Quiz on Business Concepts

What is the goal of affirmative action programs?

• To prevent discrimination

• To increase profits

• To reduce taxes

• To improve technology

What does the term "delegate" mean?

• To give responsibility to another person

• To increase wages

• To hire new employees

• To train staff

What is considered a direct labor cost?

• Wages paid to employees

• Cost of raw materials

• Office rent

• Marketing expenses

What does the Fair Labor Standards Act (FLSA) establish?

• Minimum wage and overtime pay laws

• Tax regulations

• Environmental standards

• Import tariffs

What is the focus of human resources?

• Knowing the strengths and weaknesses of each employee

• Managing company finances

• Developing new products

• Expanding market reach

What is an indirect labor cost?

• Costs for employee health insurance, pensions, taxes, and/or vacation pay

• Wages paid to employees

• Cost of office supplies

• Advertising expenses

What does a job description detail?

• Duties to be performed and responsibilities involved

• Company's financial status

• Market analysis

• Product specifications

What is the purpose of orientation for new employees?

• To help them better understand the business

• To evaluate their performance

• To negotiate salaries

• To conduct market research

Affirmative action programs are legally mandated plans that try to increase job opportunities for underrepresented groups.

• true

• false