MORT 3012W: Test 1 Study Guide

Either inherently lazy or inherently responsible people

In the Theory X and Theory Y model, employees are seen as:

C-corporation

In the __________ form of ownership, the business' profits are subject to double taxation

Underlying values

unarticulated ethical beliefs that provide a foundation for ethical behavior in a firm

Employee Motivation - Maslow's Hierarchy of Needs (from bottom to top of pyramid diagram)

Physiological > safety > affiliation > esteem > self-actualization

Threat of future innovations

Which of the following is NOT of of the five forces proposed by Michael Porter?

All are true (i.e. demonstrate importance, include mission statement, and first formal communication with new employee)

Which of the following is TRUE about employee manuals in funeral homes

It's helpful to have a separate "skills" section that highlights skills that relate to the job

Which of the following is TRUE when crafting a resume?

Unlimited liability of at least one partner

Which of the following is a disadvantage of a partnership?

Names of owner(s) and key staff

Which of the following would generally NOT be an important component of a mission statement?

To attract investors

Why to entrepreneurs develop business plans, primarily?

Core competencies

"A unique set of capabilities that a company develops in key operational areas that allow it to vault past competitors" is the definition of:

Key success factors

"Controllable variables that determine a company's viability to compete successfully in an industry" is the definition of:

Strengths

"Positive internal factors that a company can use to accomplish its mission, goals, and objectives" is the definition of:

Competitive advantage

"The combination of factors that sets a small business apart from its competitors and gives it a unique position in the market that is superior to its competition" is the definition of:

Strategic management

"The process of developing a game plan to guide a company as it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off course" is the definition of:

Resume Components

1. Assertions ("I'm great") -contact info -objective -summary of qualifications 2. Evidence ("here's why") -professional history -experience -education -professional/community involvement -personal interests

Business model

A _________ defines the process a company will use to generate sales and profit.

Cousin consortium

A business in third and subsequent generations when family members take ownership and management positions

Social responsibilities

A company's ethical obligations to the community

To be the market leader/dominate funeral competitors

A funeral business has two main objectives. Which of the following is NOT one of them?

Mission statement

Addresses question of "what business are we in?" — i.e. strategic compass

Evaluating/controlling

Annual employee reviews falls under which function of management?

Need-based commitment

Commitment based on an individual's belief that s/he lacks career options outside the current business

Cost-based commitment

Commitment based on the belief that the opportunity for gain is too great to pass up

Obligation-based commitment

Commitment that results from a sense of duty or expectation

Key success factors

Determine relative success of market participants; generally things like prices, features, and deals

Planning

Developing a mission statement falls under which function of management?

Organizing

Dividing work into manageable units and giving specific employees responsibility for each unit falls under which function of management?

Intrinsic and extrinsic factors

In Hertzberg's Two-Factor Theory, people have two types of need to obtain job satisfaction. These needs are either:

Your church affiliation

In an interview, your potential employer CANNOT ask about:

Competitive Profile Matrix

Rating 1-4 based on relative significance; weight has to add up to 100%; (weight x rating) = weighted score

2, 4, 1, 3

Refer to the steps below to answer the question: * List in chronological order * 1. Perform a feasibility analysis 2. Develop an idea for a business 3. Create a business plan 4. Define the business model

Directing/actuating

Removing organizational obstacles that hinder employees falls under which function of management?

SWOT analysis

S: strengths - positive internal factors W: weaknesses - negative internal factors O: opportunities - positive external factors T: threats - negative external factors

Sole proprietorship

The form of business ownership that is the simplest to create

Vision

The result of an entrepreneur's dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone to see - provides direction and determines decisions

False

True of False? Because funeral homes are usually small operations, formal documentation of disciplinary action is not needed except in cases that involve criminal activities, such as theft

False

True of False? Fringe benefits should be included in an employment offer letter, NOT an employee handbook.

False

True or False? A business has to excel at ALL of its industry's key success factors in order to stay in business

True

True or False? A competitive profile matrix is a tool that allows a business owner to evaluate their company against major competitors using the key success factors for that market.

False

True or False? A written partnership agreement is required by law.

False

True or False? Goals are specific statements of ends, with specific dates for accomplishment and stated in measurably specific terms.

False

True or False? If a sole proprietorship fails, the owner is not liable for its debts since the business is a separate legal entity.

True

True or False? In 1978, the Civil Rights Act of 1964 was amended by the Pregnancy Discrimination Act.

False

True or False? In a SWOT analysis, strengths and weaknesses are external factors, and opportunities and threats are internal factors.

False

True or False? The BFOQ Act of 1983 prohibits discrimination on the basis of disability, status, and/or age.

The need to own one's own business

Which of the following is NOT a part of self-actualization, according to Maslow?

Cost leadership, differentiation, focus

What are the three basic business strategies proposed by Michael Porter?

To guide entrepreneurs as they launch and operate a business

What is one of the primary purposes of a business plan?

To determine if a business concept might be viable in the marketplace

What is the purpose of a feasibility analysis?

Purpose, Business, Values

What three issues should a mission statement address?

Participated

When crafting bullet points on your resume, which of the following would be considered the weakest word?

Use all-caps to structure and highlight important information

Which of the following DOES NOT make it easier to skim a resume?

Ability to innovate

Which of the following is NOT a common advantage of a family business?

Feasibility analysis

Which of the following is NOT a component of a business model?

Ethical relativism

the belief that ethical standards are subject to local interpretation

Job analysis

the process of determining the critical components of a job for purposes of selecting, training, and rewarding personnel.