*Unit 2 Test Review

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

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

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

Corporations are owned by at least two shareholders.

The assignment of an employee to another job in the company with a similar level of responsibility is called a

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

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

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

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

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

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

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

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

An employee hired for a specific time or to complete a specific assignment.

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

Outsourcing removes work from one company and sends it to another company that can complete it at a lower cost.

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

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

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

Good entrepreneurs are able to learn from their failures.

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

Executives are MAINLY concerned with which management functions?

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

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

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

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

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

Core values

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

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

Terminations are always the result of inappropriate work behavior.

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

The human resource activity of employee relations involves

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

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

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

Small businesses

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

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

Talking to other people about their jobs.

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

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

Good leaders know that it is important to treat all employees the same.

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

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

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

Proprietorships account for about ___ percent of all US businesses.

Informal influence is part of an organization’s structure.

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

A written legal document that defines ownership and operating procedures and conditions for a business.

Baby boomers will begin retiring in the 2030s.

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

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

Guidelines used in making consistent decisions.

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

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

All businesses perform each of the following activities EXCEPT

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

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

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

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

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

Examples are shipbuilders, auto manufacturers, and farms.

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

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

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

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

The operating procedures for a corporation.

Description of the way work is to be done.

Most businesses in the United States are