Question 1

Business policies are basic statements that serve as guidelines for managerial decision making.

Accepted Answer

A) True 
 B)False

Question 2

Keith started a new venture retrofitting homes for the elderly.He finds unique ways to install safety features in a very economical manner,saving his clients lots of money.Which common characteristic of a business founder does Keith exhibit?

Accepted Answer

A)  innovative 
B)  analytical 
C)  focused on the short term 
D)  cautious 
A)  innovative 
B)  analytical 
C)  focused on the short term 
D)  cautious

Question 3

Temporary help agencies are good sources of employees when extensive training is required.

Accepted Answer

A) True 
 B)False

Question 4

What are the three critical areas of knowledge required to effectively launch a new business venture?

Accepted Answer

A)  operational and technical,marketing and sales,and entrepreneurial finance 
B)  negotiation,marketing and sales,and entrepreneurial finance 
C)  personal selling,operational and technical,and negotiation 
D)  marketing and sales,strategic planning,and operational and technical 
A)  operational and technical,marketing and sales,and entrepreneurial finance 
B)  negotiation,marketing and sales,and entrepreneurial finance 
C)  personal selling,operational and technical,and negotiation 
D)  marketing and sales,strategic planning,and operational and technical

Question 5

Skill in marketing and an ability to sell the product or service are together are considered one of the three critical areas of knowledge required to effectively launch a new business venture.

Accepted Answer

A) True 
 B)False

Question 6

Reliability is the extent to which a test is consistent in measuring job performance ability.

Accepted Answer

A) True 
 B)False

Question 7

Kelsey wants to define the administrative tasks to be performed by a new office assistant before she runs an ad in the Help Wanted section of the local newspaper.What should she do first?

Accepted Answer

A)  examine production data for current employees 
B)  prepare a job description 
C)  consult the headhunters 
D)  hire a temporary employee 
A)  examine production data for current employees 
B)  prepare a job description 
C)  consult the headhunters 
D)  hire a temporary employee

Question 8

A sales manager allows a senior sales person to use her judgment in granting different levels of discounts for her clients.This is an example of empowerment.

Accepted Answer

A) True 
 B)False

Question 9

Judy is reviewing completed applications from an inexpensive source.There is a possible fit with some applicants but most are not worth pursuing.What source were these applicants likely generated from?

Accepted Answer

A)  headhunters 
B)  employee referrals 
C)  walk-ins 
D)  employment agency 
A)  headhunters 
B)  employee referrals 
C)  walk-ins 
D)  employment agency

Question 10

Private employment agencies are affiliated with the government.

Accepted Answer

A) True 
 B)False

Question 11

The owner of an archery range wants to avoid hiring drug users.What does his attorney tell him regarding drug testing?

Accepted Answer

A)  For jobs that have physical demands,screening for drugs during physical examination is permitted. 
B)  Drug usage is considered a disability and is not grounds for rejection. 
C)  No economical tests are available to check for drug usage. 
D)  The Canadian government prohibits drug testing for jobs in private business. 
A)  For jobs that have physical demands,screening for drugs during physical examination is permitted. 
B)  Drug usage is considered a disability and is not grounds for rejection. 
C)  No economical tests are available to check for drug usage. 
D)  The Canadian government prohibits drug testing for jobs in private business.

Question 12

Progressive managers encourage some degree of employee participation in decisions affecting personnel and work processes.

Accepted Answer

A) True 
 B)False

Question 13

In a large corporation,the values of top-level executives must be filtered through many layers of management before they reach those who produce and sell products.

Accepted Answer

A) True 
 B)False

Question 14

Compensation arrangements can be designed to create a powerful incentive is particularly true for small businesses.

Accepted Answer

A) True 
 B)False

Question 15

Polly,owner of a pet store,is concerned about the length of time needed for employees to learn their tasks and care for the animals properly.What should she evaluate first?

Accepted Answer

A)  on-the-job training 
B)  management development efforts 
C)  quality training program 
D)  orientation training sessions 
A)  on-the-job training 
B)  management development efforts 
C)  quality training program 
D)  orientation training sessions

Question 16

A large chain of pharmacies wants to be recognized as the pharmacy of choice when the members of the Baby Boomer generation enter their 60s.The pharmacy chain has developed a 10-year plan and is on track to meet its objectives.What is this plan called?

Accepted Answer

A)  strategic plan 
B)  policies plan 
C)  financial plan 
D)  tactical plan 
A)  strategic plan 
B)  policies plan 
C)  financial plan 
D)  tactical plan

Question 17

A long-range plan is a firm's overall plan for the future.

Accepted Answer

A) True 
 B)False

Question 18

In the job applicant selection process all that is really required is an interview.

Accepted Answer

A) True 
 B)False

Question 19

A sales manager is calculating her team's profitability by subtracting costs from projected revenues.This is an example of budgeting.

Accepted Answer

A) True 
 B)False

Business policies are basic statements that serve as guidelines for managerial decision making.

