MNGT 101

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MNGT 101
2011-05-19 10:56:59
Business Management

Study guide for Final
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  1. Job Description
    A summary of the objectives of a job, the type of work to be done, the responsiblities and duties, the working conditions and the relationship of the job to other functions
  2. Job Specification
    A written summary of the minimum qualifications required of workers to do a particular job
  3. Theory X
    Manager give worker little responsibility, authority or flexibility

    Manager still suspect that employees cannot be fully trusted and need to be closely supervised
  4. Theory Y
    Manager emphasize a relaxed managerial atomosphere in which workers are free to set objectives be creative, be flexible, and go beyond the goals set by management
  5. Theory Z
    Theory Z includes long term employment collective decision making and promotion, moderately specialized career paths and holistic concern for employees(including family)

    Theory Z views the organization as a family that foster coperation and orgainizational values
  6. Civil Rights Act 1964
    For firms with 15 or more employees outlawed discrimination im employment based on sex, race, color, religion, or national orgin
  7. Civil Rights Act of 1991
    For firms with over 15 employees extends the right to a jury trial and punitive demages to victims of intentional job discrimination
  8. Herzberg Two Factor Theory
    Motivators: made employees productive and gave them statisifaction. Work itself, achievement, possible of growth, advancement, recognition, status

    Hygiene Factor: are all the other elements. Interpersonal relations, superior subordinates, peers, supervisors, company policy, and admin, job security, working conditions, salary, and personal life
  9. Roth IRAs
    Roth IRAs are where you don't get upfront deductions on your taxes as you would with a traditional IRA, but the earnings grow tax-free and are also tax-free when they are withdrawn
  10. Expectany Theory
    Victor Vroom's theory that the amount of effort employees exert on a specific task depends on their expectations on the outcome
  11. Equity Theory
    The idea that employees try to maintain equity between inputs and outputs compared to others in similar positions.
  12. Sexual Harrassment
    Unwelcomed sexua advances requests for sexual favors and other conducts (verbal or physical) of a sexual nature that creates a hostile work environment.
  13. American with disablities act of 1990

    What is the concept of accomodation in employment?
    Requires human resources managers to keep abreast of laws and court decisions to effectively perform their jobs

    • *Employers must know and act with legal rights
    • *Legislation affect all areas of human resources
    • *Court case demonstrate that is is sometimes legal to go beyond providing equal rights for minorities and women to provide special employment
    • *New court case and legislation change HR management almost daily
  14. Who does the Age Discrimination Act cover?
    Outlawed employment discrimination against people 40 and above. An amendent outlaws require retirement by a specific age
  15. What is open shop?
    Agreement in right-to-work states that gives workers the option to join or not join a union, if one exists in their workplace
  16. What is a union shop?
    Cluase in a labor-management agreement that says workers do not have to be members of a union to be hired, but must agree to join the union within a prescribed period.
  17. Mediator
    A third party, who encourages both sided in a dispute to continue negotiating and offten makes suggestons for resolving the matter
  18. Arbitrator
    An agreement to bring an impartial thrid party to render a binding decision in a labor dispute. They must be acceptable to both labor and management
  19. What is a right-to-work law?
    Legislation that gives workers the right under an open shop to join or not join a union if it is present.
  20. What is the doctrine of "employment-at-will"?
    This meant managers had as much freedom to fire workers as workers had to leave voluntary. Most states now limit the at-will doctrine to protect employees from wrongful firing
  21. Know the 4P's of marketing
    Product: design a product to meet the need based on research. Do product testing.

    Price: Determine a brand name, design a package, and set a price.

