Business Management
Final Test Solutions
Course Introduction
Business Management is a comprehensive course designed to introduce students to the fundamental principles and practices of managing organizations. Covering topics such as organizational structure, leadership, planning, decision-making, and resource allocation, the course explores how businesses operate in local and global environments. Students will gain insights into effective management strategies, teamwork, communication, and ethical considerations, preparing them for roles in diverse business sectors and equipping them with the knowledge to lead and adapt in a dynamic marketplace.
Recommended Textbook
Strategic Compensation A Human Resource Management Approach 8th Edition by Joseph J. Martocchio
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16 Chapters
672 Verified Questions
672 Flashcards
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Page 2
Chapter 1: Strategic Compensation: a Component of Human Resource Systems
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) How did scientific management methods influence compensation practices?
Answer: Scientific management methods gave rise to the use of piecework plans.Under piecework plans,an employee's compensation depends on the number of units she or he produces over a given period.Specifically,these plans reward employees on the basis of their individual hourly production against an objective output standard,determined by the pace at which manufacturing equipment operates.For each hour,workers receive piecework incentives for every item produced over the designated production standard.
Q2) Protection programs are what type of compensation benefits?
A)external
B)non-monetary
C)internal
D)monetary
Answer: B
Q3) P&G uses a ________ strategy based on brand image and price premium in between its Iams and Eukanuba brands.
Answer: differentiation
Q4) ________ decisions are made in order to support the fulfillment of strategic decisions.
Answer: Tactical
3
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Chapter 2: Contextual Influences on Compensation Practice
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Sample Questions
Q1) ________ refers to an employee acquiring non-forfeitable rights to an employer's contribution to fund benefits.
Answer: Vesting
Q2) Jennifer works as a clerk in a company.The essential function of her job is producing memoranda using word processing software.If she develops crippling arthritis,which act requires her employer to make reasonable accommodations,such as providing a voice-recognition input device?
A)Family and Medical Leave Act of 1993
B)Americans with Disability Act of 1990
C)Davis-Bacon Act of 1931
D)Occupational Safety and Health Act of 1970
Answer: B
Q3) Based upon the FLSA child labor provisions,what is the minimum age that a child must be in order to be legally employed?
A)10
B)12
C)14
D)19
Answer: C
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Chapter 3: Traditional Bases for Pay: Seniority and Merit
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Sample Questions
Q1) This type of appraisal error takes place when managers rate employees' performance more highly than they should compared with objective criteria.
A)errors of strictness
B)errors of central tendency
C)errors of leniency
D)contrast errors
Answer: C
Q2) This type of pay is defined as added pay for employees that have reached the maximum of a pay grade and are unlikely to move into higher grades.
A)longevity pay
B)merit pay
C)seniority-based pay
D)incentive pay
Answer: A
Q3) An appraisal system that requires all employees be placed in groups that span the spectrum from well above average to well below average performance is called a ________ performance appraisal.
Answer: forced distribution
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5
Chapter 4: Incentive Pay
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Sample Questions
Q1) On which team is membership relatively permanent and members work full-time?
A)work (process)
B)project
C)parallel
D)innovative
Q2) What is the main objective of Scanlon plans?
A)to standardize the workforce
B)to encourage unionization
C)to increase workforce competitiveness
D)to increase employee involvement
Q3) John is a design engineer working at an auto manufacturer research and development department.In addition to his normal duties,he is assigned to a team of other engineers developing a highly automated assembly line for the new model of a passenger car.What type of team is John assigned to?
A)incentive teams
B)project teams
C)work (process)teams
D)parallel teams
Q4) Another name for incentive pay is ________ pay.
Q5) Stock ________ describe an employee's right to purchase company stock.
Page 6
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Chapter 5: Person-Focused Pay
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Sample Questions
Q1) Employees would need to learn these types of skills in order to develop self-managed work teams.
A)horizontal
B)vertical
C)depth
D)breadth
Q2) Which of the following pay systems is used by unions and contractors to reward their carpenters for increasing their carpentry abilities?
A)knowledge-based
B)incentive
C)skill-based
D)merit-based
Q3) When a filing clerk is trained to maintain employee attendance records,it is an example of acquiring which type of skills?
A)horizontal
B)vertical
C)depth
D)breadth
Q4) Describe the concept of competencies.
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Chapter 6: Building Internally Consistent Compensation Systems
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Sample Questions
Q1) One of the essential skills that software development engineers must have is the proficiency in at least one of the modern computer programming languages,such as Java or C++.This must be indicated in which part of the job analysis description?
