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HR Laws - correct answer ✅Change according to company size- different with smaller and larger companies (based on # of employees) Appraising Performance on the Job - correct answer ✅360 degree performance appraisal- can come from anyone (customers, coworkers, other supervisors, any info from any source) Certification possibilities for HR managers - correct answer ✅Generalist or specialist Appraisal mistakes - correct answer ✅Contrast (compare employees against each other) Halo (if employee succeeds in one area, they "succeed" in all areas) Horn (if employee fails in one area, they "fail" in all others) Cafeteria Style Benefits - correct answer ✅more diverse workforce, more diverse needs. cafeteria= X # of $ to use towards different benefits
Soft Benefits - correct answer ✅onsite haircuts and shoe repairconcierge servicesfree meals at workdoggie day careon site farmers market Flexible scheduling plans and using flextime plans - correct answer ✅most require a core time everyone needs to be there/together, but start and end times may be flexible Home-based businesses - correct answer ✅Typically have zoning laws that restrict some businesses from running out of a home, could cause too much traffic etc. sole proprietorships - correct answer ✅businesses owned and operated by one individual; the most common form of business organization in the United States Choosing a type of ownership - correct answer ✅Look at tax and liability issues for different types -need a lawyer, accountant and insurance agent
Pros and cons of different ownership types - correct answer ✅All related to taxes and liability (less vs more liability with less/more ownership) Sunkist - correct answer ✅a cooperative (owned and controlled by those who use it- workers, producers, consumers) Drucker Institute - correct answer ✅ SBA - correct answer ✅Small Business Administration -They will help you locate an SBDC, help with importing/ exporting, help with management finance and marketing. Secretary of State website entrepreneurship quote: "Wherever you see a successful business, someone once made a courageous decision." - correct answer ✅Pete Drucker quote
What it takes to be an entrepreneur - correct answer ✅Energetic, tolerates uncertainty, self directed, self nurturing, action oriented Writing a Business Plan - correct answer ✅A good plan takes a lot of time to prepare. Tips:Pick the right bank -Go to the bank with your accountant and financial information -Demonstrate good character -Ask for ALL the money you need -Be prepared to personally guarantee the loan. Help for small businesses from SBA, franchisor, lawyer, insurance agent, and accountants - correct answer ✅business plans, management training, and financial advice Marketing research - correct answer ✅Marketing decisions need to be made long before introducing a product or opening a store. Research needs in market place, analyzing location, determine where to advertise, whom to
Possible advantages of franchising - correct answer ✅name recognition, financial, marketing and management assistance Challegned at finding high-level workers - correct answer ✅Finding workers with the skill set a company needs we are in a global market place, so different locations have different expectations (benefits packages) Job analysis - correct answer ✅the analysis/process of getting detailed information about jobs job description - correct answer ✅a written description of the basic tasks, duties, and responsibilities required of an employee holding a particular job job specification - correct answer ✅what people bring to the job, what employer brings to table, experience
contingent workers - correct answer ✅part-time workers for someone on a leave (maternity, sick), may have peak times in business cycle when you don't need people full-time, economy may effect these workers, may only have to give partial benefits to these workers vs. full benefits to full-time workers. Civil Rights Act of 1964 - correct answer ✅prohibits discrimination based on sex race religion and national origin Aquisition - correct answer ✅buying the assets and liabilities of a company Merger - correct answer ✅when two companies turn into one Vertical merger - correct answer ✅up and down supply chain (retailer buying a wholesaler in their supply chain out)
One major use of a performance appraisal (other than promotion or termination) - correct answer ✅identify training needs, provide employee recognition, how good HR is doing in hiring, if orientation is effective Ways to deal with pure risk - correct answer ✅Avoid the risk, reduce the risk, self-insure against the risk, buy insurance against the risk Reducing risk - correct answer ✅assess and control by avoiding the risk prevent risk - correct answer ✅With training transfer risk - correct answer ✅transfer risk to insurance Parts of a Business Plan - correct answer ✅(Assume you are not a manufacturing business and no need to include cover letter)
- Executive summary
- company background (mission statement, values)
- management team (have managers had experience)
- financial plan
- capital needed
- marketing plan
- location analysis
- appendices (supporting documents)
