Business Management Quiz

What does the National Labors Act guarantee?

• The right of employees to receive equal pay for equal work.

• The right of employees to organize and collective bargaining with their employers.

• The right of employees to create a batch of personalized documents.

• The right of employees to have a detailed disaster recovery plan.

What is the purpose of a Gantt chart?

• To guarantee equal pay for men and women in the workplace.

• To help teams plan work around deadlines and properly allocate resources.

• To represent data in a pictorial form.

• To specify the unequal relationship between inputs and outputs.

What is a Sole Proprietorship?

• A non-registered, unincorporated business run by one individual with no distinction between the business and the owner.

• A relationship between two or more people to do trade or business.

• A portfolio management framework that helps companies decide how to prioritize their different businesses.

• A formal document containing instructions on how to respond to unplanned incidents.

What does the term "Strategic" refer to in the context of general management?

• The ability to lead ourselves, teams, and organizations in a way that advances the organization's missions/goals and creates long-term advantage.

• The increase in sales volume of products, services, and economic activity over time.

• The relationship between two or more people to do trade or business.

• A formal document created by an organization that contains detailed instructions on how to respond to unplanned incidents.

What is the Pareto Principle?

• A principle that guarantees equal pay for equal work.

• A principle that helps in planning work around deadlines and allocating resources.

• A principle that specifies that 80% of consequences come from 20% of the cause, asserting an unequal relationship between inputs and outputs.

• A principle that outlines the rights of employees to organize and collective bargaining.

What is the discipline called that is concerned with the understanding of interactions among human and other elements of a system, aimed at the design and well-being of the overall system of performance?

• Marketing

• Ergonomics

• SWOT Analysis

• Corporation

What does SWOT stand for in SWOT Analysis?

• Strengths, Weaknesses, Opportunities, Tactics

• Strengths, Weaknesses, Offers, Threats

• Strengths, Weaknesses, Opportunities, Threats

• Systematic Work, Opportunities, Tactics

What is the purpose of the Five-Forces Model?

• To increase American tax rates

• To establish minimum wage and overtime pay

• To encourage organizations to look beyond direct competitors

• To protect business owners from personal liability

What type of planning is described as breaking down a long-term strategic plan into smaller and more distinct short-term plans?

• SWOT Analysis

• Tactical planning

• Revenue Act

• Corporation

What is a Limited Liability Company (LLC)?

• A visual representation to solve problems

• A framework for strategic planning

• A business structure that protects owners from personal liability

• A method for analyzing internal and external business factors