Keith started a new venture retrofitting homes for the elderly.He finds unique ways to install safety features in a very economical manner,saving his clients lots of money.Which common characteristic of a business founder does Keith exhibit?

Temporary help agencies are good sources of employees when extensive training is required.

What are the three critical areas of knowledge required to effectively launch a new business venture?

Skill in marketing and an ability to sell the product or service are together are considered one of the three critical areas of knowledge required to effectively launch a new business venture.

Reliability is the extent to which a test is consistent in measuring job performance ability.

Kelsey wants to define the administrative tasks to be performed by a new office assistant before she runs an ad in the Help Wanted section of the local newspaper.What should she do first?

A sales manager allows a senior sales person to use her judgment in granting different levels of discounts for her clients.This is an example of empowerment.

Judy is reviewing completed applications from an inexpensive source.There is a possible fit with some applicants but most are not worth pursuing.What source were these applicants likely generated from?

Private employment agencies are affiliated with the government.

The owner of an archery range wants to avoid hiring drug users.What does his attorney tell him regarding drug testing?

Progressive managers encourage some degree of employee participation in decisions affecting personnel and work processes.

In a large corporation,the values of top-level executives must be filtered through many layers of management before they reach those who produce and sell products.

Compensation arrangements can be designed to create a powerful incentive is particularly true for small businesses.

Polly,owner of a pet store,is concerned about the length of time needed for employees to learn their tasks and care for the animals properly.What should she evaluate first?

A large chain of pharmacies wants to be recognized as the pharmacy of choice when the members of the Baby Boomer generation enter their 60s.The pharmacy chain has developed a 10-year plan and is on track to meet its objectives.What is this plan called?

A long-range plan is a firm's overall plan for the future.

In the job applicant selection process all that is really required is an interview.

A sales manager is calculating her team's profitability by subtracting costs from projected revenues.This is an example of budgeting.

Entrepreneurs

Start-Up and the Need for Competitive Advantage

Family Enterprise

Franchising and Buyouts

Developing an Effective Business Plan

Small Business Marketing, Product, and Pricing Strategies

Distribution and Promotional Strategies

Global Marketing

Form of Organization and Legal Issues

Selecting a Location and Planning the Facilities

Operations Management and Control Systems

Understanding Financial Statements and Forecasting

Sources of Financing

Managing Growing Firms and Exit Strategies

Filters

Exam 9: The New Venture Team, Small Firm Management, and Managing Human Resources

Business policies are basic statements that serve as guidelines for managerial decision making.

Keith started a new venture retrofitting homes for the elderly.He finds unique ways to install safety features in a very economical manner,saving his clients lots of money.Which common characteristic of a business founder does Keith exhibit?

Temporary help agencies are good sources of employees when extensive training is required.

What are the three critical areas of knowledge required to effectively launch a new business venture?

Skill in marketing and an ability to sell the product or service are together are considered one of the three critical areas of knowledge required to effectively launch a new business venture.

Reliability is the extent to which a test is consistent in measuring job performance ability.

Kelsey wants to define the administrative tasks to be performed by a new office assistant before she runs an ad in the Help Wanted section of the local newspaper.What should she do first?

A sales manager allows a senior sales person to use her judgment in granting different levels of discounts for her clients.This is an example of empowerment.

Judy is reviewing completed applications from an inexpensive source.There is a possible fit with some applicants but most are not worth pursuing.What source were these applicants likely generated from?

Private employment agencies are affiliated with the government.

The owner of an archery range wants to avoid hiring drug users.What does his attorney tell him regarding drug testing?

Progressive managers encourage some degree of employee participation in decisions affecting personnel and work processes.

In a large corporation,the values of top-level executives must be filtered through many layers of management before they reach those who produce and sell products.

Compensation arrangements can be designed to create a powerful incentive is particularly true for small businesses.

Polly,owner of a pet store,is concerned about the length of time needed for employees to learn their tasks and care for the animals properly.What should she evaluate first?

A large chain of pharmacies wants to be recognized as the pharmacy of choice when the members of the Baby Boomer generation enter their 60s.The pharmacy chain has developed a 10-year plan and is on track to meet its objectives.What is this plan called?

A long-range plan is a firm's overall plan for the future.

In the job applicant selection process all that is really required is an interview.

A sales manager is calculating her team's profitability by subtracting costs from projected revenues.This is an example of budgeting.

Entrepreneurs

Start-Up and the Need for Competitive Advantage

Family Enterprise

Franchising and Buyouts

Developing an Effective Business Plan

Small Business Marketing, Product, and Pricing Strategies

Distribution and Promotional Strategies

Global Marketing

Form of Organization and Legal Issues

Selecting a Location and Planning the Facilities

Operations Management and Control Systems

Understanding Financial Statements and Forecasting

Sources of Financing

Managing Growing Firms and Exit Strategies

Filters