of accounts receivable.
Guide (FSE 2202) Questions
Management function which compares organizational and individual performance with predetermined standards of expected results. - Correct Answers ✅Controlling A superior's act of granting to subordinates, on the basis of competence, the right to act or decide. - Correct Answers ✅Delegation of Authority The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods and services. - Correct Answers ✅Marketing A study that is used by a business to determine where potential customers are - Correct Answers ✅Market Survey The art of making the public aware of the services or commodity that the business has for sale - Correct Answers ✅Advertising A plan, which provides inducements to potential purchases of products and/or services - Correct Answers ✅Sales Promotion
Guide (FSE 2202) Questions
Credit sales tend to produce: - Correct Answers ✅Losses from bad debt Extended between businesses to maintain goodwill: - Correct Answers ✅Trade Credits Who is credited with the Hierarchy of Needs? - Correct Answers ✅Abraham Maslow Maslow's Hierarchy of Needs: - Correct Answers ✅Physiological
- food, water, shelter Security - safety Social - belonging, love Esteem - prestige, accomplishments Self-actualizing - Achieving full potential Who is credited with Theory X and Theory Y? - Correct Answers ✅Douglas McGregor
Guide (FSE 2202) Questions
Theory X - Correct Answers ✅States the average worker is bad, dislikes responsibility and must be controlled and constantly supervised in order to accomplish anything. Theory Y - Correct Answers ✅States the average worker is good and will work best without constant supervision. That employees are creative, seek responsibility, and can exercise self-direction. Who is credited with the Two Factor Theory? - Correct Answers ✅Frederick Herzberg Herzberg's Two-Factor Theory - Correct Answers ✅A model that divides motivational forces into "motivational factors" and "hygiene factors" Those job factors which are essential for motivation at workplace. Also called as "Dissatisfiers" or "Maintenance Factors", they are required to avoid dissatisfaction and symbolize the physiological needs which the individuals want and expect to be fulfilled. - Correct Answers ✅Hygiene Factors
Guide (FSE 2202) Questions
This type of insurance provides monetary benefits to a business that has experienced an unforeseen peril such as flood, fire, etc. - Correct Answers ✅Casualty Insurance This type of insurance gives lifetime protection to the insured - Correct Answers ✅Whole life insurance This type of insurance combines the payment process of term life with the benefit portion of whole life. - Correct Answers ✅Universal life insurance This type of insurance has no cash value whenever the policy expires - Correct Answers ✅Term life insurance This type of insurance covers a business to pay for injuries that resulted on the funeral home premises or from a product purchased at a funeral home. - Correct Answers ✅Liability Insurance This type of insurance allows the insured, rather than the beneficiary, to collect the face value of the policy upon maturity or to collect that value in annual payments. - Correct Answers ✅Endowment Life Insurance
Guide (FSE 2202) Questions
This type of insurance protects companies during the period necessary to restore property damaged by an insured peril. - Correct Answers ✅Business Interruption Insurance A form of risk management whereby a part of the firm's earnings is earmarked as a contingency fund for possible future losses, specifically for individual loss categories such as property, medical or worker's compensation - Correct Answers ✅Self insurance Meaning the invoice is due at the Middle Of the Month. - Correct Answers ✅M.O.M Meaning the invoice is due when the product is shipped - Correct Answers ✅C.O.D (Cash On Delivery) Meaning the entire balance is due when the order is placed. - Correct Answers ✅C.W.O. (Cash With Order) Costs that do not change for a period of time but becomes smaller on a per unit basis as volume increases. Example: Salaries, mortgage, car payments. - Correct Answers ✅Fixed Expenses
Guide (FSE 2202) Questions
-Pay reasonable salaries Danger signs regarding employee retention - Correct Answers ✅- High employee attrition -Low employee morale -Uneven division of workload The Federal legislation that prohibits discrimination on the basis of race, color, religion, sex, or national origin. - Correct Answers ✅Civil Rights Act How many employees does it take for the Civil Rights Act to take effect?
- Correct Answers ✅15 employees How many employees does it take for the Age Discrimination Act to take effect? - Correct Answers ✅20 employees How many employees does it take for the Immigrant Reform Act to take effect? - Correct Answers ✅1 employee How many employees does it take for the Americans with Disabilities Act to take effect? - Correct Answers ✅15 employees
Guide (FSE 2202) Questions
Outlaws discrimination in pay against those who are over forty years old - Correct Answers ✅Equal Pay Act Federal legislation that mandates that employers provide a workplace that is free from hazards likely to cause death or serious physical harm.
