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Management
Q:
Trying to "protect" your career from outside harm is probably a silly idea because there is no way to protect against changes in the environment.
Q:
Employees at GameTime Software participate in a gainsharing plan. Employee bonuses are calculated by dividing payroll expenses by total sales. GameTime Software most likely uses which of the following plans?
A) Lincoln
B) Rucker
C) Improshare
D) Scanlon
Q:
It is a good idea to think of your career as your business and your boss as the CEO of that business.
Q:
The second step in constructing a career path is matching your strengths and interests to opportunities in the market.
Q:
How often do most firms tend to compute financial performance measures used in gainsharing plans?
A) weekly
B) monthly
C) quarterly
D) annually
Q:
It is almost impossible to predict which jobs in the future are likely to decline.
Q:
What is the most common form of payment in gainsharing plans?
A) common stock
B) preferred stock
C) promotions
D) cash
Q:
All a job seeker needs in a tight job market is a single competitive advantage to get a good job.
Q:
When developing the involvement system for a gainsharing plan, which of the following is NOT a commonly used element?
A) update meetings
B) employee mediations
C) suggestion systems
D) problem-solving teams
Q:
Being a skilled writer can give a person a competitive advantage in the job market.
Q:
Jack is in the process of implementing a gainsharing plan for his firm. He has already determined that the plan's objectives will be to lower labor costs. What is the next step that Jack needs to take?
A) choose specific performance measures
B) decide on a funding formula
C) decide how often to pay bonuses
D) select the form of payment
Q:
Elaine, the HR manager at Western Enterprises, has been assigned the task of implementing a gainsharing plan. What does Elaine most likely need to do first?
A) choose specific performance measures
B) decide how often to pay bonuses
C) establish general plan objectives
D) develop an involvement system
Q:
Being good with numbers can give a job seeker a competitive advantage.
Q:
The first step in constructing a career path is to identify your competitive advantages.
Q:
When hired by Delmar Designs, Shane agreed to forego 6% of his normal pay if he didn't meet his goals in return for a 12% bonus if he exceeded his goals. In which type of plan does Shane most likely participate?
A) earnings-at-risk pay plan
B) variable risk sharing plan
C) at-risk gainsharing plan
D) employee at-risk plan
Q:
Competitive advantages that people have are limited to their natural talents.
Q:
The Lincoln incentive system is an incentive plan that ________.
A) uses a trust to hold stock in individual employee accounts and distributes it to employees upon retirement
B) engages many or all employees in a common effort to achieve a company's productivity objectives with any resulting cost-savings gains shared among employees and the company
C) contributes company shares of its own stock or cash to be used to purchase company stock to a trust established to purchase shares of the firm's stock for employees
D) involves the firm distributing total annual profits each year among employees based on their merit rating
Q:
The best investment a person can make in his or her own future is to get a good education.
Q:
Tyler Oil offers a profit-sharing plan to its employees. Each year, Tyler Oil distributes total annual profits less taxes among employees based on employee merit ratings. Which of the following is most likely used by Tyler Oil?
A) cash plan
B) Lincoln incentive system
C) deferred profit-sharing plan
D) employee stock ownership plan
Q:
The difference in pay rates over a lifetime between college graduates and noncollege graduates is fairly small.
Q:
Which of the following is NOT a type of gainsharing plan?
A) Improshare
B) Lincoln
C) Rucker
D) Roth
Q:
Gainsharing is an incentive plan that ________.
A) uses a trust to hold stock in individual employee accounts and distributes it to employees upon retirement
B) engages employees in a common effort to achieve a company's productivity objectives with any resulting cost-savings gains shared among employees and the company
C) contributes company shares of its own stock or cash to be used to purchase company stock to a trust established to purchase shares of the firm's stock for employees
D) provides tax advantages for employees by deferring income taxes, often until the employee retires
Q:
Volunteer work is important to today's college graduates.
Q:
Job location ranked second in job priorities for today's job seekers.
Q:
The Scanlon plan is an early version of a ________ plan, an incentive plan that engages employees in a common effort to achieve productivity objectives.
