Business Management II - VB Management Reading

What type of corporation combines the benefits of a partnership and a corporation?

Limited Liability Company

Which of the following are the result of low employee engagement?

High turnover

What is an example of an initial expense?

License fees

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

"S" corporation

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 they heard?

Active listening

A job description includes which of the following? a. Name of position b. Scope of the role c. The main tasks of the position d. All of the above

All of the above

Employee recognition systems are designed to do which of the following? a. Boost morale b. Highlight achievement c. Lower turnover d. All of the above

All of the above

Which of the following is part of employee supervision? a. Communication b. Mentoring c. Encouragement d. All of the above

All of the above

What is the term used to describe a statement that highlights what a business owes and what a business owns?

Balance Sheet

What may managers rely on to decide if they'd like to interview a candidate in person? a. Phone screen b. Personality test c. Both

Both

What is the term used to describe the point where your revenue equals your expenses?

Breakeven point

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

Budget

What is the name given to a policy that combines all of a business's insurance policies?

Business owner's policy

Making sure the company has enough production capability to meet demand is an example of which concept?

Capacity planning

Which law prohibits employment discrimination based on race?

Civil Rights Act

What is the process whereby unions negotiate with employers on behalf of the employees?

Collective bargaining

What is the name for a legally binding agreement in which the company agrees to provide products and services?

Contract

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

Copay

What type of business can be designated as profit or non-profit?

Corporation

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 know as what?

Coverage limit

What is another word used to describe a company's liabilities?

Debts

What is the term used for 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

How are public sector unions funded?

Dues

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 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 supervision

In order to calculate a company's profit, what must be subtracted from its revenue?

Expenses

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

Financial model

A graphical representation of a process is known by which term?

Flowchart

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 do we call the contractually agreed upon amount of money that a company pays each month or each quarter to the insurance company?

Insurance premium

What starts the bidding process?

Invitation to Bid

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

Need assessment

What is a type of effective management? a. Macromanagement b. Hierarchy c. Micromanagement d. None of the above

None of the above

Which of these constitutes a valid reason not to hire someone? a. Age b. Gender c. Race d. None of the above

None of the above

What is the process in which you orient and train new employees to be successful in their new roles?

Onboarding

What is a form of business ownership in which two or more people jointly own a business?

Partnership

Milestones are helpful in what sort of plan for employees?

Personal development

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

Process design

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 do we call the dollar amount calculated by the insurance company to represent the cost of replacing your property with new items of the same type and quality?

Replacement cost

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

Insurance involves the transfer of what to a third party?

Risk

What is the process of anticipating possible problems and putting plans in place to cope with certain risks if they become real?

Risk management

What is the name of a person who owns part of a corporation?

Shareholder

What is a new tool used to collect employee feedback?

Social media

What is the most common form of business ownership?

Sole proprietorship

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

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

Taxes

An example of a job design technique is job rotation. True or false?

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

What is an example of a monthly, recurring expense?

Utilities

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