Mid Term Exam
Define and briefly explain the significance of each of the following eight words or phrases in 1 or 2 sentences.
1. Capital- Capital refers to the assets or resources, such as money or property, that a
company or individual uses to generate income and create wealth.
2. Human capital -It refers to the skills, knowledge, experience, and abilities of individuals, which are considered valuable resources in the workforce.
3. Financial Management- This is for Human Services involves managing the financial resources of organizations that provide social or healthcare services to people in need, and ensuring their financial sustainability and accountability.
4. Current Ratio- It is a financial ratio that measures a company's ability to pay its short-term debts by comparing its current assets to its current liabilities.
5. GAAP -GAAP (Generally Accepted Accounting Principles) is a set of accounting
standards and guidelines that companies must follow when preparing financial
statements, to ensure transparency and consistency in reporting.
6. Responsibility Center(s) – Responsibility Center(s) are organizational units within a company that are assigned specific goals, budgets, and performance metrics, and are held accountable for achieving them.
7. Financial Analysis- This involves evaluating a company's financial statements and
performance metrics to assess its financial health and identify areas of strength
and weakness.
8. Program – It refers to a set of activities or initiatives that are designed to achieve
specific objectives or outcomes, and are typically funded by an organization or
government entity.
Please answer each of the following four short answer questions in 2 brief paragraphs-
1. A social science- It is a branch of science that studies human society and social
relationships, often using empirical research methods. Economics can be
considered a social science because it studies how individuals, organizations,
and societies allocate scarce resources to satisfy unlimited wants and needs. It
also examines how economic systems and policies affect people's behavior,
social welfare, and overall well-being. However, some argue that economics
relies too heavily on mathematical models and assumptions, which may not
accurately capture the complexity and diversity of human behavior and social
interactions.
2. Opportunity cost – It refers to the value of the next best alternative that must be
foregone when making a choice between two or more mutually exclusive options.
As a human service manager, opportunity costs could include: choosing to invest
in one program over another, which could result in fewer resources for other
programs; hiring a new staff member, which could mean less funding for other
activities or services; and choosing to allocate resources to preventive measures,
which may mean less funding for crisis intervention.
Three examples of opportunity cost -Time, Money & Talent
Impact the role of human service manger -Opportunity Costs are an essential consideration for human service managers when making decisions about time, money and talent allocation. By understanding these opportunity costs, managers can make informed decisions that maximize the potential benefits of their choices.
3. To build a pro-family economic agenda in the field of human services, leaders can focus on creating policies and programs that empower...