A) performance achievement
B) golden parachute
C) gainsharing
D) variable pay
Q:
Today's job seekers identify quality child care as an important job benefit.
Q:
Competence in the Scanlon plan refers to a focus on ________.
A) cooperation
B) corporate vision
C) employee abilities
D) significant improvements
Q:
Most of today's college graduates are saying that their number one concern in a job is that it has the possibility for advancement.
Q:
Which of the following best explains identity in regards to the Scanlon plan?
A) philosophy of cooperation among employees
B) clear articulation of the company mission
C) high level of competence from all employees
D) corporate-wide benefits and savings
Q:
Which incentive plan is based on a philosophy that managers and employees must cooperate together?
A) cash plan
B) Scanlon plan
C) deferred profit-sharing plan
D) employee stock ownership plan
Q:
A good career match means that the jobs you get are high paying.
Q:
The Scanlon plan includes all of the following features EXCEPT ________.
A) identity
B) competence
C) a philosophy of cooperation
D) a focus on individual achievement
Q:
The first goal in career development is to make a career choice in which you match your interests and abilities to a job or series of jobs.
Q:
Which profit-sharing plan provides tax advantages for employees by postponing income taxes, often until the employee retires?
A) cash plan
B) Lincoln incentive system
C) deferred profit-sharing plan
D) employee stock ownership plan
Q:
A boundaryless career is a career in which an individual takes responsibility for his or her own career.
Q:
Tanner's employer puts a predetermined portion of profits into a trust account for Tanner's retirement. Which of the following is most likely the type of profit-sharing plan used by Tanner's employer?
A) deferred profit-sharing plan
B) Lincoln incentive system
C) Jefferson incentive system
D) gainsharing plan
Q:
Today, the organization"not the individual"is responsible for the employee's career development.
Q:
Traditional career development in which an individual advances through the ranks of a single organization is more popular than ever.
Q:
The employees at DataMax participate in a profit-sharing plan. DataMax distributes 15% of its profits as profit shares to employees at regular intervals. Which of the following is most likely used at DataMax?
A) current profit-sharing
B) Lincoln incentive system
C) deferred profit-sharing plan
D) employee stock ownership plan
Q:
In the past, career development was usually confined to advancement within a single organization.
Q:
All of the following are advantages of team incentive plans EXCEPT that ________.
A) jealousy is reduced
B) wage equity is guaranteed
C) team planning is reinforced
D) problem solving is encouraged
Q:
The term career applies only to high-level professionals such as designers or physicians, not laborers.
Q:
Which term refers to payments companies make in connection with a change in ownership or control of a company?
A) pension
B) golden parachute
C) retirement bonus
D) stock option
Q:
An individual typically has several careers over a lifetime.
Q:
With a ________, an executive receives units instead of shares of company stock. In the future, the executive receives cash equal to the appreciation of the units owned.
A) nonqualified stock option
B) premium priced option
C) phantom stock plan
D) restricted stock plan
Q:
With which of the following can an executive NOT profit until the stock makes significant gains?
A) indexed options
B) phantom stock
C) restricted stock
D) premium priced options
Q:
A career is a best defined as a sequence of jobs.
Q:
Even the prepared person cannot take advantage of luck unless he or she ________.
A) is highly intelligent
B) can take action when opportunity knocks
C) can convince others to join his or her effort
D) puts in 16-hour days
Q:
Which of the following terms refers to the right to purchase a stated number of shares of a company stock at today's price at some time in the future?
A) at-risk variable plan
B) multiplier method
C) stock option
D) gainsharing plan
Q:
The best way to describe success is that it is a matter of matching up opportunities, ________, and luck.
A) intelligence
B) talent
C) skill
D) preparation
Q:
Edward is the new sales manager at Wilson Auto Mart. The previous sales manager set commission rates informally without considering how much each sale covered expenses. As a result, Wilson Auto Mart barely breaks even on each car sale once commissions are paid. Edward wants to motivate his sales force but avoid having excessive commissions.
