Managing People & Finance Flashcards

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What is the recruitment process?
Process designed to find the best possible candidates for a job vacancy.
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List the steps in the recruitment process.
Identify a vacancy, Conduct a job analysis, Prepare a job description, Prepare a Person Specification, Advertise.
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Give one reason why an organisation might want to recruit internally?
The vacancy can be filled quickly, can enhance morale, employer will know candidates, saves on advertising costs, saves on induction training.
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Identify four external places where organisations may place job adverts.
Newspaper, Specialist magazine/journal, Internet, Job Centre, Recruitment Agencies, Schools, colleges, universities.
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Name three techniques used to select the most suitable candidate.
Testing, Assessment Centres, Interviews
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Name five topics often covered in induction training.
Background info on organisation. Organisation/department procedures, Meeting new colleagues, Health & Safety requirements, Introduction to tasks required.
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Define on the job training.
Training that it conducted at the employee's normal place of work.
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Define off the job training.
Training that it conducted away from the employee's normal place of work.
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What is a staff appraisal?
An evaluation of staff performance and identification of training needs.
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What is employee relations?
The formal relationship between employees and employers, which may involve each of their representatives.
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What is collective bargaining?
Where negotiations are carried out on behalf of multiple parties instead of negotiating separately.
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What does ACAS stand for?
Arbitration, Conciliation and Advisory Service.
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What is the role of ACAS?
A service, funded by the government, that assists in disputes where agreement between employees and employers cannot be reached.
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What is a works council?
A group of representatives from the workforce who have a legal right to access information from management, and have joint decision-making powers on most matters relating to employees.
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List three types of industrial action.
Strike, Sit in, Overtime Ban, Work to Rule, Go Slow
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Identify three key pieces of employment legislation.
National Minimum Wage Regulations 1998, Health & Safety at Work Act 1974, Equality Act 2010, Employment Rights Act 1996
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Name four functions of the finance department.
Paying wages & salaries, Maintaining financial records, Paying accounts and credit control, Producing annual accounts, Analysing accounting information, Preparing and monitoring internal financial information.
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Give three examples of what an organisation might use financial information for?
Controlling costs and expenditure, Monitoring cash flow, Forecasting trends, Monitoring performance, Informing decision making.
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Name two profitability ratios.
Gross Profit Percentage, Net Profit Percentage,
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Define liquidity.
The ability to pay short term debts.
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Name two liquidity ratios.
Current ratio, Acid test ratio
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How is return on capital employed calculated?
Net Profit/Opening Capital x 100
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What is a cash budget?
A cash budget is a forecast of receipts and payments of cash.
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Name four users of financial information.
Employees, Trade Unions, Managers, Owners, Banks/Lenders, Government, Creditors
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Name five source of finance an organisation could use.
Bank overdraft, Trade Credit, Government Grants, Retained Profits, Bank Loan, Leasing, Hire Purchase, Owner's Savings, Share Issue, Debentures, Venture Capital, Mortgage, Shares.
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Other cards in this set

Card 2

Front

List the steps in the recruitment process.

Back

Identify a vacancy, Conduct a job analysis, Prepare a job description, Prepare a Person Specification, Advertise.

Card 3

Front

Give one reason why an organisation might want to recruit internally?

Back

Preview of the front of card 3

Card 4

Front

Identify four external places where organisations may place job adverts.

Back

Preview of the front of card 4

Card 5

Front

Name three techniques used to select the most suitable candidate.

Back

Preview of the front of card 5
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