EC-071
A business that exists to fulfill a specific mission or undertaking is called a __________ business.
nonprofit
Avery, who manages a silk-screening and embroidery business, has set a goal of increasing sales by 15% in the next six months. To reach his goal, he has increased the business’s advertising budget. This is an example of the ______________ function of management.
planning
The people who work to produce goods and services are known as ________.
human resources
Having positive customer relations means making customers _________.
happy
Advantages or payments employees receive in addition to their wages
benefits
What type of analysis involves keeping accurate expense records?
financial
What management function is being described in the following situation: David Thomas, a top-level manager, identifies jobs to be performed, assigns responsibility for them, establishes departments to handle the jobs, and determines how many and which employees mid-level managers will supervise.
organizing
The first task in the HR management activity of staffing is _________.
determining need
To build positive customer relations, a business must be ________.
proactive
Loyalty to a particular business
patronage
Ferdinand's Creative Supplies is opening an additional location on the other side of town. To successfully operate the new location, Ferdinand primarily needs ________.
additional employees
Which management function is described in the following situation: Christy Chen determines the type of workers she needs, locates qualified applicants, selects those to be hired, and assigns the new hires to a work area.
staffing
The part of staffing that involves seeking out and attracting qualified potential job candidates is called ________.
recruiting
Businesses must keep in mind that word-of-mouth promotion can be _________.
The particular group of customers a business seeks to attract
target market
Making sure that a business has enough of a product in stock without having too much on hand is the goal of _______.
inventory management
What must managers be able to do if they want employees to understand the business’s goals and be productive?
communicate clearly
A commission or bonus is an example of a form of ________.
compensation
Technology aids positive customer relations because it gives customers __________.
greater access to the business
Long-range planning (three to five years) for the company as a whole
strategic planning
What behavior best describes the primary business activity of operations?
producing goods and services
A small-business manager who considers how a one-person reduction in office staff could impact the rest of his/her company is demonstrating ________.
What is a common compliance issue?
minimum wage
The most important factor in a business’s customer relations is its _________.
people
Promotion for a business provided by customers who tell others of their satisfaction with the business
word-of-mouth promotion