Business Services Cheat Sheet 2026

The 30 highest-yield Business Services facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is a 'competency framework' in HR? → A structured model defining the skills, behaviors, and attributes needed for roles
2. What does 'inventory turnover ratio' measure? → How many times inventory is sold and replaced in a period
3. Typically, landscaping businesses coordinate the promotion of their services with the marketing efforts of → promotion
4. What is 'IT governance'? → A framework ensuring IT investments align with business goals and are properly managed
5. In financial services outsourcing, what is 'procure-to-pay' (P2P)? → An end-to-end process from purchasing goods to making payment to vendors
6. Which metric is most commonly used to measure call center operational efficiency? → Average Handle Time (AHT)
7. What is Service Ticket Intelligence? → Classifies service tickets
8. What does 'FMLA' stand for in US employment law? → Family and Medical Leave Act
9. What is a 'bottleneck' in a business process? → A point in a process that limits overall throughput or speed
10. What does SaaS stand for in business technology? → Software as a Service
11. What is 'accounts receivable' in business finance? → Money owed to the business by its customers
12. What is a 'PIP' (Performance Improvement Plan)? → A documented plan helping an employee meet performance standards before further action
13. What is a 'data breach' in cybersecurity? → An unauthorized access or release of sensitive, confidential, or protected information
14. What does 'arbitration' mean as a dispute resolution method? → Having a neutral third party hear and decide a dispute outside of court
15. What is a 'CRM system' used for? → Managing and analyzing customer interactions and data throughout the customer lifecycle
16. What does EBITDA measure in business financial analysis? → Earnings Before Interest, Taxes, Depreciation, and Amortization
17. What does 'first call resolution' (FCR) measure in a service center? → The percentage of issues resolved on the first customer contact
18. What is 'business continuity planning'? → Preparing procedures to maintain operations during and after a disruption
19. Which operational model involves a business retaining control of processes while using external staff? → Staff augmentation
20. What does 'GDPR' regulate? → The collection, storage, and processing of personal data for individuals in the EU
21. Simple memoranda made by business services professionals have the trait of typically being written with a reader in mind (n) → internal audience
22. What is a key benefit of implementing workflow automation in business services? → Reduces processing errors and speeds up routine tasks
23. Which of the following best describes 'cold calling' in business development? → Contacting potential customers who have had no prior relationship with the company
24. Which US accounting standard do publicly traded US companies use for financial reporting? → GAAP
25. What is 'succession planning' in human resources? → Identifying and developing employees to fill key leadership roles in the future
26. What does 'scalability' mean in business technology? → A system's ability to handle increased workload or expand without performance loss
27. What is a '360-degree feedback' review? → A performance assessment gathering input from supervisors, peers, subordinates, and self
28. Which document formalizes the relationship between a service provider and a client, detailing scope, deliverables, and pricing? → Statement of Work (SOW)
29. What does 'gross profit margin' measure? → Revenue minus cost of goods sold, divided by revenue
30. What is 'talent acquisition' in HR? → The strategic process of finding, attracting, and hiring skilled employees