Podcast
Questions and Answers
What is the primary purpose of an in-person interview?
What is the primary purpose of an in-person interview?
Which document outlines the responsibilities associated with a job?
Which document outlines the responsibilities associated with a job?
What is the purpose of a needs assessment in a company?
What is the purpose of a needs assessment in a company?
What best describes a 'purple squirrel' in recruiting?
What best describes a 'purple squirrel' in recruiting?
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Which of the following tools is used to gauge employee opinions on topics within the organization?
Which of the following tools is used to gauge employee opinions on topics within the organization?
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What is the main function of onboarding in a company?
What is the main function of onboarding in a company?
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Which term refers to a formal or informal strategy for seeking qualified job candidates?
Which term refers to a formal or informal strategy for seeking qualified job candidates?
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What type of meeting allows employees to directly provide feedback and ideas to management?
What type of meeting allows employees to directly provide feedback and ideas to management?
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What is the purpose of work measurement?
What is the purpose of work measurement?
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Which cost category includes expenses like utilities and rent?
Which cost category includes expenses like utilities and rent?
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Which of the following best describes breakeven volume?
Which of the following best describes breakeven volume?
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What does perceived value refer to in a business context?
What does perceived value refer to in a business context?
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What is the primary function of a financial model?
What is the primary function of a financial model?
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Which term refers to the total costs involved in starting and operating a business for an initial period?
Which term refers to the total costs involved in starting and operating a business for an initial period?
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In an insurance context, what does coverage limit mean?
In an insurance context, what does coverage limit mean?
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Which of the following is an example of fixed costs for a business?
Which of the following is an example of fixed costs for a business?
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What is the main goal of active listening in a manager-employee interaction?
What is the main goal of active listening in a manager-employee interaction?
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Which of the following best defines micromanagement?
Which of the following best defines micromanagement?
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How do milestones function in a professional development plan?
How do milestones function in a professional development plan?
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What is the purpose of a performance review?
What is the purpose of a performance review?
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Which statement accurately describes a 'whistleblower'?
Which statement accurately describes a 'whistleblower'?
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What is collective bargaining intended to accomplish?
What is collective bargaining intended to accomplish?
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Which best describes an 'open door' policy?
Which best describes an 'open door' policy?
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What does arbitration usually involve?
What does arbitration usually involve?
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What is a union organizer responsible for?
What is a union organizer responsible for?
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What does a balance sheet primarily highlight?
What does a balance sheet primarily highlight?
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Which of the following represents an intangible asset?
Which of the following represents an intangible asset?
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What does net profit indicate about a company?
What does net profit indicate about a company?
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Which of the following is a correct definition of profit margin?
Which of the following is a correct definition of profit margin?
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What is the primary purpose of capacity planning?
What is the primary purpose of capacity planning?
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What is meant by the term 'economies of scale'?
What is meant by the term 'economies of scale'?
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Which of the following correctly defines the cost of goods (COG)?
Which of the following correctly defines the cost of goods (COG)?
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What is the purpose of an invitation to bid?
What is the purpose of an invitation to bid?
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Which type of bidding process allows any manufacturer who meets the requirements to submit a bid?
Which type of bidding process allows any manufacturer who meets the requirements to submit a bid?
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What distinguishes a request for proposal (RFP) from a traditional tender?
What distinguishes a request for proposal (RFP) from a traditional tender?
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What is the primary focus of capacity planning?
What is the primary focus of capacity planning?
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What aspect does enterprise resource planning primarily address?
What aspect does enterprise resource planning primarily address?
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Which process is designed to increase job satisfaction among employees?
Which process is designed to increase job satisfaction among employees?
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What does operations risk management aim to address?
What does operations risk management aim to address?
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What is depicted in a process flowchart?
What is depicted in a process flowchart?
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Study Notes
Job Search & Hiring
- In-person interview: Candidate meets company officials, typically at the employer's location.
- Job description: Details the responsibilities of a specific role.
- Needs assessment: Internal company process to determine staffing requirements.
- Offer letter: Formal job offer to a candidate.
- Onboarding: Orienting and training a new employee.
- Person specification: Company's definition of ideal candidate skills and attributes for a role.
- Personality test: Assesses candidate suitability based on personality traits.
- Phone screen: Preliminary phone interview to filter candidates for in-person interviews.
- Purple squirrel: Ideal candidate for a position.
- Recruiting: Process of finding and hiring suitable candidates.
- Résumé: Document highlighting a candidate's skills, experience, and interests.
- Sourcing plan: Company's strategy for identifying qualified job candidates.
Employee Engagement & Feedback
- Employee engagement: Fostering employee feeling of belonging and importance within the company.
- Employee meetings: Face-to-face meetings for manager-employee feedback exchange.
- Employee survey: Formal questionnaire to gauge employee opinions on various topics.
- Ideation: Process of generating, developing, and implementing ideas.
- Suggestion box: Physical or virtual box for employees to submit anonymous feedback.
- Town hall meetings: Open forums for company-wide discussions and feedback.
- Trust agent: A trustworthy individual, often a manager, who gathers and relays feedback.
