Business Risk
A hurricane that destroys a business is an example of what kind of risk?
Hazard
Janelle’s Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Janelle primarily needs
additional employees.
Why do all businesses need financial resources?
To pay operating expenses
The first task in the HR management activity of staffing is
Determining needs
Having positive customer relations means making customers
Happy
A union strike that stops production at a manufacturing plant is a kind of risk?
operational
What is a primary business activity:
Marketing
A manager studies the business’s previous sales statistics as well as the sales forecast before making purchasing decisions. What type of resource is the manager using?
Financial
The people who work to produce goods and services are known as
human resources.
To build positive customer relations, a business must be
proactive
The general classifications of business risks are
hazard, operational, strategic, and financial.
A business that exists to fulfill a specific mission or undertaking is called a __________ business.
nonprofit
Who is normally responsible for purchasing the proper material resources for workers to use in doing their jobs?
Middle managers
True or False: Companies without an HR department do not participate in HR management activities.
Flase
Businesses strive to retain current customers because
it’s less expensive than attracting new customers.
Financial loss from investing time and money to comply with accounting standards is an example of which strategic risk?
Regulatory and political issues
Financial analysis occurs when a business
keeps accurate expense records
Why do top-level managers usually receive high salaries?
Their decisions affect the entire company.
A job specification is an explanation of
the skills, knowledge, and characteristics required for a job.
Positive customer relations can boost productivity by
avoiding wasted time and resources.
Businesses can protect themselves from the risk associated with lost shipments by
purchasing transportation insurance.
An example of performing business activities in an “out of the ordinary” way is when a business
hires an outside firm to perform its marketing.
A small-business manager who considers how a one-person reduction in office staff could impact the rest of his/her company is demonstrating
conceptual skills.
In what way might an HR manager be involved in employee benefits?
Determining eligibility and costs
Technology aids positive customer relations because it gives customers
greater access to the business.