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68 Cards in this Set
- Front
- Back
#1 complaint of employers concerning graduates lacking these skills and knowledge
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Management Skills
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To control the movement or behavior of, to lead or direct, or to succeed in accomplishing
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Management
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“Process which brings together resources and unites them in such a way that, collectively, they achieve goals or objectives in the most efficient manner”
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Management
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Determines the amount of liability the owners have on behalf of the business
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Business Structure
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The type of entity to conduct the legal pursuits of the business
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Legal Entity - Business Structure
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Hierarchical concept of subordination of entities that collaborate and contribute to serve one common aim
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Organizational Structure
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Below is an example of _____________.
Staff> Manager or PIC> Director or District Manager/ Supervisor> Regional>VP or CEO |
Organizational Structure
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Risk takers/Future leaders in business
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Entrepreneurship
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Financial health of the pharmacy
Income statement Most important evaluator of performance Report which represents a period of time |
Profit and Loss Statement
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What things are included in profit and loss statment?
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Sales driving force ( say in interview)
Beginning Inventory Ending Inventory Cost of Goods Sold- cost of merchandise Gross profit Controllable expenses - #1 payroll Non-Controllable expenses Net income-bottom line of what you made |
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Who handles all personnel issues?
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Human Resources
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People capabilities that drive organizational performance
Experts on recruiting, hiring, termination |
Human Resources
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Development of a competitive strategy that sets the long-term direction of the organization
All things equal, the organization that plans best will perform the best |
Strategic Planning
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Employees’ wages for pharmacists, technicians, cashiers, and other support staff
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Payroll
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Largest controllable expense
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Payroll
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Process or technique of promoting, selling, and distributing a product or service
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Marketing
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Revenue from selling prescriptions, OTC products, and services such as MTM, immunizations
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Sales
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1st line item on P&L
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Sales
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Cost of doing business- can be controllable or non-controllable
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Expenses
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Controllable or Non-Controllable?
Wages |
C
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Controllable or Non-Controllable?
Rent |
NC
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Controllable or Non-Controllable?
Taxes |
NC
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Controllable or Non-Controllable?
Advertising |
C
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Controllable or Non-Controllable?
Vacation Pay |
C
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Controllable or Non-Controllable?
Supplies and Training |
C
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Controllable or Non-Controllable?
Telephone |
C
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Controllable or Non-Controllable?
Equipment Rentals |
NC
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Controllable or Non-Controllable?
Employee Discounts |
NC
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Controllable or Non-Controllable?
Depriciation |
NC
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Controllable or Non-Controllable?
Licenses and Fees |
NC
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Controllable or Non-Controllable?
Maintenance and Repairs |
NC
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Controllable or Non-Controllable?
Misc |
C
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Most asked question from leadership in regards to business proposal before taking action
Opening additional pharmacy in an area Hiring additional pharmacist |
Return on Investment
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Evaluations to assess employee performance
Annual or 90 days Formal or informal |
Performance Appraisal
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refers to any “thing” (tangible or not) that is capable of having value
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Asset
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refers to any responsibility of a company, its owners, or employees
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liablity
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specific form of liability
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negligence
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Process, procedures, and policies for conducting business
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SOP
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Program to minimize errors, accidents
Compliance officers |
Risk Managment
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program to assure quality
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Quality assurance
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Sales promotion as a comprehensive function including market research, development of new products, coordination of manufacture and marketing, and effective advertising and selling
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Merchandising
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An itemized list of current assets
Assets include rx or OTC products on hand for sale Conducted annually Control substance inventory-different process |
Inventory
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Conformity in fulfilling official requirements
HIPAA, CIA( corporate integrity agreement) State rules and regulations |
Compliance
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What they are about, what they do, what are there needs-
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Mission Statment
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Gives direction, purpose, and perspective to the organization including management, staff, clients, and prospects
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Mission Statement
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What they are striving for, their future goal
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Vision Statement
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States where the company wants to be in the future, long term, usually three to five years into the future
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Vision Statement
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Sequence of business processes and activities from suppliers through customers
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Supply chain
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Manufacturer (Pfizer, JNJ, Proctor & Gamble), wholesaler, hospital or retailer
are all examples of _____________. |
Supply chain
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Act or an instance of diverting from a course, activity, or use
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Diversion
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Theft and illegally written prescriptions are examples of _____________.
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Diversion
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Systematic process of improvement in all aspects of pharmacy
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Continuous Quality Improvement
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Inclusion of diverse people (as people of different races or cultures) in a group or organization
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Diversity
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Valuing differences in employees because it is the right thing to do but mainly due to the importance for business
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Diversity
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Movement (as of goods or people) into, through, and out of a place
Ability to retain employees |
Turnover
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RPh turnover has ___________ in the recent years.
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declined
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Usually refers to monetary benefits such as salary, stock options, bonus, relocation
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Compensation
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Process for developing employees
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Career Planning
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To calculate or predict (some future event or condition) usually as a result of study and analysis of available pertinent data
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Forecasting
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List the stages of a "Life Cycle"
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Introduction phase
Growth stage Maturity stage Decline stage |
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Generally a way of measuring an employees quantity of work in a specific area
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Full Time Equivalent
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A service (as health insurance) or right (as to take vacation time) provided by an employer in addition to wages or salary
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Benefits
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Medical, dental, vision, life insurance, PTO (vacation or sick), disability, FMLA, educational assistance, 401K or pensions are all examples of _______________.
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Benefits
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Sales minus expenses
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Net Profit
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Bottom line of how much money was made for a specified time period
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Net Profit
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An evaluation of a person, organization, system, process, enterprise, project or product
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Audits
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inventory, controlled substances are an example of __________ audits
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internal
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third party plans are an example of ___________ audits
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external
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