Business Management Flashcards
7 cards from real PHR practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Business Management flashcards as text
Which external factor analysis examines political, economic, social, and technological influences?
Answer: PEST analysis
PEST analysis evaluates political, economic, social, and technological external factors.
A vision statement differs from a mission statement because it primarily describes:
Answer: The desired future state of the organization
A vision statement articulates the aspirational future the organization seeks to achieve.
Which budgeting method requires justifying all expenses from scratch each period?
Answer: Zero-based budgeting
Zero-based budgeting starts at zero and requires justification for every expense each cycle.
Stakeholders in a business context include:
Answer: Anyone affected by or interested in the organization
Stakeholders are any parties affected by or having interest in the organization, including employees, customers, and communities.
Which risk response strategy involves taking action to reduce the likelihood or impact of a risk?
Answer: Risk mitigation
Risk mitigation reduces the probability or impact of an identified risk.
A continuous improvement cycle commonly used in business is:
Answer: Plan-Do-Check-Act (PDCA)
The PDCA cycle drives continuous improvement through planning, doing, checking, and acting.
When HR demonstrates business acumen, it primarily shows the ability to:
Answer: Understand how the business makes money and operates
Business acumen is understanding how the organization generates revenue and operates as a whole.