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