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