Business Management II - VB Management Reading

Milestones are helpful in what sort of plan for employees?

Personal development

The difference between net profit and gross profit is that net profit takes what into account?

Taxes

What is the term used to describe a statement that highlights what a business owes and what a business owns?

Balance Sheet

What kind of corporation can be taxed in the same way as a partnership?

"S" corporation

A job description includes which of the following? a. Name of position b. Scope of the role c. The main tasks of the position d. All of the above

All of the above

Employee recognition systems are designed to do which of the following? a. Boost morale b. Highlight achievement c. Lower turnover d. All of the above

All of the above

How can companies get employees to speak freely? a. Ask them b. Empower them c. Acknowledge blind spots d. All of the above

All of the above

What is a work advance brought about by unions? a. Five-day workweek b. Increased workplace safety measures c. Child Labor Laws d. All of the above

All of the above

Making sure the company has enough production capability to meet demand is an example of which concept?

Capacity planning

Which law prohibits employment discrimination based on race?

Civil Rights Act

What is the process whereby unions negotiate with employers on behalf of the employees?

Collective bargaining

What is the type of pricing determined largely by what other companies in your industry are charging?

Competitors' Pricing

What is the name for a legally binding agreement in which the company agrees to provide products and services?

Contract

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

Copay

What type of business can be designated as profit or non-profit?

Corporation

What is the term used to describe the cost to produce, package, and deliver one item?

Cost of Goods

What is the term used to describe what the company needed to spend in order to generate its Net Sales?

Cost of Sales

A cap on the amount of claims that a policyholder can file, in total and for specific health needs, over a given period of time is know as what?

Coverage limit

What is the economic concept that states that the more of something a company buys or produces, the cheaper each unit becomes?

Economies of scale

Work measurement is the science of determining how much an employee earns per unit produced. True or false?

False

What is the term used for a 3-5 year forecast of your income and expenses?

Financial model

A graphical representation of a process is known by which term?

Flowchart

What is not a goal of most employees within an organization?

Getting fired

What is the rate at which the business grows or increases revenue from sales?

Growth percentage

Which of the following are the result of low employee engagement?

High turnover

What document is a summary of the money a company brought in (revenue) and what it paid out (expenses)?

Income Statement

What is another name for a strike?

Industrial dispute

What do we call the contractually agreed upon amount of money that a company pays each month or each quarter to the insurance company?

Insurance premium

Some economists say strong unions help strengthen which socioeconomic group?

Middle class

When companies ponder which position they need to fill, what is this called?

Need assessment

What is a type of effective management? a. Macromanagement b. Hierarchy c. Micromanagement d. None of the above

None of the above

What is not a reason workers will go on strike? a. Pay b. Benefits c. Ill treatment d. None of the above

None of the above

Which of these constitutes a valid reason not to hire someone? a. Age b. Gender c. Race d. None of the above

None of the above

Manufacturing companies compete primarily on what factor?

Price

What is the term used to describe the art and science of creating processes within an organization?

Process design

Which is used as an indicator of how well managed and healthy a company is, especially when it comes to reducing expenses and growing revenue?

Profit Margin

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 do we call the dollar amount calculated by the insurance company to represent the cost of replacing your property with new items of the same type and quality?

Replacement cost

Which type of bid is restricted to a select group of prescreened manufacturers?

Restricted Tender

A company may need security clearance is a possible reason for offering which type of tender?

Restricted tender

What do we call the amount of money (or income) that a company gets from its customers?

Revenue

According to the guideline in the reading, when creating your business plan, how many months of expenses do you need funding for?

Six

What is a new tool used to collect employee feedback?

Social media

What is the most common form of business ownership?

Sole proprietorship

What is the means by which an employer seeks out qualified candidates for open positions?

Sourcing plan

What is an example of a monthly, recurring expense?

Utilities

An example of a job design technique is job rotation. True or false?

True

What is the name of the person who helps set up a union in a workplace?

Union organizer

What was created with the idea that there's strength in numbers?

Unions

What is the term used to describe the science of determining how much time an employee needs in order to complete a given task?

Work measurement

What is the term used to describe how to make employees feel like they're an important part of an organization?

Employee engagement

According to Ethan Burris, how do employees need to feel before they'll really contribute to the growth of the company?

Involved

Which type of company only spends money when absolutely necessary?

Lean Startup

What is an example of an initial expense?

License fees

In a sole proprietorship, income and expenses are included on what for the owner?

Personal tax return

Insurance involves the transfer of what to a third party?

Risk

What feedback mechanism is most likely to appear in the employee break room?

Suggestion box

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 they heard?

Active listening

What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?

Actuarial table

Which is one place you're likely to find job candidates? a. Career fair b. Colleges c. Online d. All of the above

All of the above

Which of the following is a key objective of operations management? a. Dependability b. Quality c. Flexibility d. All of the above

All of the above

Which of the following is part of employee supervision? a. Communication b. Mentoring c. Encouragement d. All of the above

All of the above

Professional development includes which of the following? a. Training b. Mentoring c. Both

Both

What may managers rely on to decide if they'd like to interview a candidate in person? a. Phone screen b. Personality test c. Both

Both

What is the term used to describe the point where your revenue equals your expenses?

Breakeven point

What is a term used for the listing of your monthly expenses?

Budget

What is the name given to a policy that combines all of a business's insurance policies?

Business owner's policy

For which type of pricing do you add up fixed costs, direct costs, and indirect costs, then add your desired markup?

Cost-plus pricing

What is another word used to describe a company's liabilities?

Debts

What has happened to union membership numbers in the past 50 years?

Declined

What is the term used for amount that an employee must pay for medical or dental care before insurance begins paying?

Deductible

The balance sheet is at the heart of which type of bookkeeping?

Double-entry

How are public sector unions funded?

Dues

What is the most common offline way to collect employee feedback?

Employee meetings

What managerial practice is vital to the growth of your employees, managers and business?

Employee supervision

What is one perk a sole proprietorship does not have access to?

Employer-funded health insurance

In order to calculate a company's profit, what must be subtracted from its revenue?

Expenses

What is a form of general partnership formed for a short period of time?

Joint Venture

What type of corporation combines the benefits of a partnership and a corporation?

Limited Liability Company

What is the process in which you orient and train new employees to be successful in their new roles?

Onboarding

Which aspect of operations management takes a broader, a more macro view of the organization, seeking out ways for it to function more effectively?

Organization design

What is a form of business ownership in which two or more people jointly own a business?

Partnership

What is the process of anticipating possible problems and putting plans in place to cope with certain risks if they become real?

Risk management

In the later 20th century, the United States became what sort of an economy?

Service

What is the name of a person who owns part of a corporation?

Shareholder