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178 Cards in this Set
- Front
- Back
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The two factors of production that seem to contribute the most to making countries rich are:
a. land and labor. |
entrepreneurship and knowledge
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Employers provide tools and technology for their employees in order to:
a. increase the cost of production and profitability. |
improve their efficiency and productivity
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A(n) ____________ is a person who assumes the risk of starting a business.
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entrepreneur
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The most important difference between businesses and nonprofit organizations is that:
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nonprofit organizations focus on social and educational goals.
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Any activity which seeks to earn a profit by providing a good or service is known as a(n):
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business
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The knowledge and skills students acquire in business courses will be useful to them:
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if they work for any organization that produces goods and services, including nonprofit and volunteer
organizations as well as businesses. |
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In the current global environment, United States companies have competitors:
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in China and India.
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The series of lines on a product packaging that the cashier scans when you check out at a grocery store or
discount store is called a: |
bar code.
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he number of businesses owned by Hispanics and Asians has:
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increased dramatically.
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The statistical study of human population to learn its size, density, and characteristics is called:
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demography.
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In the past twenty years, the number of U.S. women business owners:
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increased dramatically.
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___________ refers to the amount of output generated with a given amount of input, e.g., number of
pizzas produced per worker per hour. |
Productivity
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Which of the following is an advantage of utilizing technology?
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Productivity increases.
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World-class business organizations attempt to meet the needs of:
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all of their stakeholders.
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A key characteristic of entrepreneurs is that they:
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are willing to accept the risks involved in starting and managing a business.
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In recent years, many manufacturing firms in the United States have laid off workers. The best
explanation of this trend is that: |
firms in many industries have become so efficient that they need fewer workers.
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Shelley recently opened a new restaurant specializing in fast foods prepared with less fat and calories for
health-conscious diners who are in a hurry. Shelley knows that there are some risks associated with opening and managing a restaurant, but she is confident that she can earn a profit. Shelley is an example of a(n): |
entrepreneur.
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Which of the following statements about the competitive environment is most accurate?
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To succeed, companies now have to offer both high-quality products and outstanding service at competitive
prices. |
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Government can do a lot to lessen the risk of starting businesses including:
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establishing a currency that's tradable in world markets.
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As you consider the factors of production, which of them will be the most important contributing factor to
increasing our nation's wealth? |
knowledg
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The purpose of management by objectives is to:
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help employees motivate themselves.
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The need __________ would be classified as a social need.
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to feel accepted and loved
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William Ouchi called the management approach typically used by Japanese firms:
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Type J
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In the United States, the trend is toward using management techniques that are consistent with
_________. |
Theory Y
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Job ___________combines a series of tasks into one assignment that is more challenging, interesting,
and motivating. |
enlargement
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Rewards that come from someone else in recognition of good work are _________ rewards.
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extrinsic
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________ means acting as a resource to a subordinate by teaching, guiding and making
recommendations, without actively doing any of the subordinate's work. |
Coaching
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According to Herzberg, a sense of achievement, earned recognition, and interest in the work itself were
all: |
important motivators.
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According to the principles of scientific management, the best way to improve productivity is to:
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use time-motion studies to find the best method of doing each job, then teach those methods to employees
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John dropped out of school after the ninth grade and now must support himself though he has few skills.
He is a part-time employee at a small retailer earning the minimum wage. John would like to earn more, but hasn't been able to find a better job. He is having a hard time paying his rent and utility bills and has quit eating breakfast to try to save on his food bills. John is having trouble meeting his: |
physiological needs
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According to goal-setting theory, in order for goals to enhance motivation and performance they must
be: |
accompanied by feedback.
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Weldon Task has just successfully negotiated a new long-term sales agreement with a major client. The
personal satisfaction Weldon has about his efforts is his ________ reward. |
intrinsic
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In the Hawthorne studies, employees were involved in the planning of the experiments. This caused
employees to: |
believe that management respected their ideas, which motivated them.
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When comparing small businesses to their larger competitors, it is clear that:
a. bigger is always better. |
small firms often can offer more personalized customer services than big firms.
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Which of the following would be a disadvantage
of working for a small business? a. required input regarding how the business is run |
fewer benefits
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To be considered part of a market, an individual must:
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have both a willingness to buy and the financial resources needed to buy.
