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Human Resources Management (DECA)
Terms in this set (173)
Time off when an employee is not at work during their normal work period. Can be scheduled or unscheduled.
the ability to produce a good using fewer inputs than another producer
amounts that are currently owed to a firm
Committee formed for a specific task or objective, and dissolved after the completion of the task or achievement of the objective.
An order for goods and/or services ordered before the move-in date for an exhibition. Usually less expensive than a floor order.
A business relationship where a principal gives legal authority to an agent to act on the principal's behalf when dealing with a third party
A third party responsibly assumes that the principal granted authority to the agent
Person who is legally authorized to act on behalf of another party in business transaction
the process or act of resolving a dispute
A condensed statement that shows the financial position of an entity on a specified date( assets = liabilities + owners' equity)
a fixed amount of money paid to an employee by an employer in return for work performed. Does not include benefits, bonuses or any other potential compensation from an employer.
A job commonly found in the workforce for which pay and other relevant data are readily available. used to make pay comparisons and job evaluations.
a form of compensation above the amount of pay specified as a base salary or hourly rate of pay. Also a portion of a total compensation package for employees.
a purchase order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing.
A certificate issued by a government or private company which promises to pay back with interest the money borrowed from the buyer of the certificate.
Compensation above and beyond that defined by a base salary our hourly wage.
Type of computer program that scours the internet, searching for the information requested by a user.
Budget Credit account
A form of short-term credit often set up for 60- or 90-day periods with a payment due every 30 days
Giving long-standing employees, whose positions are to be eliminated, the option of taking other positions within the company that they are qualified for and that are currently held by employees with less seniority.
Process of determining and understanding the effectiveness of various organizational operations.
An association between individuals or companies sometimes formalized with legal contracts
An offer made by a company to its employees, often including a severance package, in exchange for leaving the company.
Incomings and outgoings of cash, representing the operating activities of an organization.
The first step in any effort to improve employee performance is counseling or _____. Counseling or ______ is part of the day-to-day interaction between a supervisor and an employee. _____ provides positive feedback about employee contributions and helps improve performance.
_____ gives employees and their families, who lose their health benefits because of unemployment, the right to continue to pay for group health benefits provided by their group health plan. These health care benefits may be extended for limited periods of time under certain circumstances according to the COBRA regulations.
One or more unions meeting with the representatives from an orgainzation to negotiate labor contracts.
A financial institution that accepts demand deposits and makes loans and provides other services for the public
The ability of a country to produce a good at a lower cost than another country can.
Yielding of a position, privilege, or right, by a party to induce the another party to respond similarly by yielding an equivalent position, right, or privilege.
a written legal contract between an employer and employee. it lays out binding terms and conditions that prohibit the employee from disclosing company confidential and proprietary information.
clinical behavior analysis therapy which is most-widely used in the field of substance abuse
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Allow you to spend money as a loan and only have to pay a few weeks later, NOT considered a medium of exchange
A person to whom money is owed
A nonprofit financial institution that is owned by its members and organized for their benefit.
Accounts where payment is overdue
Period of low economic activity and development
The inability to perform all or part of one's occupational duties because of an accident or illness.
Directing function of management
Involves engaging in those activities that ensure effective operation, including leadership and motivation of employee action toward goals,
The favoring of one group of people, resulting in unfair treatment of other groups.
Define, measure, analyze, Improve, control
____ or lay-offs reduce the number of employees in an organization. It may be a strategy to save the company, but when layoffs are used repeatedly without necessary strategy, it can destroy morale among employees.
The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
Effects on environmental laws on businesses
increase operating costs: environmental laws usually require the purchase of pollution-control equipment of new manufacturing methods with more advanced equipment
A situation in which consumer demand is sensitive to changes in price
a compilation of the policies, procedures, working conditions, and behavioral expectations that guide employee actions in a particular workplace. generally also include information about the company, employee compensation and benefits, and additional terms and conditions of employment.
Employee of the Month
a recognition strategy companies have used successfully and unsuccessfully.
Developing, maintaining, and improving the relationship between employer and employee by effectively and proactively communicating with employees.
a period of months or years when the job applicant was not employed at a job for reasons such as attending school full time and raising children.
Giving employees the resources, skills, and authority necessary to share power with management and make decisions. Employees are then held accountable for their decisions and rewarded when appropriate.
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
The granting of equal rights, privileges, and status regardless of gender, age, race, religion, disability, or sexual orientation
economy where there is an increase in the level of economic activity, and of the goods and services available
Both the principal and the agent agreed to the agency relationship through a written or oral agreement
Authority which the principal has expressly given to the agent whether orally or in writing.