    Place: Set a distribution system

    Promotion: Design a promotional program. Build a relationship with customers
  22. Know what market segmentation is
    The process of dividing the total market into groups with similar characteristics
  23. What is target marketing?
    Selecting which group or segments an organization can serve profitably
  24. Demograhic Variable
    Dividing the market by age income and educational level

    Demographic are most widely used segmentation variable but not necessarily the best
  25. Psychographic Variables
    Dividing the market using the groups values, attitudes and interests
  26. What is a Channel of Distrubition consists of?
    A whole set of marketing intermediaries, such as agents brokers, wholesalers. and retailers, that join together to transport and store goods in their path(or channel) from producers to consumers
  27. What is contained in a balance sheet?
    Financial statement that reports a firms financial condition at a specific time and is composed of three majors accounts; assets, liabilities, and owner equity
  28. What does the income statement contain?
    The financial statements that shows a firm's profit after costs expenses and taxes; it summarizes all of the resource that have come into the firm (revenue), all the resources that have left the firm and the resulting net income.
  29. What does a Cash Flow Statement contain?
    Financial statments that reports cash receipts to a firm's three major activites: operations, investments, and financing
  30. What the term liquidity means in relationship to an asset?
    The ease with which an asset can be converted into cash
  31. Fundamental accounting equation

    Equity; this is the basis for balance sheets
  32. Primary Markets
    Primary markets handle the sales of new securities
  33. Secondary Market
    Handles the trading of these securities between investors with the sales going to the investor selling the stock, not to the corporation whose stock is sold.
  34. What it means when a bond is selling at a premium or a discount
    Discount price is less then the bond's face value.

    Premium price is above it's face value
  35. The relationship between interest rates & bond prices
    Bond price generally fluctaute inversley with current market interest rates. As interest rates go up, bond prices fall and vice versa.
  36. Market orders vs limit orders
    A market order tells a broker to buy or sell a stock immediately at the best price available

    A limit order tells brokers to buy or sell a stock at a specific price if that price become available.
  37. Voting rights of common stockholders
    1. Elect members of the company board of directors and vote on important issues affecting the company

    2.Share in firms profits through dividends if approved by the firms board of directors
  38. Voting rights for preferred stockholders
    Preferrred stockholders do not get voting rights in the firm
  39. What it means to say a preferred stock has a cumulative provision?
    Preferred stock can be converted to shares of common stock (but not the other way around) and it can be cumulative. That is if one or more dividends are not paid when promised they accumulate and the cooperation must pa them later because it can distribute any common stocks dividends
  40. Larges stock exchange is the US

    The New York Stock Exchange
  41. BULLS in stock market
    Bulls believe the stocks prices are going to rise; they buy stock in anticipating of the increase
  42. BEARS in stock market
    Bears expect stocks prices to decline and sell their stocks in aniticipation of falling prices
  43. Who set the margin rates?
    The board of governors of the Federal Reserve System sets margins rates in the us market.
  44. Dow Jones Industries Average
    The average cost of 30 selected industrial stocks, used to give an indication of direction (up or down) of the stock market over time.
  45. Reserve Requirement
    A percentage of commerial banks checking and savings accounts that must be physically kept in the bank
  46. Open Market Operations
    The buying and selling of us government bonds by the Fed with the goal of regulating the money supply
  47. Discount Rate
    The interest rate that the fed charges for loans to member banks
  48. Federal Fund Rate
    The bank charges each other called federal fund rate.
  49. Know the tools of the Federal Reserve
    Reserve requirement, open market operations, discount rate, federal funds rate
  50. What is including in the M1 and M2 money supply?
    M1 - Money that can be accessed quickly and easily (coins and paper money, checks, travelers checks, etc)

    M2 - Money included in M-1 plus money that takes a little more time to obtain (saving accounts, money market accounts, mutual funds, certificates of deposits, etc)
  51. Product Life Cycle
    A theoretical madil fo what happens to sales and profits for a product class over time; the four stages of the cycles are introduction, growth, maturity, and decline.
  52. Rounds Lots vs Odd Lots
    Brokers prefer to make stock purchases in rounds lots of 100 shared at a time.

    However usually cannot afford to buy 100 shared which may sell for as much as $100 ea and therefore ofter buy in off lots or fewer then 100 shares a time