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SCORE refers to a(n):
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group of retired executives who provide advice to small businesses.
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Entrepreneurs seeking financial support from bankers and potential investors should:
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create a detailed business plan to help the bankers and investors understand why this business will succeed.
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One challenge of working at home is:
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managing time.
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Small businesses create about __________ percent of the new jobs in the United States.
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75
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About 80% of all Americans find their first jobs in:
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small businesses.
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Entrepreneurs looking for a business that gives them the best opportunity to get rich should
consider starting a business in: |
the manufacturing sector.
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Which of the following best describes the opportunities available to small businesses in international
markets? |
The world is a much larger, and potentially more lucrative, market than the U.S. domestic market.
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Intrapreneurs make use of __________ to develop and launch new products and generate new profits.
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their employer's existing human, financial, and physical resources
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When seeking financial backing from a venture capitalist, a small business owner should realize that the
venture capitalist will: |
expect an ownership stake in the company in exchange for the financial backing.
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Motivated by his desire to operate his own business, Caleb is considering the purchase an existing
business. As he carefully weights this option, he is likely to find that: |
the value of an existing business is determined by what the business owns, what it earns, and what makes it
unique. |
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In an entrepreneurial team, who is responsible for the conception, development, and marketing of
products? |
These issues are the responsibility of all the members of the entrepreneurial team.
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Which of the following is primarily used to help design products that will connect product attributes with customer desires?
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House of quality matrix
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What dimension of competitiveness does quality in product design and process selection impact?
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The cost of ongoing service
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Quality Function Deployment (QFD):
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Starts with studying and listening to customers.
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Economic analysis of product development projects is useful in which of the following circumstances:
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Go/no-go milestones
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The purpose of Value Analysis/Value Engineering (VA/VE) is to:
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Simplify products and processes.
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What dimension of competitiveness does time-to-market performance in product design and process selection impact?
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Responsiveness to customer needs
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Design for manufacturing and assembly delivers product improvements by emphasizing which of the following?
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Simplification of the product by reducing the number of separate parts
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Which of the following is a time-to-market performance measure used in judging product development performance?
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Number of projects completed
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Sensitivity analysis of the Base-Case Financial Model is a useful tool for which of the following reasons?
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To help understand the basic trade-offs of resources committed and cash received.
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A reason that firms must develop more new products than ever is which of the following?
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Product life cycles are shorter
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Advocates of financial modeling of product design projects argue that:
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Financial analysis brings discipline and control to the product development process.
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A process flowchart uses symbols to represent which of the following?
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Flows of material or customers
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A process flowchart uses which of the following symbols to represent a decision point in a flow diagram?
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Diamond
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Which following production process term best describes the situation when activities in a stage of production must stop because there is no work?
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Starving
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Which of the following best describes the term cycle time?
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Average time between completions of successive units
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A process flowchart uses which of the following symbols to represent tasks or operations in a flow diagram?
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Rectangle
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A process flowchart uses which of the following symbols to represent storage areas or queues in a flow diagram?
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Inverted triangle
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A process flowchart uses which of the following symbols to represent flows of material or customers in a flow diagram?
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Arrow
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Which of the following terms describes the time a unit spends actually being worked on together with the time spent waiting in a queue?
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Throughput time
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An advantage of a make-to-stock process is which of the following?
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Rapid delivery of a standard product
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To reduce process throughput time you might try which of the following actions?
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Change the sequence of activities
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A chart used in process flow design depicting an exploded view of a product and its component parts is which of the following?
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Assembly drawing
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Assume a fixed cost for a process of $120,000. The variable cost to produce each unit of product is $35, and the selling price for the finished product is $50. Which of the following is the number of units that has to be produced and sold to break-even?
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8,000 units
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Which of the following is not considered a major process flow structure?
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Fabrication
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Which of the following is not a basic type of manufacturing operations process (categorized by what they do)?
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Engineering
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What is sometimes humorously referred to as a "gozinto chart?"
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Assembly chart
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Which of the following is a maintenance-related factor to consider in making major decisions on production equipment?
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Complexity
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The major difference between the job shop and batch shop categories of process flow structures is which of the following?
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The stability of the product line
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Which of the following is a factor to consider related to set-up requirements and maintenance that is considered when making major decisions on production equipment?
