Level 1
The person responsible for planning, organizing, staffing, implementing, and controlling the operations of a business
Manager
Taking a physical count of your merchandise at regular intervals, such as weekly or monthly
Periodic Inventory Method
What 2 topics (types of management) were the most important with the chapters we covered last week?
Human Resource & Operations
Determining the number of employees you need and defining a process for hiring them
Staffing
People who provide specialty services to a number of different businesses on an hourly basis or by the job
Freelances
The process of achieving goals by establishing operating procedures that make effective use of people and other resources
Management
Tracks inventory levels on a daily basis
Perpetual Inventory Method
A management control tool that helps determine whether the objectives for a particular job are being met
Performance Evaluation
A written statement listing the tasks and responsibilities of a position
Job Description
Students who work for little or no pay in order to gain experience in a particular field
Interns
The manager is directive and controlling
Authorative Management
Shows the projections of your cash coming in and going out
Cash Budget
To let others share workloads and responsibilities
Delegate
The process of determining the tasks and sequence of tasks necessary to perform a job
Job Analysis
Payments for labor or services that are made on an hourly, daily, or per-unit basis.
Wages
Employees are involved in decision making and the manager provides less direction
Democratic Management
The dollar amount of all sales
Gross Sales
A percentage of a sale paid to a salesperson
Comissions
Who reports to whom in the company
Chain of Command
An amount paid for a job position stated on an annual basis
Salary
Contains all of the rules, policies, and procedures that a business should follow to function effectively
Operations Manual
The dollar amount of all sales with any returns subtracted
Net Sales
Compensation arrangement in which employees are paid a portion of the company’s profits
Profit Sharing
Look for people to hire and attract them to the business
Recruit
A financial reward made in addition to a regular wage or salary
Bonus