HRM Test Questions

How are products allocated in a traditional economic system?

By individuals

Which of the following is considered to be a shopping good? A. Candy Bar B. Socks C. Sale Shirt D. Television Set

D. Television Set

What is the focus of quality assurance?

Developing processes to prevent product defects

Which of the following are characteristics of tactical planning...

Short-range and specific

Steve recently purchased a used laptop computer for work, but it didn't come with a user's manual. Where is Steve most likely to find a copy of the manual?

The internet

Which is one way that businesses use database software programs:

To maintain customer lists

Matthias regularly talks to other team leaders in the industry to keep up with current trends that may affect his team vision. Which guideline of sharing a vision does this illustrate?

Being a good listener

A business manager realizes that the demand for his/her products now exceeds producers' capabilities, and producers have raised their prices to offset the high demand. Under these conditions, what phase of the business cycle should the manager begin to prepare for?

Contraction

Marsha wants to invest her savings in a business. However, she wants to protect all of her personal assets. What type of business ownership would be most appropriate for Marsha?

Corporation

Which of the following characteristics are necessary for entrepreneurs to be successful ...

Creativity and innovation

What do most businesses maintain to help them plan future sales and promotional activities?

Customer records

If an accounting firm deliberately conceals information about a client's financial status, the government may charge the business with...

Obstruction of justice

When less expensive substitutes for a product are readily available, then demand for that product is likely to be more...

Elastic

Which of the following is a true statement about safety hazards in the workplace...

Poor housekeeping can cause safety hazards

What can employees do to help provide good services to customers?

Resolve Problems

Many individuals use Form 1040EZ to file their personal income tax if they meet which of the following requirements:

Taxable income is less than $50,000

Which of the following is a benefit of whole-life insurance:

The policyholder can borrow the policy's cash value

An organization's product goals often involve setting standards for...

The variety of its goods and services

Which of the following is the sequential order of a project's work breakdown structure:

Work assignment, task, subtask

Releasing equipment, materials, and team members are tasks that are completed during the ________ phase of a project.

closing

Regular credit accounts are sometimes called open account because they allow...

credit users to buy at any time during a set period

Tacit knowledge is often based on experiences and personal expertise, while explicit knowledge is...

easy to communicate and quantify

For an investment to yield positive results at the end of the investment period, the earnings should...

exceed the rate of inflation

A computer program that captures the knowledege of experienced workers is known as a(n)...

expert system

The Six Sigma framework approaches the quality improvement of existing processes by implementing the DMAIC method, which includes the five steps of defining, measuring, analyzing, ...

improving, and controlling

Though employees who work for auto companies hold a variety of different jobs, they may all belong to the same union - the United Auto Workers. This is an example of a(n)...

industrial union

A limitation to the use of project-management software is that it lacks the ability to...

make decisions

One of the benefits of production to consumers is that production...

makes form utility

The process of managerial planning typically helps to...

maximize resource efficiency

Assertive people believe that they have the right to ask other people to respond to their...

needs

The difference between the selling price of a product and all the costs and expenses of selling it is known as

net profit

One form of technology that businesses use to personalize their ongoing communication with customers is...

opt-in e-mail

A formal agreement between a lender and a borrower usually includes a...

repayment schedule

One of the main functions of the legal procedure is to...

resolve disputes

A group of persons in the same industry or geographic area who form a society to solve their common problems describes a...

trade association

How group members interact usually depends on...

who knows the most

Calculate a business's gross profit based on the following information: $367,500 in income sales, $105,250 in payroll, $25,700 in rent, and $140,125 in cost of goods...

$227,375

The dating terms that the SSL Company negotiated with a vendor are 3/10 net 30 on a purchase order made August 18. Calculate the discounted amount SSL would owe for an order of $386.69 if it pays by August 25th.

$375.09

Which of the following is NOT a characteristic of private enterprise...

A person's income depends mainly on the income their parents made

What do companies often use to assign and track various business tasks?

Accountability Matrix

What is the record keeping process of financial management?

Accounting

What is important to do when giving verbal directions to make sure the audience understands?

Ask questions

When RWQ Corporation could not obtain insurance coverage to cover a specific type risk from commercial insurance companies, it formed an insurance company to provide coverage for the risk. This is an example of a company managing its risk through a(n)...

Captive insurer

The Halifax Retail chain uses computer applications to track its inventory and order goods from its vendors. What form of technology is the company using to streamline its purchasing processes?

Electronic data interchange (EDI)

Which of the following is not a benefit of assessing your strengths and weaknesses?

Improved ability to work outside a group

Which of the following statements is true about strategic planning?

It involves planning for the next three-to-five years.

A human resource manager sets up a computerized system for maintaining employee records. What type of resource is the manager using?

Material

What type of information concerning policies and procedures do employees often extract from an internal business report?

New personnel regulations

Which of the following will foster a business's ability to adapt to changing markets?

Proactive managements

What is an important aspect of managerial directing?

Providing employees with instructions

What risk is being avoided when financial institutions use cloud computing?

Return on investment

What part of the URL (https://quizlet.com/190475648/edit#addRow) do the letters http represent?

