Intro to Business Study Guide
What are the results of low employee engagement?
Lower attendance, lower productivity, more employees quitting.
What is the website Glassdoor and what information can job seekers get from it?
company's culture
What is employee supervision and what actions does it include?
- Employee supervision is the process in which a manager comes helps employees to be successful and fulfilled at work, leading to professional and personal development. - Support growth, unite with your team, praise others, expect excellence, requires accountability, verify potential, instill independence, share continuously, optimize ownership, and reinforce relationships
What is the term used to describe a statement that highlights what a business owes and what a business owns?
A "Balance Sheet"
In order to calculate a company's profit, what must be subtracted from its revenue?
A business's revenue minus expenses
What is included in a job description?
A document detailing what a person who takes a certain job is required to do
What is an enhanced form of communication where each person focuses on what the other person is saying and then repeats back what they thought you heard?
Active listening
How can companies get employees to speak freely?
Ask for it, walk the talk, acknowledge the blind spots, offer incentives, and empower them.
What is the term used to describe what the company needed to spend in order to generate its net sales?
Cost of sales
What is another word used to describe a company's liabilities?
Debts
What is the term used to describe how to make employees feel like they're an important part of an organization?
Employee engagement
What managerial practice is vital to the growth of your employees, managers, and business?
Employee engagement, where employees feel an integral part of the day-to-day workings of the organization
What is the most common offline way to collect employee feedback?
Employee meetings
What is the life cycle of an idea, from the original idea through, in some cases, its actual implementation?
Ideation
What may managers rely on to decide if they'd like to interview a candidate in person?
If the candidate impresses them or if the company strongly suspects they would perform well should they be offered the job.
What document is a summary of the money a company bought in (revenue) and what is paid out (expenses)?
Income statement
What does professional development include?
Mentoring and supervision
What is it called when companies ponder which positions they need to fill?
Needs Assessment
List valid reasons not to hire someone
Not enough education, no experience, criminal background, etc.
What is the process in which you orient and train new employees to be successful in their new roles?
Onboarding process
What is one place you're likely to find job candidates?
Online such as Craigslist or LinkedIn
What is the difference between profit and net profit?
Profit is a business's revenue minus expenses while net profit is profit after taxes have been paid.
What is the term used by recruiters to describe their ideal candidate?
Purple squirrel
What is the process of finding and hiring the best candidates for any given open position?
Recruiting
What is employee accountability and how do employers implement/require it?
Responsibility of employees to complete the tasks they are assigned, listening to the employee's input
What do we call the amount of money (or income) that a company gets from its customers?
Revenue
What is a new tool used to collect employee feedback?
Social media
What is the means by which an employer seeks out qualified candidates for open positions?
Sourcing plan
What feedback mechanism is most likely to appear in the employee break room?
Suggestion box
Assets = Liabilities + Owner's Equity (Capital) is known as what?
The "Accounting Equation"
The balance sheet is at the heart of which type of bookkeeping?
The balance sheet is at the heart of double-entry bookkeeping.
What are employee recognition systems designed to do?
They are designed to reward employees for sticking with the company.
Which law prohibits employment discrimination based on race?
Title VII of the Civil Rights Act of 1964