Which of the following, if true, supports the argument that Edward should pay his sales team a combination of salary plus commission?
A) Wilson Auto Mart's sales team consists of high-performing, experienced salespeople.
B) Wilson Auto Mart has successfully implemented a "one price no hassle" pricing program.
C) Each Wilson Auto Mart salesperson is encouraged to sell at least ten vehicles each month.
D) Wilson Auto Mart salespeople are primarily asked to find new clients and service current accounts.
Q:
One reason NOT to change jobs is to ________.
A) add new people to your network
B) keep your skills fresh
C) raise your income
D) keep your job tasks challenging and interesting
Q:
Edward is the new sales manager at Wilson Auto Mart. The previous sales manager set commission rates informally without considering how much each sale covered expenses. As a result, Wilson Auto Mart barely breaks even on each car sale once commissions are paid. Edward wants to motivate his sales force but avoid having excessive commissions.
All of the following questions are relevant to developing an effective sales compensation plan EXCEPT ________.
A) How much time does each Wilson salesperson spend with qualified prospects?
B) What are the motivation and skill levels of Wilson sales team members?
C) What is the average annual bonus received by Wilson's CEO?
D) What is Wilson's desired profit for each car sale?
Q:
Which of the following is the primary advantage of using a combination of salary and commission as compensation for salespeople?
A) provides a guaranteed minimum salary
B) all freedom of work activities
C) completely links to performance
D) offers simple administration
Q:
What element proved lucky for entrepreneurs such as Bill Gates, Steve Jobs, and Paul Allen early in their careers?
A) They were interested in computers.
B) They were born in the same time period.
C) They went to the same college.
D) They joined IBM early in their careers.
Q:
All of the following are disadvantages of straight commission plans EXCEPT ________.
A) salespeople avoid pushing hard-to-sell items
B) salespeople fail to service small accounts
C) payments are complicated to calculate
D) significant variations in pay exist
Q:
Which statement best summarizes the relationship between success and luck?
A) All successes depend partly on luck.
B) Most successes depend totally on luck.
C) Success has nothing to do with luck.
D) Luck seldom has anything to do with success.
Q:
The advice, "You don't leave a good job," ________.
A) was never true
B) is still true today
C) is no longer true
D) is true today more than ever
Q:
Using a straight salary to compensate salespeople is most likely ineffective because it ________.
A) discourages sales flexibility
B) lacks connection to performance
C) makes it hard to switch territories
D) depends on annual corporate profits
Q:
A straight salary is most appropriate when a salesperson's primary duties involve ________.
A) finding new clients
B) meeting sales quotas
C) pushing hard-to-sell items
D) fostering relationships with customers
Q:
Employees in today's work world should think of themselves as ________.
A) members of a large, loyal family that will never abandon them
B) pawns who have no power to change or improve their situation
C) free agents who are constantly looking to improve their situation
D) bosses who control their organization
Q:
Enterprise incentive management systems enable firms to ________.
A) compare corporate incentive programs
B) accurately calculate sales commissions
C) efficiently administer employee incentive programs
D) create a matrix of merit awards and incentive options
Q:
Today's employers no longer expect ________ from employees.
A) long-term loyalty
B) maximum effort
C) high performance
D) a full work day
Q:
Craig is a line manager at a paper supply company. All of the following are methods that Craig should most likely implement to motivate his subordinates EXCEPT ________.
A) recognizing an employee's contribution
B) encouraging workers to earn overtime pay
C) gaining agreement on goals with employees
D) using positive reinforcement on a daily basis
Q:
This is the best time to take risks in your life.
A) when you are established
B) when you are young
C) when you are old
D) when you have something to lose
Q:
In a career, major accomplishments often require a person taking ________.
A) the path more traveled
B) the path less traveled
C) the straightest path
D) a circuitous path
Q:
Which of the following is the most commonly used reward for motivating employees?
A) individual travel
B) recognition programs
C) training programs
D) variable pay
Q:
One secret to a successful career is to identify your ________ and develop it to the fullest.
