Final Exam 2019 Business Management
A retirement plan foe employees in public education and some nonprofit organization is a
403(b) plan
Which of the following is an important labor supply factor when determining where to locate a manufacturing company?
All of the responses
Discrimination in hiring based on race, ethnicity, religion, gender or national origin is prohibited by the
Civil Rights Act
which of the following is not a legitimate factor in which to base the mount of employee pay?
Employee's gender
The value of an English pound relative to the euro is its
Exchange Rate
The law that requires employers to pay covered employees overtime pay at 1.5 times the regular rate of pay is the
Fair Labor Standards Act
Which of the following is used as an indicator of a nation's economic wealth?
GDP
The national award created by congress to encourage American companies to improve quality is known as
Malcolm Baldrige National Quality Award
A written agreement between two or more people identifying how they will add capital, labor, or other assets and divide any profits or share any losses in their business is called a
Partnership agreement
What effect do tariffs have on the prices of foreign products?
Prices increases
The most common form of business organization is the
Proprietorship
Which of the following refers to a commitment of excellence?
TQM
A fund to pay an income to workers who lose their jobs through no fault of their own is
Unemployment insurance
The fundamental reason many previously successful businesses fail is
an inability to change
Training related to workplace diversity and sexual harassment is part of
awareness training
When contributions to a retirement plan are tax deferred,
benefits are not taxed until the employee withdrawals them at retirement
For quality management to success, the company must believe that
both a and b
Jobs that are a part of the employee's career path are identified int he employee's
career plan
Internal factors that affect a company's success include all the following except
changing workforce demographics
In a sole proprietorship
creditors have first claim against assets
Whenever there are new job openings or job vacancies, the company should first turn to
current employees
Elements of total quality management do not include
cutting corners
Allowing workers to specialize typically leads to
greater efficiency
What is one typical effect of re-engineering?
improved work flow
In the last half of the twentieth century, the labor participation rate for women has
increased
A new idea or a new implementation of an existing idea is called a(n)
innovation
Most of the emphasis on improving work processes is directed
inside the company
When an American company allows a Japanese company to produce and sell in Japan a product the American company invented, this arrangement is known as
international liccensing
In the United States, starting a small business
is fairly easy
The list of skill and qualifications needed to perform a particular job is known as a
job specification
OSHA is part of the U.S. Department of
labor
Which of the following is the MOST sought-after attribute employers look foe on a candidate's' resume?
leadership skills
The use of an assembly line is an example of
mass production
Managers should conduct formal performance reviews of all employees at least
once or twice a year
Manufacturing is a special form of
production
The advancement of a employee within a company to a position with more authority and responsibility is a
promotion
When workers become empowered, what happens to the quality of their work?
quality increases
Job skills training would include
sales and customer service
All of the following are factors in determining comparable worth except
specifying a male or female for the position
Employee turnover is commonly calculated based wither on the number of employees who leave their jobs in a company or on
the number of employees hired to replace employees who have left
One of the main reasons many proprietorships fail within a short time is that
the owner lacks skills needed
A salesperson on a 6% commission plan sells $80,000 worth of services in a single week. How much would the salesperson be paid for that week?
$4,800
In one year, a company with 3,000 employees had 300 workers terminate employment. What was the company's employee turnover rate?
10%
An important indicator that an organization needs to consider making change is
all of the responses
Companies use the information they obtain from performance reviews to
all of the responses
Ideas for new products can come from
all of the responses
American companies cannot conduct business in North Korea because of
an embargo
With mass production, what happens to the cost of each unit produced?
decreases
Laying off workers or dropping unprofitable product are examples of
downsizing
Human resources management includes all the following employee-related activities except
equipment purchasing
In return for payment of franchise fees , franchise is given
exclusive rights to sell the franchised product