Fair Labor Standards Act
Sets the federal standard for minimum wage, overtime pay, record keeping, and child labor.
the result of a detailed examination of a proposed idea, project or business to determine if it is likely to be successful.
Federal income tax
the taxes that the federal government imposes on personal income in order to provide services
A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.
Costs that do not vary with the quantity of output produced
allows an employee to work hours that differ from the normal company start and stop time
Flexible Spending Accounts
allow employees to set aside a portion of their earnings on a pre-tax basis into seperate spending accounts to fund allowable health care and/or dependent day care expenses
Freedom of Association
The right of workers to join a union and to bargain collectively. This right is protected by the Universal Declaration of Human Rights and the Human Rights Act of 1993.
Full-block business letter
Business letter where the paragraphs are not indented
mandatory time off work with no pay. This may be used to control costs of a project which is over budget or when revenue falls short.
a legal procedure in which a person's earnings are required by court order to be withheld by an employer for the payment of a debt such as back taxes or child support.
an appointed commission, is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency.
A bar graph that illustrate a project schedule
A complaint filed by an employee.
the total amount of an employee's earnings before deductions are taken out
An action so serious that it calls for the immediate dismissal of an employee. Examples include fighting, drunkenness, harassment, of others and theft.
net sales minus cost of goods sold
Tendency of the members of a group to yield to the desire for consensus or unanimity at the cost of considering alternative courses of action.
Hierarchy of Needs
A theory created by psychologist Abraham Maslow that states humans constantly strive to meet a series of needs, going from physical (food and shelter) all the way to spiritual (self-actualization).
When a company discontinues the hiring of non-essential employees, which can allow for restructuring within the organization.
A periodic measurement of human resources effectiveness conducted.
An individual who is able to perform mulitiple diversified human resources functions.
Human resources records
Consulted to ensure that qualified individuals are notified, in person of vacant positions
The conduct of both parties expresses an intent to create an agency relationship
Additional compensation used as a motivational tool to exceed spcified work goals.
Inside Address in a business letter
Name, title, and address of whom this letter is addressed
Installment credit account
A type of credit account set up to handle one total amount of credit which is to be paid off in regular installments (30 days)
A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments.
Depending on each other
A payment that repays interest on a loan, bond etc, rather than paying off any of the original amount
the relationship among nations because of increasing levels of trade
Manual or computer-based record of the quantity and kind of inventory (1) at hand, (2) committed (allocated) to firm-orders or to work-in-process, and (3) on order.
A form describing the goods or services sold, the quantity, and the price
A report that outlines comparative information clearly to the reader, used commonly when comparing items for purchase
Strategies and processes designed to identify, capture, structure, value, leverage, and share an organization's intellectual assets to enhance its performance and competitiveness.
A market where employers find workers and workers find jobs.
money that must be accepted for payment of public and private debts
Arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country.
one or more partners has limited liability in terms of the
amount of financial responsibility or the amount of involvement in the business.
established prices normally quoted to potential buyers
the process of assessing an organization's goals and creating a realistic, detailed plan of action for meeting those goals.
Market analysis report
reports that are used to judge the likelihood of success for new products or sales
Market clearing price
Price where the amount supplied in a market matches exactly the amount demanded.
the action or business of promoting and selling products or services, including market research and advertising.
the portion of a market controlled by a particular company or product.
Type of relationship in which principal controls the activities of the agent; principal has liability for agent's torts in this relationship
A payroll tax paid by both employees and employers as part of FICA taxes, which also includes social security.
Internet forum of online discussions where people can hold conversations in the form of posted messages
Words inserted into a Web site's key-words field to increase the site's appearance in search engine results.
Amount of income left after taxes and deductions have been taken out.
The amount left after operating expenses are subtracted from the gross profit
goods that last a short period of time, such as food, light bulbs, and sneakers
Workers who are subject to all Fair Labor Standards Act (FLSA) provisions, including overtime, because of the nature of the work they perform and the method by which they are compensated for their time.
A memorandum that objectively analyzes the law; the memo is written for your supervisor or for other individual(s) in your office
The act of moving work to an overseas location to take advantage of lower labor costs. Manufacturing companies practice offshoring on a regular basis.
The process of acquiring, accommodating, assimilating and accelerating new team members, whether they come from outside or inside the organization.
An order to buy or sell that remains valid until it is executed or canceled by the customer. An order that is executed when the price of a share or currency reaches a predetermined price.
Costs involved in operating a business, such as rent, utilities, and salaries.
Organizing function of management
focuses on setting up the way the business's work will be done, determines the division of labour
Refers to the total number of shares of stock that are owned by stockholders on any particular date.
