Question 1
2 out of 2 points
When a small business owner increases the variety of skills
needed on a job, permits the worker to complete an entire job rather than a
portion of it, and gives the worker more freedom of decision on how to perform
the job, the owner is using:
Question 2
2 out of 2 points
Employees’ biggest complaint about performance appraisals
tends to be:
Question 3
2 out of 2 points
Effective leaders are noted for their:
Question 4
2 out of 2 points
When workers are empowered:
Question 5
2 out of 2 points
When checking references, the small business owner:
Question 6
2 out of 2 points
An effective performance appraisal system:
Question 7
2 out of 2 points
________ involves cross-training employees so they can move
from one job in the company to others, giving them a greater number and variety
of tasks to perform.
Question 8
2 out of 2 points
A ________ is used by the owner of a small business to
determine wage and salary increases, need for training, overall job progress,
etc., among other things.
Question 9
2 out of 2 points
A company’s culture:
Question 10
2 out of 2 points
When it comes to enforcing employment laws and the job
interviewing process, the EEOC:
Question 11
2 out of 2 points
Sometimes effective communication is blocked between leaders
and followers by:
Question 12
2 out of 2 points
When employees can set their own work hours within certain
guidelines, they are involved in:
Question 13
2 out of 2 points
A ________ outlines the duties and responsibilities
associated with a job and the working conditions involved.
Question 14
2 out of 2 points
For a pay-for-performance system to work, it should:
Question 15
2 out of 2 points
A motivational tool that also helps to guide performance and
lets the owner know that his/her company is accomplishing its operational goals
is:
Question 16
2 out of 2 points
In an, ________ managers and/or employees borrow money from
a financial institution and pay the owner the total agreed-upon price at
closing; then they use the cash generated from the company’s operations to pay
off the debt.
Question 17
2 out of 2 points
The use of a formal family counsel with an open discussion
of all ideas is a way to demonstrate the essential quality of:
Question 18
2 out of 2 points
What are the exit strategies available to entrepreneurs when
it is time to step down?
Question 19
2 out of 2 points
A formal mentoring program should be established in
________, using both internal and external people. As the successor develops
his/her skills and performance, he/she will transition to the next stage.
Question 20
2 out of 2 points
A small fireworks manufacturer that shuts its plant down
permanently because the risk of fire and the resulting losses are too great is
relying on a risk ________ strategy.
Question 21
2 out of 2 points
The most common and popular estate planning tool for small
business owners is the:
Question 22
2 out of 2 points
A company using a risk transfer strategy would do which of
the following?
Question 23
2 out of 2 points
Small business owners have a number of options for
controlling health care costs, such as:
Question 24
2 out of 2 points
When a business owner purchases protection for losses
occurring when a contract is not completed on time or is performed incorrectly,
it is buying ________ insurance.
Question 25
2 out of 2 points
While a large percentage of business founders plan to pass
on their businesses, few create management succession plans because:
Question 26
2 out of 2 points
A small business that puts aside a specific amount of money
into a special fund each month to cover the cost of replacing its highly
specialized manufacturing equipment is using a risk ________ strategy.
Question 27
2 out of 2 points
________ allow employees and/or managers (that is, the
future owners) to purchase the business gradually, which frees up enough cash
to finance the venture’s future growth.
Question 28
2 out of 2 points
________ insurance is protection from loss, theft, or
destruction applied to vehicles, buildings, etc. It can be written with a broad
coverage or to cover a specific item or items.
Question 29
2 out of 2 points
A small business that buys a fire insurance policy on the
equipment in its corrugated box factory is relying on a risk ________ strategy.
Question 30
2 out of 2 points
The ________ is a transfer of ownership strategy for an
owner to transfer the company to his/her children while retaining control over
it him/herself.
