Chapter 16 pt 1
Ted, a 46-year-old IT professional, recently attended a job interview at Acton Org. He was not offered the job. Ted tried to find the reasons for his disqualification and the company could not provide a satisfactory explanation. He later learned that he was refused the job due to his age as the job position was offered to a 23-year-old who had just graduated from college. Which of the following laws protect Ted from such discriminations?
ADEA
Ted's business, situated near the Missouri River, was partially destroyed when the river overflowed after a deluge. Which of the following measures would've helped Ted minimize the effect of the flood from interrupting the operations of his business?
Creating provisions for subcontracting work
Customers can never be a source of risk for businesses.
False
Everyone responds differently to risk. When it comes to business risk, small business owners are mostly risk seeking rather than risk averse.
False
The ADA Technical Assistance Program provides inspection and affirmation services to help small businesses.
False
The OSHA is a commission established to enforce the provisions of the Equal Employment Opportunity Act.
False
The advantage of legal protection methods for intellectual property is that there are multiple government agencies in each area that will assist a small business owner in maintaining their legal rights.
False
Axion Inc. is a small business started by Robert. As the business grew, he decided to implement new company policies that would ensure that his employees are not encouraged to set up competition against Axion. Which of the following techniques should he adopt to achieve this?
Negotiate contracts with key employees that limit their freedom to go into competition
Which of the following should be included in an employee contract for a key employee?
Offer rewards for providing adequate termination
Which of the following should be included in an employee contract for a key employee?
Offer rewards for providing adequate termination notice
Which of the following should be undertaken in order to reduce a business's exposure to the risk of violating tax regulations?
Reconcile the cash register tape to the cash register contents every day
Martin, an employee at a boutique store, is required to handle store displays and also ensure that all the sales records tally at the end of each business day. However, he committed fraud by recording fake sales and then keeping the products to himself. Which of the following managerial concepts would have helped the store avoid this deception?
Separation of duties
Which of the following represents the problem with legal protection methods for intellectual property?
There is no governmental agency that will assist small business owners in maintaining their legal rights.
Employees whose experience and skills are critical to the success of a business are called key employees
True
Risk from loss of key personnel and former employees setting up competition against your business can be managed by negotiating employment contracts with those key employees.
True
Jacob often manipulates charges on his travel expenses to indicate higher amounts when he travels for the company he works for. Trent, the accounts manager, accepts fake bills and assists Jacob in deceiving the company. They split the profits made this way. This is an example of theft by:
employee collusion