Entrepreneurship 2 Tests

Businesses develop a quality culture by a combination of continuous improvement and which other component?

Teamwork

What would be part of a business's efforts toward risk management?

Training employees

In which situation might a small business be able to reduce the premiums it pays for insurance coverage?

Buys from its professional organization

A company considers hiring multigenerational and multicultural prospective employees. Which image does the company want to portray?

Culturally diverse

Mary is seeking employment with a company that provides flexible working hours, on-site child care, and limited traveling. Which image would the company be portraying?

Family-friendly

A crucial part of creating a quality culture within a business involves encouraging all employees to perform which activity?

Find ways to improve

Which is a barrier for businesses in the adoption of a quality culture?

Focusing on quick fixes

What usually reduces the amount of the premium that a business pays for insurance?

Increasing the deductible from $500 to $1,000

Which statement regarding risk management is true?

It involves taking calculated risks.

Joe's employees plugged the electrical cord for display lights into an old, worn extension cord. Joe instructed them to get a new heavy-duty cord. Joe is implementing which measures?

Loss prevention

An organization with a quality culture would have which executive-level managers?

Managers who are committed, involved, and take responsibility for quality.

It is important for management to monitor all quality factors that affect business activities, so it can ensure that the company is performing which activity?

Meeting the customers' expectations

Poor product development, unreliable manufacturing equipment, and product shortages are examples of which risks?

Operational

Which situation is a business paying more for insurance than it should?

Premium is $500 a year on property valued at $2,000.

John is trying to ensure that his business is attractive to potential employees. Which activity should he take?

Promote responsibility

Which statement regarding prospective risks is true?

Prospective risks have not happened before but could occur in the future.

One of the most important reasons why management often focuses on improving quality throughout the organization is to achieve which goal?

Remain competitive

An important aspect of continuous quality improvement within an entire business organization requires management to perform which activity?

Solicit input from employees

What is one advantage of dealing with independent insurance agents?

They represent several companies.

Why is it important for businesses to develop standards?

To achieve quality by providing employees with guidelines to follow