Category 1: EC-071
This is an organized effort to produce and/or distribute goods and services for profit or as a nonprofit.
What is a business?
This is the process of coordinating resources, such as human and financial, to accomplish an organization's goals.
What is management?
These are the people who work to produce goods and services for a business.
What are human resources?
This term refers to all the activities a business engages in to interact with its customers.
What are customer relations?
This is the possibility of loss or failure that is a regular part of doing business.
What is risk?
These are the primary activities a business must integrate, including marketing, operations, and financial analysis.
What are primary business activities?
This level of management consists of executives who are responsible for the overall direction of the company.
What is top-level (or executive) management?
This HR activity involves finding, screening, and hiring the best employees for the job.
What is staffing?
These are the specific moments or places where a customer comes into contact with a business.
What are touchpoints?
This type of risk is insurable because it only results in two possibilities: loss or no loss.
What is pure risk?
This specific business activity involves the process of planning, pricing, promoting, and distributing ideas, goods, or services.
What is marketing?
These are the five main functions of a manager: planning, organizing, staffing, directing, and this final "C" word.
What is controlling?
HR is vital because these individuals control all of the company's other types of these.
What are resources?
Building positive relations creates this, where customers repeatedly return to the same business.
What is customer loyalty?
This type of risk involves the chance of gain or loss and is generally not insurable.
What is speculative risk?
This term refers to the practice of contracting out certain business functions to outside vendors.
What is outsourcing?
To be effective, managers need technical skills, interpersonal skills, and these skills used to see the "big picture."
What are conceptual skills?
This HR function ensures the company follows laws and regulations, such as safety and labor standards.
What is compliance?
Positive customer relations can turn happy customers into a marketing tool through this type of promotion.
What is word-of-mouth promotion?
These are the four classifications of business risk: hazard, operational, financial, and this one.
What is strategic risk?
To reach specific goals, all businesses must rely on this - the coordination of all primary activities working together.
What is integration?
This specific management level is responsible for the day-to-day supervision of employees and is often called "supervisory" management.
What is first-line management?
HR managers play a vital role in this type of management, which involves long-term planning to meet organizational goals.
What is strategic management?
This type of "customer" refers to the employees within the company who rely on each other to do their jobs.
What are internal customers?
When a business chooses to move the risk to another party (like an insurance company), they are using this risk-handling method.
What is risk transfer?