Unit 13 Review

What are the four functions of management?

Define business ethics.

• The process of maximizing profits at any cost.

• The study of financial management in business.

• Moral principles and values guiding behavior and decision-making in the business world.

• A set of rules and regulations governing business operations.

Why is diversity important in the workplace?

• Diversity is not important in the workplace because it limits creativity and innovation.

• Diversity is not important in the workplace because it hinders productivity and efficiency.

• Diversity is not important in the workplace because it leads to conflicts and misunderstandings.

• Diversity is important in the workplace because it brings together individuals with different backgrounds, perspectives, and experiences.

What are the components of a compensation package?

• Vacation days, retirement plans, flexible work hours, company car

• Paid time off, profit sharing, gym membership, travel allowance

• Health insurance, performance bonuses, company stock, professional development funding

• Base salary, bonuses, benefits, stock options, additional perks

What is organized labor and how does it impact businesses?

• Organized labor is a term used to describe the process of arranging items in a neat and orderly manner, and it has no impact on businesses.

• Organized labor is a form of government regulation that restricts businesses from making decisions about their workforce.

• Organized labor refers to the practice of outsourcing labor to other countries, which can negatively impact businesses.

• Organized labor is the collective representation of workers through labor unions, which impacts businesses through negotiations for better conditions and potential disruptions.

Explain the concept of ethical decision making in business.

• Ethical decision making in business refers to the process of making decisions based on personal preferences.

• Ethical decision making in business refers to the process of evaluating and choosing actions that align with moral principles and values.

• Ethical decision making in business refers to the process of maximizing profits at any cost.

• Ethical decision making in business refers to the process of disregarding moral principles and values for financial gain.

How can companies promote diversity and inclusion?

• By implementing discriminatory hiring practices

• By implementing policies and practices that ensure equal opportunities for all employees, fostering a culture of inclusivity, providing diversity training and education, actively recruiting and hiring diverse candidates, creating employee resource groups, and regularly evaluating and measuring diversity and inclusion efforts.

• By not providing any diversity training or education

• By ignoring diversity and focusing solely on individual merit

What are the different types of compensation packages?

• Salary, bonuses, stock options, retirement plans, health insurance, paid time off

• Performance bonuses, employee stock purchase plans, 401(k) matching, disability insurance, wellness programs

• Vacation days, sick leave, dental insurance, life insurance, flexible spending accounts

• Hourly wages, commission, profit sharing, tuition reimbursement, company car

What are the benefits of organized labor for employees?

• Decreased wages, worse working conditions, decreased job security, no access to benefits

• No change in wages, working conditions, job security, or benefits

• Higher wages, worse working conditions, decreased job security, no access to benefits

• Higher wages, better working conditions, improved job security, access to benefits

What function of management handles assigning roles, tasks, & duties to accomplish a goal or objective?

• planning

• controlling

• organizing

• leading