- Correct Answers ✅Occupational Safety and Health Act (OSHA) Federal legislation requiring employers to check job applicants' papers to be sure they are either U.S. citizens or aliens authorized to work in the U.S. - Correct Answers ✅Immigrant Reform Act Any cost that is not specifically associated with production of identifiable products and services - Correct Answers ✅Overhead Those goods or stock of goods, which are held for resale - Correct Answers ✅Inventory To collect on an account, a funeral home should: - Correct Answers ✅1-Send a gentle letter or call of reminder of account balance 2- Aftercare call to family 3- pre-collection letter 4 - small claims court (as last resort)
Guide (FSE 2202) Questions
Insurance provision that makes the insurer liable only for losses in excess of the stated deductible. The amount of expenses paid out of pocket before the insurer pays any expenses. - Correct Answers ✅Deductible The way in which work is arranged and distributed among members of the firm. - Correct Answers ✅Organizing A document that lists the knowledge, skills, abilities, and personal characteristics a jobholder must possess to perform effectively - Correct Answers ✅Job Specification A document that lists the major responsibilities and tasks of the job - Correct Answers ✅Job Description A process for determining the critical components of a job for purposes of selecting, training, and rewarding personnel - Correct Answers ✅Job Evaluation Prior to moving a body in a disaster: - Correct Answers ✅the location of the body should be marked. In a disaster, dead bodies must only be moved when: - Correct Answers ✅given permission by the Medical Examiner or to save a living person
Guide (FSE 2202) Questions
In a disaster, after the survivors are cared for and the area is considered safe, the next step is to: - Correct Answers ✅secure the area for investigation. The process of helping workers cope with the stress following a disaster includes: - Correct Answers ✅-Debriefing -Defusing -Identification Who has the responsibility of taking possession of the dead bodies of a disaster? - Correct Answers ✅The Medical Examiner or Coroner Who has responsibility in a disaster if foul play is expected: - Correct Answers ✅The highest ranking law enforcement person. (or, the highest rank of several agencies can share the jurisdiction.) Who has responsibility in a disaster if Transportation is involved? - Correct Answers ✅National Transportation Safety Board (NTSB) Who has responsibility in a disaster if injured persons are present? - Correct Answers ✅The highest ranking medical person is in charge. (such as an EMT, Paramedic, Nurse or physician.)
Guide (FSE 2202) Questions
-Easy to form -Efficiency of labor -Possibility of employees to buy into the business -Each partner contributes goodwill in the business Disadvantages of a Partnership - Correct Answers ✅-Lack of continuity -Decisions are binding on both parties -Frozen investments -Collateral is used for business debt -Unlimited liability of general partners -Possibility of unsatisfactory division of profits -Possibility of managerial difficulties List the advantages of a sole proprietorship - Correct Answers ✅- Ease of starting -Low cost of organization -Profits go to the single owner -Promptness of action -Secrecy on business dealings -Customer recognition -Unique credit standing
Guide (FSE 2202) Questions
List the disadvantages of a sole proprietorship - Correct Answers ✅-Unlimited financial risk -Limited size -Limited life -Limited management ability -Limited opportunities for employees -Difficulty in raising capital A legal form of organization whereby a legal entity is authorized by a state to operate - Correct Answers ✅Corporation The written application for permission to incorporate that is approved by a state official - Correct Answers ✅Corporation Charter A form of legal organization in which a business association made up of two or more persons is formed for the purposes of carrying on as co- owners - Correct Answers ✅Partnership A partner in a partnership who is not active in its management and has limited personal liability - Correct Answers ✅Limited partner
Guide (FSE 2202) Questions
-Lack of privacy -Difficult to create A person who starts a business with both sophisticated managerial skills and technical knowledge. Recognizes an opportunity and moves quickly to capitalize on it. - Correct Answers ✅Opportunistic Entrepreneur An organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit - Correct Answers ✅Business List the various types of small business based upon the size and number of employees. - Correct Answers ✅Mining/Manufacturing - 500 to 1,500 employees Wholesale trade - up to 500 employees Retail trade - 20 to 100 employees Services - 25 to 300 employees
Guide (FSE 2202) Questions
A business which is independently owned and operated and is not dominant in its field of operations - Correct Answers ✅Small Business Contributions of small businesses: - Correct Answers ✅-Simulates economic competition -Represent 99.7 % of all employer firms -Generates jobs Characteristics of a small business - Correct Answers ✅-Actively managed by its owner(s) -Highly personalized -Largely local in its area of operations -Largely dependent on internal sources of capital to finance its growth -Business is not a major force in the particular industry (not dominant)
