Entrepreneurship: Building a Business

Chapter 17: Managing Operations and Staffing

Chapter Practice Tests

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A/An__________is a specialized credit arrangement where funds are withdrawn directly from a customer's checking account.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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