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Study Resources (Business Management)

    71) Perpetual inventory systems keep a continuous tally of each item added to or subtracted from the company's stock of merchandise.   72) Because of their relatively inexpensive nature, perpetual inventory systems are used most frequently and successfully in controlling low-dollar, high-volume items.   73) Computerized point-of-sale systems have given small business owners the.
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    91) The best conversion of strategic plans to operational plans is done by top management without the help of the employees.   92) To be of any real value to the small business owner, strategic plans must be broken down beyond operational plan level into projects with assigned responsibilities.   93) The secret to.
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    91) If an employment test measures what it is intended to measure, then the test is reliable. 92) The experienced business owner knows that either his/her interview or his current employees' reaction to the job candidate is the best determinant if this individual should be hired.   93) If the entrepreneur forms teams.
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    41) A number of organizational factors encourage employee theft including: A) being permitted to manage their own work and time schedules. B) working with one-of-a-kind items the employee could never afford to buy. C) having to elaborate of financial and inventory controls in place. D) a low probability of getting caught. 42) Employee theft can.
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  138) Electronic Fund Processing (EFP) insurance covers losses from the theft or loss of computers and data, the impact of computer viruses and computer system failures, intrusion by hackers, and problems with the privacy of customer information stored in databases.   139) Identify and explain the essential qualities to a successful family.
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    31) Companies experience a number of benefits from JIT including: A) better customer acceptance of their products and services. B) increased job satisfaction among employees. C) a reduction of inventory and handling costs. D) longer equipment life and lower maintenance costs.   32) JIT systems need two significant human elements to be successful: mutual trust and.
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    11) The grapevine in most organizations is: A) almost always incorrect in its content. B) nonexistent in organizations where management communicates face to face and by memo. C) the first place employees hear about major organizational changes. D) generally only used by troublemakers and gossips within the organization.   12) When it comes to hiring in.
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    71) The competitive profile matrix matches the firm's core competencies with those of selected competitors.   72) Setting seemingly impossibly high objectives, those outside the likely reach of employees, helps managers to create and maintain a high motivation level. 73) Goals and objectives provide the direction for the small firm and are essential.
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    11) Once the vision and mission are established, the entrepreneur needs to: A) select the target market. B) conduct market research. C) choose a competitive strategy. D) assess the firm's strengths and weaknesses.   12) ________ are positive internal factors that contribute towards accomplishing the company's objectives. A) Strengths B) Weaknesses C) Opportunities D) Threats   13) ________ are negative internal factors.
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    101) A survey of small companies shows that nearly half reward their workers with bonuses or other performance-related compensation.   102) For pay-for-performance systems to work, there needs to be frequent payouts to the employees. 103) To effectively recognize good performance in a way that motivates employees, the small business owner is forced.
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  131) Outline the steps in conducting an interview, explaining the important aspects of each step.   132) Explain the use of employment tests and reference checking in the hiring process.   133) What is company culture and how does it influence the staffing and leading of a growing company? 134) What is motivation?   135) When using.
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    101) Installing a sprinkler system to minimize the threat of fire would be a risk reduction strategy.   102) Risk anticipation strategies promote self-insurance.   103) Self-insurance is entirely a large business phenomenon.   104) A small business establishing a self-insurance fund is following a risk transferring strategy.   105) The risk behind self-insurance is that if there.
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    1) The process of influencing and inspiring others to work to achieve a common goal and then giving them the power and freedom to achieve it is called: A) management. B) goal or objective setting. C) performance appraisal. D) leadership.   2) Today's leader is different from leaders in the past in that he/she: A) is now.
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    71) Leadership is like management in that it maintains order and structure in the accomplishment of goals.   72) The common element in all of the reasons generally offered as to why employees don't do what they are asked to do is poor communication.   73) Sometimes personal defense mechanisms and confusing verbal and.
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    51) Two functions are interrelated and remain a continuing challenge to achieve for leaders. They are: A) staff their organization with the right people and then create the most appropriate work environment. B) behave with integrity in all situations and at all times. C) respect and support their employees. D) focus employees' efforts.
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    61) Which type of interview question is more effective and encourages candidates to talk? A) Close-ended questions B) Dialogue questions C) Open-ended questions D) All of the above   62) Which of the following statement is correct? A) In the opening phase of the interview, the manager's primary job is to diffuse the tension that exists.
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    21) A small business owner would conduct a competitive analysis in order to: A) influence customers' perceptions of the company and products' image. B) avoid surprises from existing competitors and to identify potential new competitors. C) divide the market into smaller, homogeneous units. D) scan the environment for weaknesses and strengths on which to.
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    111) A strategic plan doesn't need to be put into action to be complete.   112)  Early involvement of the total work force in the strategic management process is a luxury that larger businesses cannot achieve.   113) Common bases for a focus strategy include superior customer service, special product features, complete product lines,.
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  145) Differentiate among the three risk management strategies: risk avoidance, risk anticipation, and risk transfer. Offer an example of each.   146) Explain the nature and purpose of insurance in relationship to the small business.   147) Outline the major types of insurance protection the typical small business needs.   148) What can a small business.
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    11) In ________ of the management succession process, the successor is allowed to rotate through a variety of jobs to broaden the base understanding of the business as well as to have his/her skills evaluated. A) Stage I B) Stage II C) Stage III D) Stage IV   12) A formal mentoring program should be established.
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    121) The key to controlling insurance costs for the small business owner is aggressive prevention. 122) Disability insurance protects an individual in the event of unexpected and often very expensive disabilities.   123) Pensions and annuities are special forms of life insurance policies that combine insurance with a form of saving.   124) Life insurance.
