Final Exam 2019 Business Management

A retirement plan foe employees in public education and some nonprofit organization is a

403(b) plan

Which of the following is an important labor supply factor when determining where to locate a manufacturing company?

All of the responses

Discrimination in hiring based on race, ethnicity, religion, gender or national origin is prohibited by the

Civil Rights Act

which of the following is not a legitimate factor in which to base the mount of employee pay?

Employee's gender

The value of an English pound relative to the euro is its

Exchange Rate

The law that requires employers to pay covered employees overtime pay at 1.5 times the regular rate of pay is the

Fair Labor Standards Act

Which of the following is used as an indicator of a nation's economic wealth?

GDP

The national award created by congress to encourage American companies to improve quality is known as

Malcolm Baldrige National Quality Award

A written agreement between two or more people identifying how they will add capital, labor, or other assets and divide any profits or share any losses in their business is called a

Partnership agreement

What effect do tariffs have on the prices of foreign products?

Prices increases

The most common form of business organization is the

Proprietorship

Which of the following refers to a commitment of excellence?

TQM

A fund to pay an income to workers who lose their jobs through no fault of their own is

Unemployment insurance

The fundamental reason many previously successful businesses fail is

an inability to change

Training related to workplace diversity and sexual harassment is part of

awareness training

When contributions to a retirement plan are tax deferred,

benefits are not taxed until the employee withdrawals them at retirement

For quality management to success, the company must believe that

both a and b

Jobs that are a part of the employee's career path are identified int he employee's

career plan

Internal factors that affect a company's success include all the following except

changing workforce demographics

In a sole proprietorship

creditors have first claim against assets

Whenever there are new job openings or job vacancies, the company should first turn to

current employees

Elements of total quality management do not include

cutting corners

Allowing workers to specialize typically leads to

greater efficiency

What is one typical effect of re-engineering?

improved work flow

In the last half of the twentieth century, the labor participation rate for women has

increased

A new idea or a new implementation of an existing idea is called a(n)

innovation

Most of the emphasis on improving work processes is directed

inside the company

When an American company allows a Japanese company to produce and sell in Japan a product the American company invented, this arrangement is known as

international liccensing

In the United States, starting a small business

is fairly easy

The list of skill and qualifications needed to perform a particular job is known as a

job specification

OSHA is part of the U.S. Department of

labor

Which of the following is the MOST sought-after attribute employers look foe on a candidate's' resume?

leadership skills

The use of an assembly line is an example of

mass production

Managers should conduct formal performance reviews of all employees at least

once or twice a year

Manufacturing is a special form of

production

The advancement of a employee within a company to a position with more authority and responsibility is a

promotion

When workers become empowered, what happens to the quality of their work?

quality increases

Job skills training would include

sales and customer service

All of the following are factors in determining comparable worth except

specifying a male or female for the position

Employee turnover is commonly calculated based wither on the number of employees who leave their jobs in a company or on

the number of employees hired to replace employees who have left

One of the main reasons many proprietorships fail within a short time is that

the owner lacks skills needed

A salesperson on a 6% commission plan sells $80,000 worth of services in a single week. How much would the salesperson be paid for that week?

$4,800

In one year, a company with 3,000 employees had 300 workers terminate employment. What was the company's employee turnover rate?

10%

An important indicator that an organization needs to consider making change is

all of the responses

Companies use the information they obtain from performance reviews to

all of the responses

Ideas for new products can come from

all of the responses

American companies cannot conduct business in North Korea because of

an embargo

With mass production, what happens to the cost of each unit produced?

decreases

Laying off workers or dropping unprofitable product are examples of

downsizing

Human resources management includes all the following employee-related activities except

equipment purchasing

In return for payment of franchise fees , franchise is given

exclusive rights to sell the franchised product