Exam 16: Building a Team and Management Succession

A compensation system in which employees' pay depends on how well they perform their jobs is known as:

Today's workforce responds best to a leadership style based on instilling fear and intimidation.

A job analysis describes the process by which a firm determines the duties and nature of the jobs to be filled and the skills and experience required of the people who are to fill them.

Which government agency is responsible for enforcing employment laws?

For management succession to be successful, the process should start early in the successor's life.

The concept of empowering employees is based on the principle of job enrichment.

A(n) ________ attempts to minimize taxes on a family business passed from one generation to the next by creating two classes of stock-one for the parents (preferred voting stock), whose value is locked in, and another for the children (nonvoting common stock), whose value reflects the market value of the business.

Growth requires changes in a company's management style, organizational strategy, and methods of operations.

List and briefly identify the five estate planning tools the owners of a family business should consider.

An arrangement under which employees work a normal number of hours with options regarding when they start and stop work is:

In job enrichment, task identity is the degree to which a job substantially influences the lives or the work of others, employees or final customers.

"ESOP" is an acronym for Employee Stabilization Ownership Program.

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.

Telecommuting employees reap benefits such as flexibility and reduced commuting times and expenses.

Effective leaders know that what they do is more important than what they say because they set the example for their employees.

The Dictionary of Occupational Titles, a listing of more than 20,000 job titles and descriptions, is a useful tool for getting a small business owner started when writing job descriptions.

In job enrichment, ________ is the degree to which a job gives a worker the freedom, independence, and discretion in planning and performing tasks.

Which of the following is not one of the vital tasks small business leaders must perform?

Business owners must recognize that what they do before they start interviewing candidates for a position determines to a great extent how successful they will be in the hiring process.

About one-third of Fortune 500 companies are family owned.