11 Jan A small business that buys

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.