Business Strategies

What is the main purpose of encouraging feedback during an employee training session?

To ensure employees understand the material

Union members who stop work in order to support the striking members of another union are participating in a __________ strike.

sympathetic

Which of the following is an example of a business transferring risk:

A business takes out an insurance policy in case a project fails.

Which of the following tests would be used to evaluate a job applicant's ability to learn a particular kind of job:

Aptitude

Salespersons are more likely to sell a product when they

Can show consumers how the product will benefit them

Businesses that use the retail method of markup would establish selling price by

Dividing cost by 100% minus markup percent

A business that decides when to buy based on the supplier's lead time is considering

How long it takes to order and receive goods

Which motivation theory involves using rewards and negative consequences to manage employee behavior?

Reinforcement theory

How do unions benefit businesses?

Unions can help businesses save time by recruiting employees.

According to equity theory, how should a manager motivate employees?

By paying attention to how employees view incentives

When interviewing a job applicant, it is important for the interviewer to focus on asking questions that are related to the applicant's

Job performance

In addition to careful planning, what else can a business do to reduce risk?

Make reasonable decisions as new conditions develop

When tracking the performance of a business plan, businesses usually analyze the effectiveness of

Operating strategies

In which of the following situations might a business decide to select a long distribution channel that includes several intermediaries:

Market is geographically large and orders are small.

Which of the following best describes the relationship between learning and innovation:

The ability to learn is essential for innovation.

The CEO of a medium-sized business asked the top five executives to each prepare a sales forecast for the upcoming year. The forecasts were then averaged together to get the composite forecast. What method of forecasting was used?

Jury of executive opinion

To screen job applications and employment résumés, a business might use computer software that conducts text searches to scan for

Key words

Which of the following is a common error that managers should try to avoid when interviewing applicants for a job:

Overselling the organization

What are managers giving to employees when they delegate work to them?

Authority

Businesses should set their selling prices at a level that will

Cover expected markdowns and expenses

In which of the following situations might a business be within its rights to set an age limit on certain jobs:

Customer safety is a factor.

A business allowing employees to choose an eight-hour work period during regularly scheduled hours is an example of offering a __________ schedule.

Flextime

What might occur if a business listens to employee complaints but fails to take action?

Increase in turnover

Evaluating an employee's performance by comparing it to the goals that were set for the job is part of a technique called

Management by objectives

Which of the following is an example of an acceptable question to ask potential employees during an interview in order to select the best candidate:

Do you have previous military experience?

Determine which of the following statements is true:

Sales forecasting methods can be combined if this will provide the most useful data.

Why is it often necessary to provide employees with additional training?

To improve performance

The bulletin board at American Imports has a notice about a job opening in the receiving department. American Imports is seeking an employee through

Internal recruitment

When upper management and department managers work together, the budgeting process becomes

More accurate

The most appropriate advertising medium for a small, local business would be

Newspaper

A company manager recognizes that an employee only delegates tasks to people of a certain race. Which of the following is likely to be the most effective manner for the manager to deal with this situation:

Privately address the behavior directly with the employee

In addition to competence level, which of the following should workers be able to increase as a result of participating in a training program:

Productivity

Why do businesses review job applications/résumés and contact the individuals listed as references?

To verify accuracy of information

Supervisors might best increase morale and maintain company operations by scheduling employee working hours

According to the traffic flow of customers

Which of the following is the reason most managers give for not delegating work to others:

It takes a lot of upfront time to train others.

The reason that some businesses use word-of-mouth communication as a means of recruitment is because it is

Often a fast and effective method

When the customer's major objection to a product is the product's price, one way the salesperson can handle this kind of objection is by

Pointing out the product's quality

One of the benefits of developing a business plan is that it enables the business owner to identify

Possible risks

Processing customer payments involves recording cash receipts which increase the business's

Assets

One of the ways in which managing diversity contributes to the business's success is that the business will be able to

Attract and to retain talented workers

How does the Civil Rights Act of 1991 affect American businesses?

It allows businesses to be sued by employees for discrimination.

A business owner who plans to exit his/her business venture by selling it to another company needs to develop the business in a way that

Creates value for potential buyers

When tracking the performance of your company's business plan, you should share your results with

Everyone in the company

One of the most important, fundamental keys to successful change management is

Involving everyone in the organization

Noah's business is struggling and he doesn't have the desire to make things work, so he decides to sell off all of his inventory and close the business. Which type of exit strategy is this?

Liquidation

A competitive analysis should be included in which component of the business plan?

Market analysis

Which of the following is regulated by the Fair Labor Standards Act:

Overtime pay

Complaints focusing on employee comfort, equipment, and safety could be categorized as complaints about

Physical surroundings

What might a business do if it is running out of a popular product?

Place a reorder

Before launching a new product, marketers should obtain the support of top company leadership. This is an example of which aspect of change management?

Sponsorship