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Complexity
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Which of the following is a factor to consider related to the initial investment considered in making major decisions on production equipment?
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Price
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You are hired as a consultant to decide if your client should purchase a new, highly specialized, piece of equipment. The product to be produced by this equipment is forecast to have a total world wide demand of 15,000 units over the entire product life. The initial investment to acquire and install the equipment is $256,000. The variable cost to produce each unit will be $15 and the selling price for the finished product will be $30. Which of the following best describes the situation the firm is facing?
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The company's total margin will be less than it's investment
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A cost of quality classification is which of the following?
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Prevention costs
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The dimension of design quality that concerns the consistency of performance over time or the probability of failing is which of the following?
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Reliability
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The Grading Criteria of the Baldrige Award for total quality management includes which of the following?
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Information and analysis
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A flow chart as part of a six-sigma quality improvement process might be found in which DMAIC category?
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Define
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A fishbone diagram as part of a six-sigma quality improvement process might be found in which DMAIC category?
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Analyze
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Which of the following is a dimension of design quality?
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Features
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Which of the following is not an analytical tool used in six-sigma quality improvement programs?
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Shengo charts
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Failure mode and effect analysis is used in six-sigma projects. It involves which of the following?
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Calculating a risk priority number for each possible failure
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The dimension of design quality that concerns secondary characteristics is which of the following?
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Features
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The primary purpose of the Malcolm Baldrige National Quality Award is which of the following?
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To improve competitiveness of American firms
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Which of the following are eligible companies to be considered for the Baldrige award?
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Auditing firms
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Which of the following is not a category reported in applying for the Baldrige Award?
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Use of statistical quality control tools
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The Malcolm Baldrige National Quality Award is given to organizations that have done which of the following?
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Demonstrated outstanding quality in their products and processes
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Which of the following statements about e-commerce is most accurate?
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E-commerce retailers like Amazon.com must change with the times.
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The new era of business is likely to be dominated by the:
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information-based sector.
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The two factors of production that seem to contribute the most to making countries rich are:
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entrepreneurship and knowledge.
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__________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
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Risk
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By 2020 this group will be over 23 percent of the U.S. population.
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people over 60
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As you consider the factors of production, which of them will be the most important contributing factor to increasing our nation's wealth?
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knowledge
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According to equity theory, employees are likely to ask:
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If I do a good job, will it be worth it? What is fair?
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________ emphasizes motivating the worker through the characteristics of the job itself.
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Job enrichment
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The most important impact of the Hawthorne studies was that it:
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changed the direction of research away from Taylor's scientific management toward the study of human-based management.
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Kathleen is the new operations manager of a national stock brokerage firm. She recently attended a conference on the use of expectancy theory to motivate employees. In order to incorporate what she has learned, the first thing Kathleen must do is:
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determine what rewards are valued by her employees.
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Which of the following practices would be most consistent with the views of Frederick Taylor?
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job simplification
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Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?
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Many jobs in small firms have low pay and few benefits.
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Small business owners interested in finding out more about exporting will find that:
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there is an abundance of inexpensive information from a variety of sources.
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When comparing various types of small businesses, the firms that are easiest to start tend to be those that:
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have the highest failure rates.
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In an entrepreneurial team, who is responsible for the conception, development, and marketing of products?
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These issues are the responsibility of all the members of the entrepreneurial team.
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Which of the following employment statistics about small businesses is true?
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A great majority of American workers find their first jobs with a small business.
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Historically entrepreneurs in the U.S. have:
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started many small firms that later became major corporations employing thousands of workers.
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What dimension of competitiveness does quality in product design and process selection impact?
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The cost of ongoing service
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The most basic categories of cash flow for a typical new product do not include:
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Depreciation
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Which of the following is primarily used to help design products that will connect product attributes with customer desires?
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House of quality matrix
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The aim of Quality Function Deployment (QFD) is:
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To lower costs and improve customer satisfaction.
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A process flowchart uses which of the following symbols to represent a decision point in a flow diagram?
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Diamond
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A process flowchart uses which of the following symbols to represent flows of material or customers in a flow diagram?
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Arrow
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Which of the following best describes the term cycle time?
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Average time between completions of successive units
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An advantage of a make-to-stock process is which of the following?
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Rapid delivery of a standard product
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Which of the following terms describes the time a unit spends actually being worked on together with the time spent waiting in a queue?
