Entrepreneurship and Small Business Management

Chapter 17: Managing Operations and Staffing

Practice Test

1.
A/An___________is a statement of goals, purposes, and principles that serve as a guideline for daily business operations.
A)analysis
B)policy
C)vision
D)forecast
2.
A/An_____________is a standard that regulates behavior or actions.
A)rule
B)measure
C)policy
D)ordinance
3.
An arrangement for deferred payments for goods and services is known as____________.
A)secured funds
B)financing
C)purchasing
D)credit
4.
A/An__________is a specialized credit arrangement where funds are withdrawn directly from a customer's checking account.
A)charge account
B)debit card
C)travel card
D)installment plan
5.
Businesses that sell higher-priced items might offer a/an_____________credit plan.
A)revolving
B)installment
C)budget
D)charge account
6.
A borrower's ability to repay a debt is known as_________________.
A)capacity
B)capital
C)character
D)credit
7.
A___________establishes the conditions under which items that have not been done correctly will be repaired or fixed.
A)delivery policy
B)rework policy
C)credit policy
D)return policy
8.
If you train your employees to practice safety and emergency procedures, you will limit your___________.
A)profit
B)productivity
C)liability
D)insurance
9.
The first task in staffing your organization is to develop a/an__________.
A)organization chart
B)business plan
C)job description
D)finance plan
10.
____________refers to managers and others who provide support and advice to line managers.
A)Executives
B)Staff
C)Work force
D)Personnel
11.
A/An______________is a document that details the abilities, skills, educational level, and experience needed by an employer.
A)job specification
B)résumé
C)organization chart
D)job description
12.
A____________is a summary of academic and work history, skills, and experience.
A)job description
B)want ad
C)job specification
D)résumé
13.
A classified ad will help a business owner__________prospective employees.
A)train
B)regulate
C)recruit
D)interview
14.
__________is an amount of money an employee receives for every hour of work.
A)Wages
B)Salary
C)Commission
D)Compensation
15.
Extras that workers receive on a job are called____________.
A)commissions
B)benefits
C)salaries
D)wages
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