EC-071
A business can be described as a(n)
Organized effort to produce goods and services.
What is the main purpose of management?
To accomplish the business’s goals
The people who work to produce goods and services are known as
human resources.
having positive customer relations means making customers
happy
People who go into business know that the business may not succeed. This possibility is referred to as business
risk
A business that exists to fulfill a specific mission or undertaking is called a __________ business.
nonprofit
What must managers be able to do if they want employees to understand the business’s goals and be productive?
Communicate clearly
Determine whether the following statement is true or false: Companies without an HR department do not participate in HR management activities.
False; in companies without HR departments, other managers and supervisors partici-pate in HR management activities.
Which of the following statements best describes positive customer relations:
A business listens to customer feedback.
The general classifications of business risks are
hazard, operational, strategic, and financial.
Financial analysis occurs when a business
Keeps accurate expense records
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
The first task in the HR management activity of staffing is?
determining need
To build positive customer relations, a business must be
be proactive
A hurricane that destroys a business is an example of a(n) __________ 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.
What is an example of a top level management job?
A president
A job specification is an explanation of
the skills, knowledge, and characteristics required for a job
Building positive customer relations is one of the least expensive ways for a business to
compete with other businesses.
What category of business risk includes production problems and incompetent employees?
operational
When the Pretty Pictures framing business underwent internal restructuring last year, how would its primary business activities have reacted?
They adjusted according to the external changes.
What is a businesses most important resource?
An employee
The part of staffing that involves seeking out and attracting qualified potential job candidates is called
recruiting
Businesses strive to retain current customers because
it’s less expensive than attracting new customers.
When a rival’s product on the market reduces sales of your company’s product, your company is experiencing strategic risk caused by
competition.