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Throughput time
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Which of the following are basic assumptions that justify an analysis of the costs of quality?
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Failures are caused
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A Pareto chart as part of a six-sigma quality improvement process might be found in which DMAIC category?
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Measure
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Which of the following is not an analytical tool used in six-sigma quality improvement programs?
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Pass charts
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Failure mode and effect analysis is used in six-sigma projects. It involves which of the following?
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Calculating a risk priority number for each possible failure
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The Malcolm Baldrige award selection process helps improve quality and productivity by which of the following means?
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Providing feedback to applicants by the examiners
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Assume a fixed cost for a process of $120,000. The variable cost to produce each unit of product is $35, and the selling price for the finished product is $50. Which of the following is the number of units that has to be produced and sold to break-even?
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8,000 units
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A chart used in process flow design depicting an exploded view of a product and its component parts is which of the following?
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Assembly drawing
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Assume a fixed cost for a process of $15,000. The variable cost to produce each unit of product is $10 and the selling price for the finished product is $25. Which of the following is the number of units that has to be produced and sold to break-even?
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1,000 units
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What is sometimes humorously referred to as a "gozinto chart?"
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Assembly chart
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Which of the following is a factor to consider related to the initial investment considered in making major decisions on production equipment?
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Price
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In a job shop Machine Center A has a ten minute set-up time per batch and a two minute per unit run time. Machine Center B performs the identical function but has a set-up time of thirty minutes and a one minute run time per unit. The job shop makes products in batches ranging from one unit to one hundred units. Assuming capacity is not a limitation on either machine, on which batches should Machine Center B be used?
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of more than 20 units should be run on machine center B
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Which of the following is considered a high-contact service operation?
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Physician practice
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Which of the following is one of the three contrasting approaches to delivering on-site service?
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Self-service approach
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Which of the following refers to the physical presence of the customer in a service system?
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Customer contact
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In the service-system design matrix, a face-to-face total customization service encounter is expected to have which of the following?
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Low production efficiency
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Which of the following is not a major factor distinguishing service design and development from manufacturing design and development?
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Service operations can be protected by patents, manufacturing operations can not.
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Which kinds of inventory and not allowed (in theory) under lean production?
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Work-in-process
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Which of the following statements holds true for kanban production control systems?
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In a paperless control system, containers can be used instead of cards
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Which of the following are related to lean production?
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A philosophy of waste elimination
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In setting up a kanban control system and you need to determine the number of kanban card sets needed. If the expected demand during lead time is 50 per hour, the safety stock is 20% of the demand during lead time, the container size is 4. If the lead time to replenish an order is 8 hours, what number of kanban card sets is needed?
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120
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You have been called in as a consultant to set up a kanban control system. The first thing to do is to determine the number of kanban card sets needed. Your research shows that the expected demand during lead time for a particular component is 1,200 per hour. You estimate the safety stock should be set at 5% of the demand during lead time. The tote trays used as containers can hold 2 units of stock and the lead time to replenish an order is 10 hours. Which of the following is the number of kanban card sets necessary to support this situation?
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6,300
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To implement a flow process in developing a lean system a firm might do which of the following?
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Reduce setup/changeover time
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Which of the following is not an assumption of the basic fixed-order quantity inventory model?
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Diminishing returns to scale of holding inventory
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Assuming no safety stock, what is the re-order point (R) given an average daily demand of 50 units, a lead time of 10 days and 625 units on hand?
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500
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If annual demand is 12,000 units, the ordering cost is $6 per order and the holding cost is $2.50 per unit per year, which of the following is the optimal order quantity using the fixed-order quantity model?
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240
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When work is assigned to a work center based on what is needed over time it is called which of the following?
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Infinite loading
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Which of the following is a priority rule used to schedule the sequence of jobs in a production operation?
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Last come first served
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When work is scheduled in detail using the setup and run time required for each order it is called which of the following?
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Finite loading
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The objectives of work center scheduling include which of the following?
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Minimizing set-up costs
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Assume there are five jobs (i.e., A, B, C, D and E) that need to be sequenced in a production schedule. The remaining operating time necessary for completion of job A is 3 days (i.e., job A will take 3 more days to complete), B will take 9 days, C will take 6 days, D will take 5 days and E will take 8 days. Which job should be scheduled last if using the SOT priority rule for job sequencing?
