Which of the following is not a characteristic of an effective performance review conference?

Feedback includes personal opinions as well as objective information.

Both strengths and weaknesses are discussed.

A specific work plan is one result of the conference.

The employee has the chance to discuss working conditions and available support.

Increasing the number of buses after a Saturday home football game is an example of

maintaining quality to meet customer needs

Rapidly growing companies often buy increasing amounts of merchandise from suppliers on credit, and then sell the goods to their customers on credit. These companies sometimes have difficulty repaying their suppliers when customers who buy on credit don't pay on time. Firms that experience this difficulty need to do a better job of:

balancing assets with liabilities.

Jim works in the accounting department at the Kansas Sunflower Corporation, where it is his job to record all transactions into journals. After completing this task, the next step in the accounting process is to:

post the information to the ledger.

prepare the firm's financial statements.

determine the tax liability of the firm.

balance the difference between assets and liabilities.

Which of the following is not a characteristic of a service?

It has consistent quality no matter who delivers it.

It cannot be separated from the person or business supplying it.

It cannot be stored until needed.

What happens when a good or service is privatized?

Costs decrease and efficiency increases.

Costs increase and efficiency increases.

Costs increase and efficiency decreases.

Costs decrease and efficiency decreases.

The balance sheet for Renuvation LLC shows assets totaling $107,000 and liabilities totaling $75,000. Which of the following statements is correct?

Owners’ equity equals $32,000.

Owners’ equity equals $182,000.

Current assets are worth $32,000.

Net income for the period is $32,000.

If some employees do not seem to enjoy their work, a manager can

find opportunities to involve the employees in decisions

ignore the problem because the attitudes will change

punish them by giving them tasks they dislike

tell them to change their attitude or they will be terminated

Retained earnings refer to

profits that owners do not take out of the business

profits that owners do not save for use in the business

With a cafeteria plan, employees can choose

from among benefits of equal value

additional benefits over additional pay

the hours that they want to work

the type of payment plan they want

When Angela graduated with a degree in computer science and started her software company, she posted a sign that read, "This company will always operate within the legal limits of the law." Posted where all employees could clearly see it each day, this demonstrated:

her commitment to high ethical standards of behavior.

her commitment to respect the law.

her expectation that all employees follow the laws that apply to the business.

her aversion to cheating, stealing, and dishonesty.

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

the difference between the number of terminated employees and the number of new hires

the number of employees hired to replace employees who have left

the number of employees who are discharged and laid off

With respect to business ethics, it can be said that "it takes two to tango." This indicates that:

an individual's behavior is influenced by the behavior of others.

dancing around issues should be part of a firm's code of ethics.

teamwork eliminates a need for personal ethics.

management is insensitive to ethical issues.

Which statement is true about forming a corporation?

Additional funds can be obtained through the sale of stock.

Owners are personal liable for all losses if the corporation fails.

The original owner cannot hold any position in the corporation.

Stockholders manage the day-to-day activities of the corporation.

Hendry HVAC, a heating and cooling company headquartered in Milwaukee, Wisconsin, permits its employees to volunteer for nonprofit organizations, as part of their paid company time. According to recent findings, which of the following statements best explains this company’s action?

Companies find it less costly to permit employees to volunteer for food pantries and other nonprofit organizations in their area of operation, rather than make large philanthropic contributions.

Several smaller firms do not have enough work to keep employees busy. They fear that employees will quit and go to work elsewhere during a time of low unemployment. They protect their pool of skilled labor.

Employers are learning that millennial employees are physically stronger. They would rather permit them to work on nonprofit construction sites and other laborious projects, than build them a gym at the company site.

Employee time is measured as going further for social causes than monetary contributions.

What normally happens during a recession?

Both unemployment and production increase.

The economic growth rate increases rapidly.

Which of the following statements about the treatment of employees is not true?

Employees want less on-the-job responsibility.

Employees want more variety in their work.

Employees want to participate in decisions affecting their work lives.

