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IBT Semester 2 Final Exam Study Guide Flashcards | StudBud
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IBT Semester 2 Final Exam Study Guide
IBT Semester 2 Final Exam Study Guide
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Study Guide for Semester 2 Introduction to Business and Technology Final Exam - Part I
Flashcards
49 cards
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Questions
49
Answers
1
Financial compensation in addition to salaries and wages
Expense Reimbursement
Benefits
Bonus
Raise
2
A fund to pay an income to workers who lose their jobs through no fault of their own
Social Security
Workers' Compensation
Unemployment Insurance
Pension Funds
3
The ruling body of a corporation
Officers
Partners
Board of Directors
Stockholders
4
Strategic Planning
is short-term planning
provides broad goals and direction for the entire business
determines how work will be done and who will do it
is long-term planning
5
A list of steps to be followed for performing certain work
Decision-making process
goal
management functions
procedure
6
The money and other benefits people receive from work
Payroll
Reward System
Reimbursement
Compensation
7
Evaluating results to see if objectives have been accomplished as planned
Organizing
Controlling
Implementing
Planning
8
Guidelines used in making decisions
Procedures
Standards
Goals
Policies
9
Contract in which both parties make a promise
Trilateral
Unilateral
Quadlateral
Bilateral
10
Contract that has no legal effect is said to be
Expressed
Void
Bilateral
Implied
11
If the owner becomes ill or dies, this type of business may close.
Partnership
Corporation
Sole Proprietorship
Joint Venture
12
Total amount of money earned for a specific time period
Net pay
Savings
Gross pay
Expenses
13
Management function for arranging resources to complete work
Leading
Organizing
Planning
Controlling
14
Type of business ownership has the advantage of having skills and abilities pooled together?
Partnership
Sole Proprietorship
Corporation
Joint Venture
15
The accounting equation is
Liabilities = Assets + Depreciation
Liabilities = Assets + Capital
Assets = Liabilities + Capital
Assets = Liabilities + Depreciation
16
Allocating resources, assigning tasks, and establishing procedures to accomplish company goals
Coordinating
Resourcing
Organizing
Controlling
17
Receiving instructions from more than one manager can cause a problem with
unity of control
standards
policies and procedures
span of control
18
To advance an employee within a company to a position with more authority and responsibility
Train
Transfer
Layoff
Promote
19
All activities involved with acquiring, developing, and compensating a company's employees
Employee Assistance Program
Human Resource Management
Compensation Program
Rehabilitation Programs
20
A widely used financial planning tool is a
policy
goal
budget
standard
21
Confidential personal problem-solving, counseling, and support service offered to employees
Compensation Program
Rehabilitation Program
Employee Assistance Program
Human Resource Management
22
The ability to influence individuals and groups to achieve organizational goals
effective human relations
Leadership
an autocratic style
Management
23
Contracts consists of all elements except
Mutual assent
Accommodation
Consideration
Acceptance
24
Law prohibiting discrimination based on race, color, gender, religion, or national origin
Occupational Safety and Health Act
Workers Compensation Laws
Civil Rights Act of 1964
Fair Labor Standards Act
25
Where two employees share the same job
Job Sharing
Flextime
Jobs for two
Job Assistance
26
Managers usually find greater employee respect and support for work rules when
the work rules are part of a union contract
employees help to develop the rules
each individual is treated differently
the rules are applied only to serious problems
27
Profits distributed to stockholders
Income
Stock
Dividends
Proxy
28
Debt that is owed is called a
Account
Depreciation
Liability
Asset
29
Top executives hired to manage a business
Officers
Stockholders
Partners
Board of Directors
30
A visual device that shows the structure of the organization - who reports to who.
a schedule
an organization chart
a strategic plan
an operational plan
31
This type of power is often given to experienced and knowledgeable employees
Identity
Reward
Expert
Position
32
Retirement plan where employees contribute a % of their income to an investment plan
Keogh Plan
401K Plan
IRA Plan
Pension Plan
33
A group of individuals who cooperate to achieve a common goal.
Work Team
Peer Group
Supervisory Group
Employee Group
34
Wages are being paid by the hour; Salary is being paid for the job
False
True
35
Obligation to accept responsibility for the outcomes of assigned tasks
Authority
Responsibility
Span of control
Accountability
36
Leaders that can see all sides of a problem and not make biased judgments or statements
Objectivity
Initiative
Judgement
Courage
37
Where employees work the same number of hours a day but may start and end at different times
Flextime
Work when I want
Job Sharing
Job Assistance
38
Temporary or permanent reduction in number of employees due to change in business conditions
resignation
layoff
turnover
termination
39
The right to make decisions about assigned work and assign work to employees
responsibility
span of control
authority
accountability
40
Effective leaders do the following.
Earn the respect and cooperation of employees
Tell employees what to do and expect them to do it
Make all the decisions in the organization
Depend on rewards and punishments to influence employees
41
The most common form of business ownership in the United States
Corporation
Partnership
Proprietorship
Joint Venture
42
Two types of power granted to managers by employees because manager is worthy of it
Expert and Identity
Identity and Position
Expert and Power
Power and Position
43
A set of factors that influence an individual's actions towards accomplishing a goal
Process Improvement
Self-actualization
Planning
Motivation
44
Something of value that is owned is called
Account
Asset
Liability
Depreciation
45
To be effective, goals must be:
Achievable
Independent from each other
Written or recorded
General
46
List of qualifications needed for a specific job
Job responsibilities
Job description
Job resignation
Job Specification
47
When only one company provides a product or service without competition from other companies
Competition
Oligopoly
Uno
Monopoly
48
Function of management involves carrying out plans and helping employees work effectively
implementing
organizing
controlling
planning
49
A democratic leader
encourages shared decision making
does not make decisions
let each employee decide how much work will be done
makes all the decision