A) special ability
B) strength
C) main interest in life
D) competitive advantage
Q:
Ryobi is a large, international power tool manufacturer that develops affordable, high-quality products, such as drills, circular saws, and routers, for both homeowners and craftspeople. As the company continues to grow, its top executives want to ensure that employees are appropriately paid for their performance and that financial incentives are both fair and effective. Currently, the firm provides merit raises based on performance appraisals; however, executives are considering changing the current incentive plan.
Which of the following questions is most relevant to the decision by Ryobi executives to discontinue all merit raises?
A) What are the guidelines for implementing a gainsharing plan?
B) What type of merit raises are effective for high-performing managers?
C) What organization wide incentive plans are used by other manufacturing firms?
D) What is the connection between merit pay increases and employee productivity?
Q:
Which of the following is a job that would allow a person who is a poor writer and speaker to excel?
A) engineer
B) lawyer
C) basketball coach
D) advertising executive
Q:
Ryobi is a large, international power tool manufacturer that develops affordable, high-quality products, such as drills, circular saws, and routers, for both homeowners and craftspeople. As the company continues to grow, its top executives want to ensure that employees are appropriately paid for their performance and that financial incentives are both fair and effective. Currently, the firm provides merit raises based on performance appraisals; however, executives are considering changing the current incentive plan.
Which of the following, if true, undermines the argument that Ryobi should discontinue all merit raises?
A) Ryobi employees have expressed that they would prefer stock options to merit raises.
B) Ryobi managers have not received significant training about conducting performance appraisals.
C) Ryobi managers have noticed significant productivity improvements among employees who receive merit raises.
D) Ryobi's top executives receive a combination of base salary and stock options to encourage them to focus on the firm's strategic goals.
Q:
Success in school often requires a person to be a ________, while success in the workplace often requires the same person to be a ________.
A) specialist; generalist
B) specialist; conformist
C) generalist; specialist
D) conformist; nonconformist
Q:
Ryobi is a large, international power tool manufacturer that develops affordable, high-quality products, such as drills, circular saws, and routers, for both homeowners and craftspeople. As the company continues to grow, its top executives want to ensure that employees are appropriately paid for their performance and that financial incentives are both fair and effective. Currently, the firm provides merit raises based on performance appraisals; however, executives are considering changing the current incentive plan.
Which of the following, if true, supports the argument that Ryobi should eliminate all merit raises?
A) Performance appraisals at Ryobi occur annually, and standards vary from manager to manager.
B) Ryobi employees have the option of accepting lump-sum raises or traditional merit raises.
C) Ryobi recently began using an enterprise incentive management system to automate compensation.
D) The commission percentage for Ryobi salespeople is based on the ability to meet monthly quotas.
Q:
Studies indicate that in order for merit pay to be most effective, it should be linked to ________.
A) company profits
B) annual base salary
C) employee overtime
D) employee performance
Q:
Generally speaking, the more ________ a job requires that you have actually acquired, the better off you are.
A) technical skill
B) writing skill
C) speaking skill
D) training
Q:
It is best to try to cultivate a competitive advantage in job skills that are ________.
A) technical
B) interpersonal
C) scarce
D) common
Q:
How does merit pay differ from a bonus?
A) Merit pay becomes part of an employee's base pay, but a bonus does not.
B) A bonus becomes part of an employee's base pay, but merit pay does not.
C) Merit pay is linked to individual performance, while a bonus is linked to profits.
D) A bonus is linked to individual performance, while merit pay is linked to profits.
Q:
Which of the following terms refers to any salary increase the firm awards to an individual employee based on his or her individual performance?
A) competency-based pay
B) variable pay
C) merit pay
D) base pay
Q:
Mentors have been shown to be especially helpful to ________.
A) doctors and nurses
B) women and minorities
C) older employees
D) experienced employees
Q:
Which of the following is the primary advantage of piecework plans?
A) powerful incentive to workers
B) workers earn efficiency bonuses
C) firms save on overtime wages
D) entices independent contractors