ENFB 4170 Test 2 QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025, Exams of Business Administration

Download ENFB 4170 Test 2 QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025 and more Exams Business Administration in PDF only on Docsity! ENFB 4170 Test 2 QUESTIONS WITH COMPLETE 100% VERIFIED SOLUTIONS 2024/2025 Time Management -Prioritize (most important to least important) -Always have uncompleted task at the end of the day -Delegate (when uncompleted task are harming the company) -Have a calender (you can control your calender) -Don't interrupt current tasks -Handle mail/email only once -Manage meetings well -eat breakfast When should you change your calendar? Only when something more important comes up (will have to reschedule) Modify your calendar if a new task of significance emerges Why should you not interrupt current tasks? -Showing them that they aren't important -if you do, you tend to get off track & waste time trying to figure it out When should you handle you emails, two special times? Either early in the morning or after lunch How should you handle mail/email only once? Either.... 1) Delete it 2) File it 3) Reply to it BUT it will not stay in in the inbox How do you manage meetings well? -Have too few rather than too many participants -Start the meetings on time -End the meetings on time -Have an agenda -Encourage debate -Avoid decisions by unanimous consent -Useful to distribute minutes -Stand up meeting Is it better to have a lot of small meetings or a few long meetings A lot of small meetings What are committees of people with more than 8 called, according to Corman? gangs What do you do when a meeting needs extending? Ask to if extending to meeting will be inconvenient to anyone--if so reschedule, but if not continue & finish it When should you distribute the agenda? either do it ahead of meeting or in the beginning of the meeting Should you have more or less people when having a meeting? Less people (no more than 7-8) If someone is late to a meeting, should you wait for them to start? No, start without them Should you set a specific ending time for meetings? Yes, and be sure to end on time When should you announce how decisions will be made during a meeting? Announce at the beginning Which form of voting should you never choose during a meeting? Unanimous (it inhibits the minority from surfacing) Which form of voting is Mr. Corman's favorite? Dictatorship Which decision is usually the worst decision? Not making a decision at all How do you handle mistakes? 1) Admit the mistake as fast as possible 2) Fix it A.S.A.P 3) Learn from it→ Is decision making an art or a science? Science What are the components of the Decision Matrix? 1. ID Alternatives 2. ID Criteria for Evaluation 3. Weight the Criteria 1. make them quickly 2. no decision is a decision, and usually, it is the worst decision 3. Don't be afraid of mistakes 4. know how to handle mistakes What is some advice when it comes to knowing how to handle mistakes? admit them as early as possible, fix them as early as possible, learn from it What are the five things you need to rate criteria on decision making chart? 1. identify alternatives 2. identify criteria that we use to evaluate alternatives 3. weight the factors/criteria 4. rate one criteria at a time @ each alternatives 5. multiply rating x weighting How often should you produce budget? Annually How often should you produce financial statements? What should they include? Monthly, actual vs. budgeted format to compare. How often should you produce cash budget? Monthly What should your annual budget do? Project 12 month pro forma income (exp, rev, net loss/gain) What three things must you make for your company's finances? 1. budget 2. cash budget 3. financial statements how much capital should you raise at a time?, how much time should you allow yourself to raise this? 12 months, 6 months Rent or lease, don't ____. buy (this reduces the amount of money that is used to operate the business and reduces your flexibility) 11 things you should do when dealing with finances 1. know your budget and when you will run out 2. produce financial statements, budgets, and cash budgets 3. raise at least 12 months of capital 4. allow yourself 6 months to raise the capital 5. rent/lease, don't buy 6. low overhead 7. low initial salaries 8. market driven salaries for entry level 9. small batches 10. get to revenue ASAP 11. hire too late rather than too early 7 things on employee policy and procedures 1. culture first, policies second 2. entrepreneur is the author 3. reviewed by labor attorney 4. statement "not a contract" 5. signature page where they (employee) acknowledges receipt 6. statement is not "guarantee of employee" 7. handbook distribution/review is part of employee orientation What are 13 examples of policies 1. dress code 2. attendance and punctuality 3. drug/alcoholism (maybe have drug testing) 4. discipline (major/minor violations) 5. smoking 6. performance reviews 7. sexual misconduct 8. EEOC 9. Full-time/Part-time 10. Language 11. personal phone calls/personal use of internet/texting 12. breaks & lunches 13. probationary period What are the 4 things you should introduce your employees to so that they can be a better part of the culture 1. history of company 2. mission statement 3. welcome letter 4. "not a contract" not a guarantee of employment What are the 6 state mandated benefits? 1. COBRA 2. Maternity leave 3. Unemployment 4. Workman's Comp 5. Overtime 6. Minimum wage what is the % of average costs that businesses spend on benfits? 43% of total $ paid out to employees (salaries expenses) what is the % of wage pay for sick leave? How long is it? 100% of pay for 10 days what is the % of wage pay for STD? How long is it? <100% of pay and kicks in 10-30 days (usually 75%) what is the % of wage pay for LTD? How long is it? 30-90 days, 40-50% of pay What does EEOC stand for? Equal employment opportunity commission What is COBRA? When you stop working at a previous job it pays for healthcare until you get your next job What is a severance check? partial of payment to all of your salary What is minimum wage? 7.25 What is considered overtime? +40 hours Two different types of life insurance? Term & whole What is term insurance? insurance for a specific time What is "whole" insurance? Premiums are higher BUT you get to cash in instead of waiting until you DIE What kind of insurance do companies tend to use? term life insurance Do you have to report benefits on income taxes? No Benefits are looked at as a ______. Tax reduction What are two categories of retirement plans? Define Benefit Define Contribution What is a define benefit? Number of years you've worked for state x's a percentage(2-3%)