*Unit 2 Test Review

Question 1

Intermediaries are businesses involved in selling the goods and services of producers to consumers and other businesses.

Accepted Answer

True

Question 2

Examples are shipbuilders, auto manufacturers, and farms.

Accepted Answer

goods-producing business

Question 3

A career is a goal for work that is fulfilled through an occupation or series of occupations.

Accepted Answer

True

Question 4

Entrepreneurship is the process of starting, organizing, managing and assuming the responsibility for a business.

Accepted Answer

True

Question 5

Small businesses create only a tiny fraction of new jobs in the U.S. economy.

Accepted Answer

False

Question 6

A designed change that increases the usefulness of a product is a(n)

Accepted Answer

improvement

Question 7

The willingness and ability of a person to move where jobs are located.

Accepted Answer

mobility

Question 8

A(n) ____ is a diagram that shows the structure of a business, classifications of work and jobs & relationships

Accepted Answer

organization chart

Question 9

Corporations are owned by at least two shareholders.

Accepted Answer

False

Question 10

A mission statement describes the reason a business exists and what it wants to accomplish.

Accepted Answer

True

Question 11

An employee to whom a company has made a long-term commitment.

Accepted Answer

permanent employee

Question 12

A management style best to use when working under tight time pressures.

Accepted Answer

tactical management

Question 13

This type of financing is the amount of money needed to open the business.

Accepted Answer

start-up financing

Question 14

You would identify your talents and abilities in this part of the career planning process.

Accepted Answer

personal assessment

Question 15

Informal influence is part of an organization’s structure.

Accepted Answer

False

Question 16

Organizational culture is the environment in which people work; includes atmosphere, behaviors, beliefs & relationships

Accepted Answer

True

Question 17

A government agency that helps entrepreneurs develop business plans and obtain financing.

Accepted Answer

Small Business Administration (SBA)

Question 18

Employee orientation should be the final step in the hiring process.

Accepted Answer

True

Question 19

The right to make decisions about how specific work should be completed in called

Accepted Answer

authority

Question 20

Executives are MAINLY concerned with which management functions?

Accepted Answer

planning and controlling

Question 21

Guidelines used in making consistent decisions.

Accepted Answer

policies

Question 22

This type of influence arises when employees recognize that the leader has special knowledge or ability in the area.

Accepted Answer

expert influence

Question 23

Most of the money needed to start a new business comes from venture capitalists.

Accepted Answer

False

Question 24

Examples include travel agents, chiropractors, and web-design firms.

Accepted Answer

service business

Question 25

A career portfolio provides tangible evidence of your ability and skills; typically includes résumé & examples of work

Accepted Answer

True

Question 26

Baby boomers will begin retiring in the 2030s.

Accepted Answer

False

Question 27

Your interests should rarely be the basis for your employment goals and career paths.

Accepted Answer

False

Question 28

Good entrepreneurs are able to learn from their failures.

Accepted Answer

True

Question 29

The ability to motivate individuals and groups to accomplish important goals is called _____

Accepted Answer

leadership

Question 30

The U.S. workforce consists of all the people age 18 and older who are employed or looking for a job.

Accepted Answer

False

Question 31

Small businesses

Accepted Answer

have an advantage when customers have unique needs

Question 32

If your jobis more mental than physical and involves the handling and processing of information, you are a

Accepted Answer

white-collar worker

Question 33

Influence that is not part of an organization’s formal structure.

Accepted Answer

informal influence

Question 34

The operating procedures for a corporation.

Accepted Answer

corporate bylaws

Question 35

A(n) ____-based resume highlights abilities and experiences related to the job for which you are applying.

Accepted Answer

qualifications

Question 36

Leadership is the ability to motivate individuals and groups to accomplish goals.

Accepted Answer

True

Question 37

Core values

Accepted Answer

outlines the important principles that guide company decisions

Question 38

All businesses perform each of the following activities EXCEPT

Accepted Answer

produce goods

Question 39

Influence that stems from the personal trust and respect members have for the leader.

Accepted Answer

identity influence

Question 40

Involves work experience in an organization while learning about a career field.

Accepted Answer

internship

Question 41

_____ are the important principles that will guide decisions and actions in a company.

Accepted Answer

core values

Question 42

Most businesses in the United States are

Accepted Answer

proprietorships

Question 43

A written description of the business idea and how it will be carried out including all business activities.

Accepted Answer

business plan

Question 44

The people who make the major policy and financial decisions for a corporation.

Accepted Answer

board of directors

Question 45

A compensation plan in which an employee receives a specific amount of pay for each unit of work produced is called

Accepted Answer

piece rate

Question 46

A business plan is a written description of the business idea and how it will be carried out.

Accepted Answer

True

Question 47

Span of control is the number of employees who are assigned to a particular work task and manager.

Accepted Answer

True

Question 48

A ____ is a business owned and controlled by at least two people who have entered into a written agreement.

Accepted Answer

partnership

Question 49

Which of the following is NOT good advice for someone preparing for a job interview?

Accepted Answer

take several friends for moral support

Question 50

A worker who has no explicit or implicit contract for long-term employment is a

Accepted Answer

contigent worker

Question 51

Compensation is the amount of money paid to an employee for work performed. It consists of salary/wages and benefits.

Accepted Answer

True

Question 52

Spending time with a worker for a day or week to learn about a certain occupation.

Accepted Answer

job shadowing

Question 53

A group of retired local businesspeople who volunteer their services to counsel and mentor new business owners.

Accepted Answer

Service Corps of Retired Executives

Question 54

A natural, inborn aptitude to do certain things is called a(n)

Accepted Answer

talent

Question 55

Which of the following is usually NOT included on a resume?

Accepted Answer

references

Question 56

Proprietorships account for about ___ percent of all US businesses.

Accepted Answer

70

Question 57

Management style that is effective when a group of employees is experienced and works well together.

Accepted Answer

strategic management

Question 58

___ is money provided by large investors to finance new products and new businesses.

Accepted Answer

venture capital

Question 59

Talking to other people about their jobs.

Accepted Answer

networking

Question 60

The human resource activity of employee relations involves

Accepted Answer

health and safety planning

Question 61

Description of the way work is to be done.

Accepted Answer

procedures

Question 62

A(n) ____ is an experienced employee who serves as a counselor to a person with less experience.

Accepted Answer

mentor

Question 63

This management function involves identifying and arranging the work and resources needed to achieve goals.

Accepted Answer

Organizing

Question 64

Career fairs allow job seekers to contact several prospective employers in a short time.

Accepted Answer

True

*Unit 2 Test Review

Questions 70

*Unit 2 Test Review

Questions 70