All hours worked beyond 40 per work week for all non-exempt employees. Overtime is calculated on a weekly basis, so a non-exempt employee who works four 10-hour days and is off on the fifth day does not recieve overtime pay.
a business organization owned by two or more persons who agree on a specific division of responsibilities and profits
The process of maintaining or improving employee job performance through the use of performance assessment tools, coaching and counseling.
A document that gives an inventor the sole legal right to an invention for a period of time
A relatively loose organizational model where each business unit performs its own separate functions, might not interact with other units, and does not directly depend on other units, although it contributes to the success of the whole enterprise.
Focuses on the resources that the organization brings in from the environment. It attempts to monitor the quality or quantity of these resources before they enter the organization.
Formula: Market capitalization of the stock ÷ Issuer's cashflow for the latest fiscal year.
Party who gives legal authority to another to act on his or her behalf in business transactions
business or industry that is managed by independent companies or private individuals rather than by the state.
Records that help to forecast buying needs and include production sheets, daily food cost sheets, and sales mix records.
the driving force that encourages individuals and organizations to improve their material well-being
Project management software
programs for planning and scheduling the people, costs, and resources to complete a project on time
The advancement of an employee internally from a job with a low salary range to a position with a higher salary range.
a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales
work completed by different jobs or groups working together in a back-and-forth manner
an economy in the phase of the business cycle following a recession, during which an economy regains and exceeds peak employment and output levels achieved prior to downturn.
Someone inside an organization that has the responsibility of finding and training new employees for the organization.
Regular Credit account
A credit account which allows credit users to buy at any time during a set period, usually 30 days; also called an open account
Ending or termination of employment by the employee.
The percentage of trailing year's earnings that have been dispersed into the company again.
Return on investment
the ratio of the net income to the average capital employed in a company or project
Revolving Credit account
Allows a customer to charge items and be billed monthly on the basis of the outstanding cumulative balance
a request from a customer for goods to be supplied very quickly
A fixed amount of compensation paid to an employee for the work they perform, rather than an hourly wage.
Planned approach to account-management policy formation, prospect identification and qualification, sales presentation, and order generation aimed at achieving a firm's sales quotas or targets.
Savings and loan association
US depository institution, typically chartered and organized like a bank, that offers home mortgage loans and basic banking services such as checking (current) accounts and credit cards.
the part of project planning that involves determining and documenting a list of specific project goals, deliverables, features, functions, tasks, deadlines, and ultimately costs.
work completed in succession, with one group's or job's outputs becoming the inputs for the next group or job
Money provided from a company to an employee who is leaving the company for a number of reasons, including layoffs, mutual agreement, or elimination of a position.
Six Sigma model
is a statistics based model which focuses on redesigning processes to eliminate defects
Specific, Measurable, Available at an acceptable cost, Relevant and Time-bound.
The study of how people interact
a business owned and managed by a single individual
A one-time order that is not considered part of the company's normal ongoing business.
Standard Purchase Order
a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
Committee with a continued existence, formed to do its assigned work on an ongoing basis.
Purchase order covering repeated deliveries of goods or services in specified quantities, at specified prices, and according to a specified schedule.
Tax paid to the state for funding schools as well as a variety of public programs administered at the state level.
The public price at which buyers and sellers swap share
long-range planning for the company as a whole and is a responsibility of top-level management.
Supply chain management
Management of material and information flow in a supply chain to provide the highest degree of customer satisfaction at the lowest possible cost.
The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done
Working on a flexible work schedule at a distance from your place of work.
The authority asserted by the church over secular matters.
Total Quality Management
strives to improve quality and productivity in many organizations. Instead of using traditional rule enforcement, TQM calls for a change in the corporate culture, where the new work climate has the following characteristics:
(function discounts) a discount on the retail price of something allowed or agreed between traders or to a retailer by a wholesaler.
A brand that has exclusive legal protection for both its brand name and its design
a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers.
The process of analyzing a design problem and finding a way to fix it
The number of employees lost and gained over a given time period.
Workers who organize a united group, usually related to the kind of work they do, to collecively bargain for better work conditions, pay or benefit increases.
costs that vary with the quantity of output produced
The use of various types of technology to provide employees with self-serve options. Voice response systems and employee kiosks are examples.
Work Breakdown Structure
WBS, a deliverable-oriented decomposition of a project into smaller components.
Work breakdown structure
Project network-modeling step in which the entire job is graphically subdivided into manageable work elements (tasks)
A form used to determine the amount of federal and state income tax that an employer is required to withhold on the employee's behalf.
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