ENT Test 2

_________ include key suppliers, customers, and employees. These idividuals are critical to the success of a business.

Stakeholders

IDentify the true staements about workers' compensation law in the United States. ATA

They aim to provide some type of wages to employees who are disabled or injured while on the job. They provide workers' compensation insurance that is regulated by each state.

Which of the following statements regarding bonus systems are correct? ATA

They are similar to profit sharing They are not as well defined as profit sharing They are based on the employee's performance.

A poorly performing employee is said to have a _____ impact on the entrepreneurial firm.

Triple

Which of the following is not considered a benefit but is mandated by law?

Unemployment insurance

A _______ patent is for a new process, machine, article of manufacture, or composition of matter, or any new and useful improvement of those.

Utility

A _____________ is where a sales commission is paid in addition to a basic salary.

hybrid compensation system

A commission

is payment based on some percentage of sales

A key aspect of how the funding will be used is found in the information provided by the business, and htac comes from: ATA

the data flow management the accounting system

Which of the following statements about succession are true? ATA

A successor should be selected anhd the person should be prepared early. When the parent retires, her or she should let the child run the business on his or her own. Parents often wait too long before creating a formal succession plan.

Which of t he following aspects listed below are part of retaining employees? ATA

Compensation and benefit systems Performance reviews Wages and hours requirements

Which of the following statements abut the FLSA requirements regarding nonexempt employees are correct? ATA

Compensatory time is not typically allowed from one pay period to the next. Nonexempt employees who work over 40 hours per week must be paid time and a half. Firms that pay employees on a weekly basis cannot use compensatory time.

Which of the following are true with regard to managing the flow of data? ATA

Data are obtained in a timely manner. Data are tied to the strategic needs of the business.

The ____________ process ends when the candidate returns a signed original offer letter.

Hiring

Business owners who offer profit sharing _____.

Pay employees a small salary but offer a percentage of the profits that the company earns.

Which of the following are types of patents? ATA

Plant Utility Design

The business owner should do which of the following to determine which candidates to interview? ATA

Focus first on those candidates who most closely match the job description Directly compare the application with the job description. Immediately reject those candidates who do not have the minimum position requirements.

According to the World Bank, the presence of entrepreneurial small- and medium-sized enterprises is one of the strongest factors in the growth of any nation's _______.

Gross national product

True or False: A Subchapter C Corporation treats fringe benefits that are paid out as income for its employees.

False: The benefits are not treated as income, so founders can get insurance from the corporation and use that as a business expense.

Which of the following statements about recruiting companies are correct? ATA

Fees can be a significant portion of the employee;s first year's salary. They generally provide employers with highly qualified employees. They typically charge the company a fee.

Business owners should_______.

Check as many of the candidates' references as possible

Which of the following statements regarding performance reviews are correct? ATA

Employees should be given praise as well as details of areas of improvement They review an employee's performance against a set of goals. They are for a specific time frame, often one year.

______ theory argues that people judge how they are treated relative to how they see others being treated.

Equity

Which of the following is a human resources issue for family firms? ATA

It is more difficult to fire or discipline a family member. Placement of family members can create an environment of discrimination. One family member may make another mad, since they know that member's "hot buttons"

Identify the typical requirements for a new business to obtain a city or county business license. ATA

It should pay a set fee, which is usually less than $100. It should agree to report basic information about its performance on a set schedule.

Which of the following describe the roles that human resources management plays in business? ATA

Managing employees. Hiring new employees. Inspiring employees.

___________ is an example of a hybrid compensation system where the employee is paid a small salary but earns a percentage of the profits at the end of the year.

Profit sharing

Once the candidate pool has been created, business owners should _______.

Reduce the number of candidates to be interviewed.

Which of the following are excellent sources of information regarding regulatory requirements? ATA

Small Business Administration Small Business Assistance Centers Chamber of Commerce Local department of economic development

Which of the following statements regarding commission compensation systems are correct? ATA

Sometimes, employees figure out how to abuse the system. Employees may make sales to customers who are financially weak and do not pay their bill. They sometimes cause employees to focus on commission instead of the overall good for the firm.

Inventory should be taken at scheduled times during the year and an exact match should be completed between ATA

Starting Inventory Ending Inventory Units sold

Which of the following statements regarding the minimum wage requirements of the FLSA are correct? ATA

States may set a minimum wage higher than set by the FLSA. The Act covers virtually all workers. The Act does not cover workers on small farms.

Identify the important pieces of informatiopn that need to be considered by an entrepreneur who seeks to place an advertisement on a job-placement website. ATA

Statistics on reply rates Readership and viewership of the website Rates charged for placing the advertisement.

Which of the following are drawbacks of sole proprietorships? ATA

The lack of legitimacy with suppliers and customers. The liability of the business is the responsibility of the single owner. The formation is limited to the single founder.

Which of the following statements about human resources is NOT true?

The most important role of human resources is to meet basic legal requirements.

Which of the following are likely to affect a small business when an employee becomes a problem? ATA

The problem may cause other employees to have problems. The owner loses time dealing with the situation. The organization does not fully benefit from the unhappy employee.