Business School 101: Human Resource Management

What is considered an organization's greatest capital?

• Technology

• Human Resources

• Financial Assets

• Brand Reputation

During which period did the modern concept of HRM begin to take shape?

• The 18th century

• The 20th century

• The 19th century

• The 21st century

What was a key factor in the transition from personnel management to HRM in the 1970s?

• Increased globalization

• Economic recession

• Technological advancements

• Higher education levels

Which of the following is NOT one of the seven major functions of HRM?

• Staffing

• Product Development

• Compensation and Benefits

• Training and Development

What is the first step in the staffing function of HRM?

• Selection

• Recruitment

• Development of a staffing plan

• Negotiating salary packages

Why is workplace policy development important in organizations?

• To reduce marketing costs

• To increase product sales

• To ensure fairness and continuity

• To enhance customer satisfaction

What is a major factor in employee retention according to HRM?

• Product variety

• Company logo

• Compensation

• Office location

Which training program is NOT typically offered by HRM?

• Personal finance management

• Policy and legal training

• Team building activities

• Job skills training

What should small business managers assess to determine the need for new hires?

• Current operations

• Customer feedback

• Market trends

• Competitor strategies

Why is it crucial for small businesses to maintain a fair work environment?

• To expand market reach

• To reduce advertising costs

• To enhance employee productivity

• To increase product prices