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B
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Which of the following priority rules used in scheduling the sequence of production is calculated as the time remaining before the due date minus the remaining processing time, with the smallest value being run first?
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STR
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Which of the following is not one of the major functions of shop-floor control?
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Load machine hours into work stations
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For a low-volume job shop type of manufacturing which of the following is the typical production scheduling approach?
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Infinite forward scheduling
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For a high-volume type of manufacturing which of the following is the typical production scheduling approach?
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Finite forward scheduling
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A material requirements planning system is an example of which of the following scheduling systems?
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Infinite loading, backward scheduling
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A job has 10 days of processing time left to do before completion and today is the 5th day of the month. If the job is due on the 15th day of the month, what is its critical ratio?
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1
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Which of the following is one of the major functions of shop-floor control?
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Conveying shop-order status information to the office
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Assume there are five jobs (i.e., A, B, C, D and E) that need to be sequenced in a production schedule. The remaining operating time necessary for completion of job A is 3 days (i.e., job A will take 3 more days to complete), B will take 9 days, C will take 6 days, D will take 5 days and E will take 8 days. In what order will these jobs be scheduled if using the SOT priority rule for job sequencing?
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A-D-C-E-B
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For a continuous process type of manufacturing which of the following is the typical production scheduling approach?
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Finite forward scheduling
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__________ is a study of what is done by employees who fill various job titles.
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job analysis
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Many firms now offer their employees ___________ benefits, such as on-site haircuts and free breakfasts, which help employees maintain a balance between work and family life.
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soft
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The first step in establishing training and development programs is to:
a. establish appropriate simulation parameters. |
assess the needs of the organization and the skills of the employees.
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Most workers resist taking advantage of flexible work schedules because:
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they believe doing so may hurt their careers.
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Major companies such as IBM and JetBlue have been able to use _________ to cut costs by reducing or eliminating entirely the number of offices and desks for employees.
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telecommuting
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The _______________ was created by the Civil Rights Act of 1964, and has since become a formidable regulatory force in the administration of human resource management.
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Equal Employment Opportunity Commission
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A newer form of performance appraisal is called the ___________ because it encourages feedback from all directions.
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360-degree review
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For many types of service organizations such as hospitals, banks and airlines, the primary cost of operations is:
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compensation of labor.
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In a _____________ arrangement two part-time employees fill one full-time job.
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job sharing
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In coming years, high tech growth areas such as computers, biotechnology, and robots are likely to experience a:
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shortage of skilled labor.
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____________ introduces new employees to the organization, their fellow workers, their supervisors, and to the policies, practices, and objectives of the firm.
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Employee orientation
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Today, fringe benefits account for approximately ______ percent of total payroll costs.
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30
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Which of the following statements describes the relationship between employee training and employee development?
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Training is short-term skills oriented while development is long-term career oriented.
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When workers are a part of a team their compensation should be:
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based on team performance, with additional rewards for those workers who make outstanding individual contributions.
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Which of the following is a challenge that is facing the human resources managers of today?
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a shift in employee attitudes toward work
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Which of the following statements about contingent workers is most accurate?
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The most common reason firms give for hiring contingent workers is a varying need for employees.
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Humphrey Communications uses a flextime plan. In their system, all employees must be on the job from 10:00 a.m. until 2:00 p.m. These hours are referred to as the:
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core time.
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Ruby Bethune works for ElekTek, a firm producing sophisticated electronic equipment used in state-of-the-art security systems. Ruby is happy to see that the value of ElekTek's stock has reached $47 per share, because her company allows many of its employees, including Ruby, to buy a given number of shares of its stock for $30 per share for the next year regardless of how high the market price goes. ElekTek is offering its employees a stock:
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option plan.
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Al Whitt is a human resource manager who recently has spent much of his time trying to obtain a sufficient number of the right types of people at the right time to allow the company to select those who best meet its needs. Al has been involved in:
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recruiting
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Employment testing:
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should be directly related to the job.
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Unlike a traditional performance appraisal, a 360-degree review:
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provides feedback from all directions within the organization.
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Which of the following statements about the Civil Rights Act of 1964 is most accurate? The Civil Rights Act:
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is the law that led to direct government involvement in human resource practices of business organizations.
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