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Sm. Bus. Manage.
QIII Final
| Question | Answer |
|---|---|
| a firm that is independently owned and operated and is not dominant in its field, its market is geographically localized | small business |
| a manufacturer is considered a small business if they have ____ employees or fewer | 500 |
| SBA | small business administration |
| a wholesaler is considered a small business if it has ____ or fewer employees | 100 |
| what percent of the nation's businesses are considered small businesses? | 90% |
| a retailer is considered a small business if its gross annual sales are _____ or less | $500,000 |
| the founder or owner of a small business | entrepreneur |
| t/f: the number of female entrepreneurs is increasing | true |
| a formalized business arrangement which is a contractual agreement that creates a marketing system between a franchisor and a franchisee | franchise |
| 4 functions of a small business manager: | planning, leading (directing/actuating), organization, controlling |
| one of the facets of this SBM function is to set forth a business plan | planning |
| one of the facets of this SBM function is to create a friendly environment for employees | leading |
| when you give your employees the authority to make decisions or take action on their own | empowerment |
| organization setup where each employee reports to one supervisor, effectively making a chain of command | line organization |
| this SBM function is closely associated with planning-it is monitoring the activities you are doing to complete your goals | controlling |
| as a manager, you must make sure you have the time to fulfill your responsibilities | time management |
| a written document that sets out the basic idea underlying a business and any related start-up considerations, developed before you begin operations | business plan |
| the business plan is part of which SBM function? | planning function |
| 4 objectives to identify before developing a business plan | 1) identify the nature of the business opportunity, 2) present and define the approach you will take to exploit the opportunity, 3) what are the factors I need to make the business successful?, 4) state the various methods of raising capital |
| 2 functions of the business plan | provides a clear statement of your goals and strategies as to how to accomplish those goals, serve as an educational tool to your customers |
| a financial statement that indicates the amounts of profits or losses generated by your firm over a given period of time | income statement |
| total sales-total expenses equals | net income |
| financial statement that provides a snapshot of a business's financial position at any specific point in time | balance sheet |
| those assets which can be readily liquidated within a short period of time and turned into cash | current assets |
| more permanent assets such as land, buildings, fixtures, and equipment | fixed assets |
| assets such as good will, reputation, trademark, patents, and brand name | intangible assets |
| financing provided by a creditor which must be paid back | debt capital |
| personal finances you have provided for the business start up | ownership capital |
| the administration of a funeral service enterprise, the activities of which encompass marketing, office, personnel, facilities, and financial management | funeral service management |
| the art of motivating people towards the achievement of a goal or set of goals | management |
| achieving the goals of a funeral home through personnel and resources | funeral home management |
| meeting the needs of grieving families that have suffered the loss of a loved one should be the _____ objective of a funeral home | primary |
| to generate money to cover expenses and invest in the business & to make a return on investment (profit) should be the _____ objectives of a funeral home | secondary |
| a vision or mission statement you want to accomplish: broad, general, without a specific time period in which to accomplish them | goals |
| specific actions you will take to complete/achieve your goals | objectives |
| the effective utilization and adequate regulation of your firm's assets, revenues, and expenses | financial management |
| obtaining and maintaining adequate workspace and funeral equipment | facilities management |
| as a manager, you must make sure that the efforts of all personnel are directed to ensure that quality in the production of your goods/services is achieved and meets the company's standards and expectations | total quality management |
| economic theory in funeral service, let the seller beware | caveat venditor |
| the process of acquiring, training, motivating, etc. a sufficient quantity of qualified employees to perform necessary activities and to develop those activities into an organizational climate conducive to maximum efficiency and worker satisfaction | human resource management |
| what percentage of a firm's profits should go toward employee wages? | 18-26% |
| a document given to every employee, should be signed by the employee acknowledging that they've read and understood the company policies within | employee handbook |
| a list of the major responsibilities/tasks of a particular job-should be given to all prospective employees so there's no confusion later on | job description |
| process of determining the critical components of any job and seeing what kind of person you want to fill the job | job analysis |
| t/f: you can ask about race, religion, arrest record, or sex on a job application | false |
| in an interview, what kind of questions are preferable? | open ended questions |
| can you ask marital status, or a woman's maiden name in an interview? | no |
| a statute outlawing discrimination in employment based on race, color, religion, sex, or national origin | title VII of the civil rights act of 1964 |
| statute outlawing discrimination in employment regarding those over 40 years of age | age discrimination in employment act of 1967 |
| statute prohibiting any discrimination of any qualified person with disabilities in hiring | American's with disabilities act of 1990 |
| statute outlawing discrimination in regard to wages: requires that employers provide a minimum wage and at least 1.5 times that wage for over 40 hours worked | fair labor standard act (wage an hour law) |
| a provision added to the fair labor standard act, outlawing discrimination in women's wages | equal pay act |
| legal discrimination: must have the minimum qualifications for the job, can refuse employment of anyone if they do not have the qualifications that are absolutely necessary for the job | bona fide occupational qualification (BFOQ) |
| from a 2005 survey, how did funeral directors rate the following as most important regarding their job: safety, job security, pay, benefits | benefits, pay, safety, job security |
| according to Maslow, put the hierarchy of needs in order from most basic through the apex: social needs, self-esteem, physiological needs, self-actualization, security | physiological, security, social, self-esteem, self-actualization |
| theory that says we have two basic sets of needs either intrinsic or extrinsic. who was this put forth by? | two-factor theory, F. Hertzberg |
| any activity that a FH engages in to create public awareness of your services and products and any activity that the FH engages in to generate new business or to retain present business | marketing |
| marketing: a distinguishing feature (name, design, motto) | brand |
| marketing: an intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to the use of | trademark |
| what percent of your business's gross annual sales should be spent on advertising? | 2-5% |
| a registered right of a creator to reproduce, publish, and sell the work which is the product of their intelligence and skill | copyright |
| registered right of an inventor to make, use, and sell an invention | patent |
| a statistical study of the population in your market area that provides you with the number of people, their ages, average income, etc. | demographic survey |
| inducing the public to have a positive feeling about your funeral home, can reinforce your advertising | public relations |
| reports about the funeral home, its employees by local radio, tv, or newspapers | publicity |
| DMORT stands for | disaster mortuary operational response team |
| when was DMORT created | 1990 |
Created by:
amyziolkowski
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