Employees want to participate in wellness programs.

Which of the following is a disadvantage of a time-based payment plan?

It does not financially reward employees for outstanding work.

The plan makes it difficult for new employees to earn a reasonable amount.

It encourages salespeople to sell customers products they don’t need.

It encourages experienced workers to find shortcuts.

J. D. started working for an export trading company right out of college. His job took him to Asia on several occasions, where he interacted with manufacturers and got to practice his limited Chinese. He was amazed to see the difference in working conditions in the developing nations where he visited, compared to similar operations in the U.S. The expectations of workers were not the same. J.D.'s experience is an example of:

social responsibility differences between similar firms, but in different countries.

corporate philanthropy differences in different countries.

differences in corporate social initiatives in foreign nations.

the need for whistleblowers abroad.

Which statement is true about preferred stockholders?

Holders are guaranteed dividends.

Which statement is true about preferred stockholders?

Holders typically do not have voting privileges in a business.

Holders are guaranteed dividends.

Holders receive profits of the business before creditors.

Holders receive profits after common stockholders.

A basic difference between managerial accounting and financial accounting is that managerial accounting:

provides information primarily intended for managers and others inside the company, while financial accounting provides information primarily intended for people outside the organization.

adheres to rules set by the GASB, while financial accounting uses a different group of rules set by the FASB.

involves the preparation of the balance sheet and income statement while financial accounting involves the preparation of the statement of cash flows.

handles recording and classifying information about transactions that have no direct financial impact on the firm, while financial accounting handles the recording and classifying of information about transactions that do have a financial impact.

Which statement is most accurate about demand?

If demand increases, profits drop.

If demand drops, profits increase.

If demand drops, profits are not affected.

Which of the following statements is usually true about work teams?

As quality of work increases, morale also increases.

As quality of work increases, morale decreases.

As quality of work decreases, morale increases.

As quality of work decreases, morale also decreases.

As a response to a rapidly changing marketplace, Idea Electronics found it necessary to reorganize, including a significant downsize of its middle management. This action will likely result in ___________.

flattening the organization and empowering employees, allowing them to get closer to the customer

increasing the size of its traditional departments to handle 24/7 operations

centralizing its decision making to better control its total quality management program

Which of the following is not a characteristic of a business that has adopted the marketing concept?

The cost of marketing is higher than in other businesses.

The marketing manager is a part of top management.

Marketing personnel work closely with other people in the business.

Success is based on customer satisfaction.

Business Management Quiz 2

Authored by Châu Anh

English

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Job skills training would include

time management

sales and customer service

safe working procedures

English as a second language

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a factor used to determine the consumer goods categories?

Whether a product is an industrial or consumer good

Whether the customer is willing to spend time to compare products

The stage of the product life cycle

All of the responses

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic accounting equation is

capital = assets + liabilities

assets = capital - liabilities

liabilities = assets + capital

assets = liabilities + capital

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a joint venture

exporting

a strategic alliance

international licensing

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The management at Patriot Mills works hard to ensure that no one in its organization has more than one boss and all workers are treated with fairness and respect. Additionally, the firm divides the work into areas of specialization so that everyone knows to whom they should report. The management of Patriot Mills reflects the ideas and principles of:

John M. Keynes.

Peter Drucker.

Karl Marx.

Henri Fayol.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To reduce turnover in his factories, Henry Ford began offering which of the following to his employees?

shares of stock and free lunches.

fewer hours and higher pay

health insurance and pension plans

profit sharing and paid vacations

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

unemployment insurance

workers’ compensation

social security

pension funds

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Business Management Quiz 2

Job skills training would include

Which of the following is a factor used to determine the consumer goods categories?

The basic accounting equation is

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

To reduce turnover in his factories, Henry Ford began offering which of the following to his employees?

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

What is one typical effect of re-engineering?

Steel that is used to produce tools and machinery is classified as a

Which of the following is not a characteristic of an effective performance review conference?

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