Exam 16: Building a Team and Management Succession

Every new employee a business owner hires determines the heights to which the company can climb or the depths to which it will plunge.

A job analysis describes what the job is,what its duties and responsibilities are,and what work conditions are involved.

The most effective job interviews are unplanned,unstructured interactions between the small business owner and the job applicant.

A business founder relying on a lifetime gifting strategy to minimize the taxes on the estate she is passing on to her son can give him a maximum gift of ________ in company stock each year,tax exempt.

An arrangement in which employees and/or managers contribute a portion of their salaries and wages over time toward purchasing shares of a company's stock from the founder until they own the company outright is referred to as:

A company's culture manifests itself in:

What is leadership? How does leadership differ from management?

In job enrichment,________ is the degree to which a job gives the worker direct,timely information about the quality of his performance.

Effective interviewers skip the breaking the ice phase of a job interview and immediately start asking candidates tough questions so they can see how the candidates respond under stress.

A family limited partnership (FLP)is a strategy that allows business owning parents to transfer their company to their children and ________ their estate taxes while retaining control over the business.

Entrepreneurs tend to rely more on nonmonetary rewards such as praise,recognition,game tickets,dinners,and others to create a work environment where employees take pride in their work,enjoy it,are challenged by it,and get excited about it.

One of the primary concerns of entrepreneurs transferring their businesses to the next generation is minimizing the tax bite of the transfer.

Having a solid management succession plan in place well before retirement is near is absolutely critical.

Although they are very inexpensive from a business owner's perspective,motivators such as praise,recognition,feedback,job security,and others are not very effective at encouraging workers to achieve higher levels of performance.

Studies regarding succession of family businesses reveal that:

The principle of job enlargement is to make a job more varied and to allow employees to perform a more complete unit of work by broadening its scope.

Effective leaders know they must punish workers who take risks and fail so that other workers do not make the same mistakes.

Which of the following is true regarding hiring mistakes?

Effective interviewers spend about ________ percent of the interview talking and ________ percent listening.

________ is the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it.