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    31) When workers are empowered: A) there tends to be increased confusion over specific responsibilities. B) they are more successful on the job. C) they initially experience significant anxiety of using their skills. D) the company will lose about 20% of its workforce that doesn't want the responsibility. 32) Empowerment works best in work environments.
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    41) Small bookstores have a giant killer of a competitive advantage in their: A) lower costs. B) better locations. C) customer service. D) large selection. 42) When translating strategic plans into action plans, the small business owner should: A) not delegate authority or responsibility at this point. B) not assign priorities to the action plans, but manage.
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    61) An established customer base is an example of structural capital 62) Their narrower product lines, smaller customer bases and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.   63) The strategic planning process for small companies should begin with setting goals and.
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    111) Losses incurred by noncompliance with a contract are covered by surety insurance.   112) Goods in transit are insured by surety insurance. 113) Crime insurance covers for loss due to dishonesty, disappearance, and destruction.   114) Pensions and annuities are special forms of liability insurance.   115) When buying disability insurance, the primary criterion is the.
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    51) ________ is not a primary goal of a competitive intelligence program A) Avoiding surprises from existing competitors' new strategies and tactics B) Identifying potential new competitors C) Improving reaction time to competitors' actions D) All these are primary goals of a competitive intelligence program.   52) The final step in creating a knowledge management program.
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    31) Cost leadership has several inherent dangers such as: A) choosing to distinguish the product that does not boost its performance. B) an overfocus on the physical characteristics of the product. C) the identified niche is not large enough to be profitable. D) an overfocus on costs to the elimination of other strategies.   32) A.
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  128) What are the barriers to effective communication that the small business owner needs to be aware of and to overcome?   129) Discuss the roles that job analysis, job descriptions, and job specifications play in the human resource planning process. 130) Review the process for planning an effective interview.     .
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    41) A motivational tool that also helps to guide performance and lets the owner know that his/her company is accomplishing its operational goals is: A) benchmarking. B) feedback. C) job redesign. D) a human resource audit.   42) The first step in establishing a feedback loop is deciding: A) who will be responsible for the measurement of.
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    21) When it comes to enforcing employment laws and the job interviewing process, the EEOC: A) flatly outlaws certain specific questions. B) watches for questions that can lead to employment discrimination. C) provides an interviewing guide with approved questions for use by the entrepreneur. D) is largely unconcerned about job interviews in small businesses.
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    21) A(n) ________ attempts to minimize taxes on a family business passed from one generation to the next by creating two classes of stock–one for the parents (preferred stock), whose value is locked in, and another for the children (common stock), whose value reflects the market value of the business. A).
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    81) One key to building a successful differentiation strategy is to be better than competitors at some characteristic that customers value.   82) To be successful, a differentiation strategy must create the perception of value in the customer's eyes.   83) A differentiation strategy carries a risk with it, in that a firm may.
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  121) What is the importance of strategic management to small businesses? In your discussion, explain how strategic planning is different for a small business.   122) Explain how vision and mission work together, providing direction for the small business. In your discussion, identify at least five key questions a mission statement should.
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    1) The strategic management process: A) is especially difficult for the small business because of its limited resources. B) divides mass markets into smaller, less homogeneous units. C) provides the small business owner with the tools for managing the uncontrollable elements in the external business environment. D) helps a small business develop the game.
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    101) A focus strategy is ideally suited to many small businesses, which often lack the resources to reach a national market.   102) A company's intellectual capital is likely to be the source of its competitive advantage in the marketplace. 103) One of the biggest pitfalls many entrepreneurs stumble into is failing to.
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    131) Planning for management succession protects not only the founder's, successors', and company's financial resources, but it also preserves what matters most in a successful business: its heritage and tradition.   132) When choosing a successor, it is not important to establish standards of performance, knowledge, education, as much as the.
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    81) Succession planning should begin when the children reach college age.   82) At Stage II, when the successor graduates from college, real decision-making authority begins to grow rapidly.   83) The successor to the business owner needs to have both technical ability–knowledge of the business and financial ability–and understanding of the financial aspects.
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    91) A buy/sell agreement often also uses life and disability insurance to ensure the surviving co-owners have the means to buy the business.   92) A bypass trust allows the business owner to keep life insurance proceeds out of his/her estate as long as the owner doesn't die within three years of.
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  1) The essential quality for a family business that shows a recognition that decisions should be left to the person with the greatest talent in that area is the quality of: A) shared power. B) shared values. C) tradition. D) strong family ties.   2) Amanda and William run a retail clothing store together. Amanda is.
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    51) Today a small growing company can improve their working relationships with both supplies and customers through the application of ________. A) Electronic Data Processing (EDP) B) Electronic Data Interchange (EDI) C) Electronic Fund Processing (EFP) D) Customer Relationship Management (CRM)   52) The ________ inventory system is designed to maintain a running count of the.
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    11) Computerized POS systems make it possible for entrepreneurs to use a basic ________ inventory system. A) ABC B) perpetual C) visual D) virtual   12) A POS system can be set up for less than ________. A) $1,000 B) $10,000 C) $5,000 D) $15,000   13) The most common method of controlling inventory in a small business is the ________ system. A).
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    81) Information gathered during a job analysis provides the foundation for creating job descriptions and job specifications.   82) A job description sets forth duties; a job specification translates these duties into qualifications for that job.   83) The job specification outlines the duties and responsibilities of a job and its working conditions.   84) It.
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