- Active listening: Intentional listening, followed by clarifying repetition to ensure understanding.
- Employee supervision: Management process supporting employee success and development.
Employee Performance & Development
- Goals: Personal and professional objectives for each employee.
- Micromanagement: Excessive managerial involvement in small decisions, hindering employee autonomy.
- Milestones: Key expected outcomes within specific timeframes as part of a development plan.
- "Open door" policy: Management approach encouraging continuous employee input.
- Performance review: Formal feedback process on employee performance, suggesting improvements and acknowledging achievements.
- Professional development: Formal and informal methods to enhance job skills and career growth.
- Strategic planning sessions: High-level discussions on business performance and future strategies.
- Whistleblower: Employee reporting illegal company activities.
Labor Relations
- Arbitration: Third-party mediation for resolving contract disputes.
- Collective agreement: Outcome of collective bargaining, outlining employee benefits and management responsibilities.
- Collective bargaining: Negotiation process between unions and management regarding contract terms.
- Picket line: Line formed by striking employees to prevent others from entering the workplace.
- Scab: Derogatory term for employees crossing a picket line during a strike.
- Strike: Workers' refusal to work until demands are met by management.
- Union: Organized group of workers collectively bargaining with management.
- Union dues: Fees paid by union members to support union operations.
- Union organizer: Individual assisting employees in union formation.
Business Finance
- Assets: Resources with value or used for value creation.
- Balance sheet: Statement showing a company's assets, liabilities, and owner's equity.
- Cost of sales: Expenses incurred to generate net sales.
- Expenses: Money spent by the business (raw materials, salaries, etc.).
- Gross profit: Revenue minus cost of goods sold.
- Income statement: Summary of revenue, expenses, and profit.
- Intangible asset: Non-physical asset with business value (e.g., brand reputation).
- Liability: Company's obligation to pay for goods or services received.
- Net profit (or net income): Revenue minus all expenses, indicating profitability.
- Owner's equity (or owner's capital): Value remaining to the owner after paying debts.
- Profit: Revenue minus expenses.
- Profit margin: Net income divided by net sales.
- Revenue: Income from customers.
- Tangible asset: Physical asset (e.g., building, inventory).
Manufacturing & Bidding
- Bid: Written proposal from a manufacturer in response to an Invitation to Bid.
- Bid price: Price quoted by a manufacturer for a project.
- Capacity planning: Ensuring sufficient resources (materials, parts, personnel) for contract completion.
- Contract: Legally binding agreement outlining products/services, cost, timeframe, and quality standards.
- Cost of goods (COG): Cost of producing, packaging, and delivering a good.
- Economies of scale: Reduced per-unit cost associated with increased production or purchasing volume.
- Invitation to bid: Formal request for manufacturers to submit bids for a project.
- Open tenders: Invitation to bid open to all qualified manufacturers.
- Request for proposal (RFP): Bidding process considering expertise beyond price.
- Restricted tender: Bidding limited to pre-approved manufacturers.
Operations Management
- Capacity planning: Ensuring sufficient production capacity to meet product demand.
- Enterprise resource planning (ERP): Managing information flow and processes within an organization.
- Forecasting: Predicting future business and industry trends.
- Job design: Improving employee job satisfaction through techniques like job rotation.
- Materials requirements planning (MRP): Planning production to ensure timely material supply and product delivery.
- Operations management: Managing business processes to improve products and services.
- Operations risk management: Anticipating and mitigating risks to company forecasts and demand patterns.
- Organization design: Improving overall organizational effectiveness.
- Process design: Designing internal organizational processes.
- Process flowchart: Visual representation of a process.
- Project planning: Methods and practices for achieving company goals.
- Supply chain: Network of people, parts, and processes involved in product/service delivery.
- Work measurement: Determining time required for task completion.
Startup Finance
- Breakeven volume: Sales volume achieving net profit.
- Budget: Monthly expense plan.
- Direct costs: Labor and material costs.
- Financial model: 3-5 year forecast of income, expenses, and profits.
- Fixed costs: Costs like equipment.
- Gross profit: Profit before taxes.
- Indirect costs: Costs like utilities and rent.
- Lean startup: Minimizing expenses at each stage of business development.
- Net profit: Profit after taxes.
- One-time costs: Non-recurring startup expenses (e.g., license fees).
- Perceived value: Customer perception of product/service value.
- Recurring costs: Ongoing monthly costs (e.g., rent, insurance).
- Revenue: Income from sales.
- Startup costs: Total costs to start and operate a business for a specific period.
Insurance
- Actual cash value: Insurance payout based on item value minus depreciation.
- Actuarial table: Statistical data on risk likelihood.
- Business owner's policy (BOP): Comprehensive insurance policy for business owners.
- Copay: Insured employee's payment towards medical/dental visits.
- Coverage limit: Maximum insurance payout for a specific event/ailment.
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Description
This quiz explores the key concepts and terminology involved in job searching and the hiring process. From understanding job descriptions to onboarding new employees, it covers essential elements that every job seeker and recruiter should know. Test your knowledge on various terms related to recruitment and candidate assessment.