A)working conditions
B)job evaluation
C)worker requirement
D)job content
Q2) Developing internally consistent job structures affects the competitive strategy of a company.Which of the following is a potential constraint on competitive strategy?
A)Internally consistent structures potentially reduce a company's rigidity to respond to moves by the competition.
B)Internally consistent job structures potentially cause the definition of jobs to become less fluid.
C)Internally consistent job structures lead to less routinization.
D)Internally consistent job structures potentially create far more bureaucratization within an organization.
Q3) Summarize the five main activities of job analysis work.
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Page 8
Chapter 7: Building Market-Competitive Compensation Systems
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Sample Questions
Q1) ________ allow compensation professionals to describe the distribution of data based on four groupings.
Q2) Market match policies are generally set to which quartile in the salary survey?
A)1st
B)2nd
C)3rd
D)4th
Q3) What is an appropriate pay policy mix?
Q4) The NCS provided incidence and extensive data on which two types of compensation benefits?
A)health insurance and retirement
B)retirement and stock options
C)health insurance and pay
D)pay and stock options
Q5) As of December 2012,U.S.companies spent approximately how much per employee for discretionary benefits?
A)$28,995
B)$20,000
C)$3,050
D)$1,200
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Chapter 8: Building Pay Structures That Recognize
Individual Contributions
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Sample Questions
Q1) This type of commission draw acts as a salary because employees are not obligated to repay the loans if they do not sell enough to cover the amount.
A)nonrecurring draw
B)safe draw
C)nonrecoverable draw
D)graduated draw
Q2) If the company adopts a market lead policy,how will that company's pay range midpoint compare to the market average?
A)The midpoint will be the same as the market average.
B)not enough information to determine
C)The midpoint will be higher than the market average.
D)The midpoint will be lower than the market average.
Q3) With which sales compensation plan does the level of pay not vary when sales volume does?
A)commission-only plan
B)salary-only (base pay)plan
C)salary (base pay)-plus-bonus plan
D)salary (base pay)-plus-commission plan
Q4) ________ describe the allocation of monetary resources to fund pay structures.
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Chapter 9: Discretionary Benefits
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Sample Questions
Q1) By what percentage have total healthcare expenditures risen since 1960?
A)100%
B)500%
C)2000%
D)5000%
Q2) The giving of one's time to support a meaningful cause is better known as what?
A)volunteerism
B)self-service
C)cause-oriented efforts
D)social empowerment
Q3) What is the most common type of life insurance policy offered by companies?
A)group life insurance
B)term life insurance
C)whole life insurance
D)universal insurance
Q4) ________ programs help bring employees to the workplace and back home again by using more energy-efficient forms of transportation.
Q5) In the 1940s and 1950s,companies began offering ________ as an alternative to pay hikes in order to motivate employees through greater work benefits.
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Chapter 10: Employer-Sponsored Retirement Plans and Health Insurance Programs
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Sample Questions
Q1) Which of the following types of insurance plans are set up to cover things like dental care,vision care,and prescription drugs?
A)flexible savings plans
B)flexible services accounts
C)carve-out plans
D)health services accounts
Q2) Which of the following is NOT a benefit covered by fee-for-service plans?
A)hospitalization benefits
B)dentist visits
C)physician visits
D)surgical benefits
Q3) What type of pension plan commonly includes profit-sharing plans,stock bonus plans,and employee stock ownership plans?
A)defined benefit
B)defined contribution
C)deferred contribution
D)deferred benefit
Q4) Distinguish between qualified and nonqualified retirement plans.
Q5) ________ refers to an employee's nonforfeitable rights to pension benefits.
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Chapter 11: Legally Required Benefits
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Sample Questions
Q1) The average monthly benefit for all retired workers earning old age benefits in 2013 was how much?
A)$425
B)$780
C)$1,261
D)$1,712
Q2) If Fred signs up for Medicare Part B,what percent of his medical services and supplies will be covered after he has paid his annual deductible?
A)25%
B)33%
C)60%
D)80%
Q3) The ________ is the minimum period of time an individual must be employed before becoming eligible to receive unemployment insurance under the Social Security Act of 1935.
Q4) ________ plans emphasize cost control by limiting an employee's choice of doctors and hospitals and often pay a higher level of benefits if health care is received from approved providers.
Q5) ________ specify insurance rates based on classifications of businesses.
