Innovation and Entrepreneurship Test Questions And All Correct Answers

Innovation and Entrepreneurship Test Questions And All Correct Answers Which of the following describes the roles that human resources management plays in business? - ANSWER- 1)Inspiring employees 2)Hiring new employees 3)Managing employees Unemployment compensation is financial assistance for some period for people - ANSWER- Who lose their job through no fault of their own. _____ resources are the quantity and quantity of human effort directed toward producing goods and services. - ANSWER- Human The __________ is charged with protecting the health of workers. - ANSWER- Occupational Safety and Health Administration Identify the key issues that entrepreneurial businesses should consider when trying to retain employees who add value. - ANSWER- 1)The means of reviewing the performance of the employees. 2)The compensation and benefits offered to the employees. A company's compensation system is - ANSWER- Of the highest importance for employees. _____ theory argues that people judge how they are treated relative to how they see others being treated. - ANSWER- Equity Which of the following statements regarding equity theory are correct? - ANSWER- 1)Employees judge the fairness of their compensation based on another's in a similar situation. 2)Employees will accept that someone who has been with the company longer may earn more. 3)Employees need a clear understanding of how their compensation compares to peers'. Which of the following are compensation options that a small business owner may employ to pay employees? - ANSWER- 1)Salary 2)Hourly wage 3)Compensation A(n) _____ is the amount that a business pays an employee per hour of work performed. - ANSWER- hourly wage A _____ is a set amount of compensation for a given time period. - ANSWER- salary A _____ is payment based on a percentage of sales. - ANSWER- commission Commission compensation systems can be abused and - ANSWER- May be a source of frustration for both employees and the employer. Which of the following statements regarding changing the commission system as the company grows are correct? - ANSWER- 1)Existing salespeople do not like changes to compensation systems that decrease commissions. 2)Business owners need to think about the sales commission long term when creating it. 3)New hires do not think it is fair to be paid a lower commission than older sales staff. A hybrid compensation system - ANSWER- Pays a salary along with a commission. Business owners who offer profit sharing - ANSWER- Pay employees a small salary but offer a percentage of the profits that the company earns. __________ rewards employees based on their performance. - ANSWER- A bonus The __________ established a minimum wage for workers. - ANSWER- Fair Labor Standards Act (FLSA) Which of the following statements regarding the minimum-wage requirements of the Fair Labor Standard Act (FLSA) are correct? - ANSWER- 1)The Act does not work on small farms. 2)States may set a minimum wage higher than set by the FLSA. 3)The Act covers virtually all workers. Some major cities pay what has been called a _____ wage that is indexed to what someone who works 40 hours per week needs to stay above the poverty line. - ANSWER- Living The Equal Pay Act requires employers - ANSWER- Not to discriminate in pay to men and women who do the same job. Which of the following statements about the FLSA requirements regarding nonexempt employees are correct? - ANSWER- 1)Firms that pay employees on a weekly basis cannot use compensatory time. 2)Compensatory time is not typically allowed from one pay period to the next. 3)Nonexempt employees who work over 40 hours per week must be paid time and a half. The government - ANSWER- Closely regulates children who work under the age of 16.