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If a concession stand business sells a hot dog for $2 and it makes $.50 gross profit off just the sale of the hot dog, how much is the Cost of Goods Sold?

$1.50

An accurate assessment of total start-up costs will allow the business owner to create:

A budget

The income statement is designed to measure:

A company's performance over a certain period of time

An example of a tangible asset is:

A corporation's building

An example of a tangible asset is: a) b) (CORRECT) c)

A corporation's building

One of the largest unions in the United States is:

AFL-CIO

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

An approved prequalification questionnaire:

Allows approved manufacturing companies to bid on a job whenever needed without reapplying each time

A corporation's resources that have value or can be used to produce something of value are:

Assets

The CEO is hired and fired by whom?

Board of Directors

Employee recognition systems are designed to do which of the following?

Boost morale, Highlight achievement and Lower turnover

The quantity of a product that has to be sold before you break even is:

Breakeven volume

Making the manufacturing process more efficient can:

Bring the product to market faster

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

Budget

Which is one place you're likely to find job candidates?

Career fair, Colleges, and Online

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

Cost of Goods

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 known as what?

Coverage limit

As never before, job seekers use websites like Glassdoor to learn what about a prospective company?

Culture

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

Declined

What is the term used for the 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

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

What is the most powerful profit driver according to Nielson Co., a prominent marketing research company?

Effective pricing strategy

When a business looks to file a claim to recoup the loss of property for a business, they typically choose which option?

Either Replacement cost option or Cash value option

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

Employee engagement

Neglecting _______ can breed a workplace culture with poor productivity, low morale and high turnover.

Employee supervision

Management typically has more schooling and training than the employees that report to them. Why would the employee's opinions matter?

Employees when "heard" are more engaged and productive and Employees' ideas may be of more value sometime because they are "closer to the action"

What law protects employee from sex-based wage discrimination?

Equal Pay Act

How replaceable strikers are; how fast the company needs to resume normal operations; public sympathy; politicians role and how reasonable are worker demands are all:

Factors impacting length of a strike

True or False: A Limited Liability Corporation is a form of business that is NOT available in each state.

False

True or False: Net profit is greater than gross profit.

False

True or False: Open tenders is a component of a bid.

False

True or False: The recent healthcare law congress passed requires all businesses to offer insurance plans to their employees.

False

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

Financial model

The purpose of a strike is:

Force management to come to or return to the bargaining table

What are the different types of personnel needs assessments?

Formal and Informal

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

Getting fired

The rate at which a business increases revenue from sales is:

Growth percentage

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

Growth percentage

If a company does not have enough capacity to consistently meet an order by a certain timeline it can:

Hire more workers, Sub contract with a similar company and Expand operations

What does Rebecca Greenbaum identify as a problem within the workplace?

Hypocrisy

What is the life cycle of an idea, from the original idea through, in some cases, its actual implementation?

Ideation

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 starts the bidding process?

Invitation to Bid

What can a manager do that would create a negative work environment?

Keep employee achievements between the employer and employee only

The more companies an insurance company insures, the more likely they can predict the percentage of losses over a given period of time. This is known as:

Law of Large Numbers

Which type of company only spends money when absolutely necessary?

Lean Startup

An additional source of revenue for a corporation beyond product or service sales is:

Licensing, Stocks and Real estate

An insurance type that is NOT carried to protect from financial loss for the company is:

Life Insurance

Which of the following is not used to calculate the cost of goods sold in a manufacturing business?

Manufactured cost, Packaged cost and Delivered cost are all used

What was a large reason for the decline of unions at the end of the 20th century?

Manufacturing jobs moving to China and India

What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?

Materials requirements planning

Knowing how important hiring the right recruit is, why should employers NOT wait to find the perfect candidate?

May not exist, better to hire promising candidates that can be trained

A response to an employee's idea:

May require testing the idea before being accepted

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

Needs assessment

Which of these constitutes a valid reason not to hire someone?

Neither Age, Gender nor Race

What is not a reason workers will go on strike?

Neither Pay, Benefits nor Ill treatment

To create a sense of self-respect and self-fulfillment a manager can:

Offer monthly free lunches, Create a company sports team and Allow personal effects in the office

What type of management involves capacity management, supply chain management and quality management?

Operations management

An operations manager can be likened to which other occupation?

Orchestra conductor only

A method to know what is expected of employees and how work is to be done is:

Performance review

Milestones are helpful in what sort of plan for employees?

Personal development

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

Personal tax return

What may managers rely on to decide if they'd like to interview a candidate in person?

Phone screen and Personality test

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

Process design

What is the description of each axis on a breakeven chart?

Profit and volume

What is the process of finding and hiring the best candidates for any given open position?

Recruiting

That 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

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

S corporation

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

Service

What is a new tool used to collect employee feedback?

Social media

Which form of business has the lowest tax rate discussed in this chapter?

Sole Proprietorship

What is the most common form of business ownership?

Sole proprietorship

A tool to help make a budget quicker and more accurate is:

Spreadsheet software

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

Suggestion box only

What is defined as the people, parts, and processes involved in getting products or services from suppliers, on through to manufacturing and production, and then on to customers?

Supply chain

What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?

TBD

What is a strategy that it is wise NOT to use when pitching an idea to your boss?

Talk about problems that need fixing

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

Taxes

What is NOT an objective of operations management?

The succession plan of upper management

A self-insured individual means:

They pay for medical expenses out of their pocket without insurance.

Professional development includes which of the following?

Training and Mentoring

Timetable for choosing a supplier is one of the components that make up a bid.

True

True or False: Employee engagement can positively impact absenteeism.

True

True or False: Employee engagement can positively impact safety incidents.

True

True or False: Letting employees fail actually contributes to the success of the business.

True

True or False: Operations management is concerned with managing business processes that improve the products and services consumers use every day, and with bringing new ones to life.

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

Reducing _______ can reduce costs and lead to higher profit margins.

Waste

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

The Limited Liability Partnership is structured pretty much the same as.

tbd

True or False: In the formation of a corporation, you can hire yourself as an employee.

true