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Chapter 12: Compensating Executives
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Sample Questions
Q1) This type of executive bonus plan is similar to the appraisal system used to determine merit increases for non-executive employees.
A)performance-incentive
B)target
C)performance-allocation
D)performance-contingent
Q2) A ________ stock plan is an arrangement whereby executives receive a bonus that is equivalent to either the value of company shares or the increase in that value over time.
Q3) This type of executive bonus is based on a bonus pool that is determined by a fixed-formula that is not determined by the executive's performance.
A)target plan
B)predetermined allocation
C)performance-contingent
D)discretionary
Q4) Shareholders' interests are represented by a ________,who weigh the pros and cons of top executives' decisions.
Q5) Company stock shares are the main form of executives' ________ compensation.
Q6) A provision of the ________ established the say-on-pay requirement.
Page 14
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Chapter 13: Compensating the Flexible Work Force:
Contingent Employees and Flexible Work Schedules
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Sample Questions
Q1) The average monthly health insurance premium for all private sector workers cost companies how much as of March 2012?
A)$107 per employee
B)$191 per employee
C)$258 per employee
D)$467 per employee
Q2) With ________ arrangements,temporary employees generally do not work for more than one year,and the hiring companies are the temporary workers' legal employers.
Q3) In 2005,most contingent workers were employed as what?
A)on-call employees
B)temporary employees
C)leased employees
D)independent contractors
Q4) James works at home 3 days a week and works at his office 2 days a week.His employer provides a computer,modem,and printer for him to use at home.The equipment for his off site use is an example of ________.
Q5) ________ occurs when all members of a group agree on mistaken conclusions due to conformity in sharing the same mind-set.
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Chapter 14: Compensation Expatriates
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Sample Questions
Q1) If the local index for Tel Aviv,Israel is 146,what does that mean?
A)The cost of living is 46% higher in Washington,D.C.than it is in Tel Aviv.
B)The cost of living is 146% higher in Washington,D.C.than it is in Tel Aviv.
C)The cost of living is 146% higher in Tel Aviv than Washington,D.C.
D)The cost of living is 46% higher in Tel Aviv than Washington,D.C.
Q2) ________ is the increase in prices for consumer goods and services.
Q3) Benjamin is going on his first expatriate assignment to a country considered a hardship location.About how much will you have to increase his base pay?
A)50% - 70%
B)5% - 35%
C)20% - 40%
D)40% - 50%
Q4) What law mandates that management bargain in good faith with labor unions over terms of employment,such as wages?
A)Fair Labor Standards Act of 1938
B)National Labor Relations Act of 1935
C)North American Free Trade Agreement
D)North American Treaty Organization
Q5) What are three challenges employers face when using foreign service premiums?
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Chapter 15: Pay and Benefits Outside the United States
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Q1) The United States,Canada,and Mexico are part of a trade bloc better known as
Q2) The ________ is a unique international organization that aims at becoming an economic superpower,while still retaining such practices as high levels of employment,social welfare protection,and strong trade unions.
Q3) Brazil's workforce has over how many people?
A)92 million
B)107 million
C)115 million
D)127 million
Q4) What Canadian province has the highest minimum wage?
A)Newfoundland
B)British Columbia
C)Nunavut
D)Alberta
Q5) ________ has by far the strongest economy out of all the countries in South America.
Q6) Discuss the employment context in the European Union.
Q7) The country with the lowest GDP per capita reviewed in the chapter is ________.
Q8) In 2013,________ is the largest economy in Asia (and growing rapidly).
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Chapter 16: Challenges Facing Compensation Professionals
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Sample Questions
Q1) Tim owns a fruit distribution company and hires around 100 employees.Before PPACA became a law,he did not provide health insurance coverage for the workers.After March 2010,he started to provide the coverage.However,from then on,the costs of his company have been increasing exponentially.Which of the following cannot be one of the ways to limit the rising costs of offering health care coverage?
A)lowering wages to offset the costs of health insurance
B)decreasing the size of his workforce
C)limiting the waiting periods to receive health care coverage to 90 days (for new workers)
D)imposing lifetime benefit caps at $1 million
Q2) ________ refers to a general slowdown in economic activity.
Q3) During which timeframe did the U.S.economy experience the longest recession after World War II?
A)between February 2005 and July 2008
B)between December 2008 and January 2010
C)between April 2007 and December 2009
D)between December 2007 and June 2009
Q4) Briefly discuss the uncertainties brought by health care reform and changing workforce demographics.
Page 18
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