Scheme

Why is it important for businesses to interpret statistical findings?

To obtain useful information

Why do many businesses follow up after production to ensure that products meet standards set by outside organizations?

To remain competitive

Why does a business keep stock on hand for resale?

To sell it to end users

At Oh-So-Good Gourmet Cookie Company, Todd is the warehouse manager, Pamela is the lead shipping clerk, David is a part-time shipping clerk, Carrie is the shipping supervisor, and Sharon is the vice president of distribution . Following a vertical chain of command, who is Carrie's direct supervisor?

Todd

Which of the following is the address of a web site on the World Wide Web that a business might obtain by conducting a search on the web:

Uniform Resource Locator (URL)

A good way to prioritize your financial goals is to...

assign each goal to a general category

To calculate total revenue, a business multiplies the number of units sold by...

average price per unit

An estimate of a business's income and expenses for a specified period of time is a(n)...

budget

Determining which projects a business should invest in is known as

capital budgeting

Adaptability often involves seeking alternative ways of approaching a situation , or developing ________ plans.

contingency

A business has an inventory valued at $750,000. This amount would appear in the business's balance sheet under...

current assets

During a negotiation, a non-verbal behavior that indicates a negotiator's high level of confidence is...

direct eye contact

An important aspect of the organizing function of management involves...

establishing levels of authority

A group is a number of people who...

get together to do something

To make a request of a business associate or customer is one of the reasons why business people write ...

letters of inquiry

A business that is owned by two or more people who share the risk of loss and the chance for profit is known as a...

partnership

In order to handle customer inquiries, employees should have information about...

product maintinence

The main difference between assertive people and aggressive people is that assertive people...

respect their own rights and the right of others

The primary reason that people review their personal credit reports is to...

verify that the credit agencies have correct information

To help their employees handle complaints fairly, many businesses establish general rules that personnel should follow, which are known as...

policies

What type of risk-management technology can track individual traders' risk limits and notify management immediately if any trader exceeds her/his present limit?

Automated oversight

What often appears at the bottom of a business letter if a sales brochure is attached?

Enclosure notation

Ian's employer automatically places Ian's paycheck directly into his bank checking account every pay period. In what column on Ian's bank statement will he find these transactions?

Deposits and credits

Which of the following is most likely to be a result of competition?

Development of new products

Six Sigma focuses on managing quality throughout the organization by focusing on...

Discipline and measurement

Which of the following is an example of current liabilities that a business should include in its balance...

Employees' salaries

What step in the continuous improvement process will indicate if quality is increasing?

Evaluation

During what phase of the project life cycle does the project manager activate project controls?

Execution

As the principal in an agency business relationship, Lynn tells Bob to take specific action on her behalf under certain circumstances. What type of authority has Lynn given Bob?

Express

The MIB Company uses protective computer-software programs to minimize losses associated with its customers' financial transactions. It is managing risks associated with...

Security

Shannon has worked at the XBO Company for two years in the production department. During a weekly meeting, the staff was brainstorming ideas to resole a problem the department has been experiencing on the production line. During the meeting, Shannon told the staff about some changes that her previous company made to its production process, which increased its efficiency and outputs. Shannon's manager liked the idea, and thought it might work at XBO. This situation illustrates the concept of...

Inevitable disclosure

A credit plan that requires a signed contract, a down payment, and the balance to be paid over a specific period of time is called ___________ credit.

Installment

Ingrid must analyze various aspects of the completed project by comparing the results with the objectives. What process is Ingrid likely to use to obtain all of the information for analysis?

Internal Audit

Employees who take home pencils, notepaper, and other office supplies for personal use are guilty of...

Pilferage

Which of the following is an example of employees using groupware computer applications:

Kelli, Juan, and Phil can access and make changes to the company production schedule from their home computers

Which of the following is a true statement about emotional intelligence and leadership:

Leaders have to get on with a variety of people

When analytical reports contain information that readers might disagree with, writers should back their conclusions with...

Logical Arguements

Maria's teacher says she has an aptitude for science. Which of the following may explain why Maria has an aptitude for science...

Maria's father is a microbiologist

The belief that profitable sales volume will result from giving customers quality products at fair and reasonable prices is part of the...

Marketing concept

When initiating a project, managers often develop SMART objectives, which are specific, _______, achievable, ________, and timely.

Measurable, relevant

Isabelle asks Todd, one of her project-team members, if he has collected all of the information that he needs to start tabulating a survey. What project-management activity is Isabelle performing?

Monitoring

Melissa is thinking about setting up her growing business as a corporation. Which of the following online sources is most likely to have relevant information about how to establish a corporation:

Nolo Legal Encylopedia

Which of the following is an operations activity in a business?

Obtaining resources

Which of the following provides the foundation for a business's overall planning and controlling activities:

Organizational goals

What function of management involves developing system for producing work?

Organizing

Which of the following is the most effective way to avoid excessive credit-card debt:

Pay off your balance each month

A developing country sets its currency to be the same value as the U.S. dollar. This is called a(n)...

Pegged currency

Which of the following is a primary function of information management:

Storing data

Most businesses provide employee orientation as soon as new employees report for work because...

that is when employees are anxious to learn