Human Resources Management for Entrepreneurs
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Questions and Answers

Which of the following is NOT a challenge of human resources management for entrepreneurial firms?

  • Employee skill development
  • Maintaining a large workforce (correct)
  • Hiring employees consistent with the business strategy
  • Meeting basic legal requirements

    • Meeting basic legal requirements in human resources management is sufficient for a firm to be successful.

    False (B)

    What are two key factors that are essential in human resources management for successful strategy implementation in entrepreneurial firms?

    Hiring employees aligned with the business strategy and promoting employee skill development.

    Effective human resources management in entrepreneurial firms can positively impact the overall ______ of the business.

    <p>performance</p> Signup and view all the answers

    Match the following concepts to their corresponding descriptions:

    <p>Human Resources Management = Encompasses hiring, inspiring, and managing personnel Employee Skill Development = Creating a key resource that is difficult to replicate Hiring Consistent with Business Strategy = Hiring employees who align with the business goals and style</p> Signup and view all the answers

    What is the average salary range for a Furniture Refinisher?

    <p>$37,900 - $57,200 (C)</p> Signup and view all the answers

    Employees must pay a premium for medical coverage for their family.

    <p>True (A)</p> Signup and view all the answers

    How many sick days does an employee accrue in one year?

    <p>6 sick days</p> Signup and view all the answers

    The Furniture Refinisher is responsible for evaluating, repairing, and __________ a variety of office furniture.

    <p>refinishing</p> Signup and view all the answers

    Match the methods of advertising job openings with their characteristics:

    <p>College placement offices = Useful for attracting recent graduates Online job posting = Widely accessible and cost-effective Career fairs = Direct interaction with potential applicants Employment agencies = Professional help in finding candidates</p> Signup and view all the answers

    What is a key reason hiring is critical for entrepreneurial firms?

    <p>Single problematic employee affects overall performance significantly (C)</p> Signup and view all the answers

    A job description should be very formal and detailed like in large corporations.

    <p>False (B)</p> Signup and view all the answers

    What are the three negative impacts of a poor employee in a small firm?

    <p>Loss of owner time, reduced organizational benefit, potential impact on other employees</p> Signup and view all the answers

    Human resources refer to the quantity and quality of human effort directed toward producing __________ and services.

    <p>goods</p> Signup and view all the answers

    Match the following aspects of a job description with their significance:

    <p>Evaluating candidates' skills = Assists the founder in making informed hiring decisions Flexibility in hiring = Can lead to poor hiring decisions Specifying skills and capabilities = Prevents unpleasant surprises after hiring</p> Signup and view all the answers

    What is a primary reason that poor employee retention is detrimental to a company?

    <p>It results in loss of productivity and value. (D)</p> Signup and view all the answers

    Compensation information among employees is typically kept confidential to avoid conflicts.

    <p>False (B)</p> Signup and view all the answers

    What theory helps companies design fair compensation plans?

    <p>Equity theory</p> Signup and view all the answers

    __________ helps employees judge their treatment relative to others in terms of fairness in compensation.

    <p>Equity theory</p> Signup and view all the answers

    Match the following terms to their correct definitions:

    <p>Equity Theory = A theory guiding fair compensation plans Retention = The process of keeping employees engaged and employed Performance Review = Evaluation of an employee's job performance Compensation = The payment received by employees for their work</p> Signup and view all the answers

    Which of the following methods is NOT mentioned as a way to post job advertisements?

    <p>Social media advertisements (B)</p> Signup and view all the answers

    It is acceptable to use discriminatory language in job advertisements.

    <p>False (B)</p> Signup and view all the answers

    What is a key factor that makes job advertisements more effective?

    <p>Conciseness</p> Signup and view all the answers

    According to the guidelines, job advertisements should emphasize _____ of the company to attract applicants.

    <p>culture</p> Signup and view all the answers

    Match the following aspects of job advertisement with their descriptions:

    <p>Conciseness = Highlight key details Clarity = Ensure information is easily understood Uniqueness = Make the advert stand out Positive Tone = Create a positive view of the business</p> Signup and view all the answers

    Which of the following is a form of compensation that combines both salary and commission?

    <p>Hybrid Compensation System (D)</p> Signup and view all the answers

    The Fair Labor Standards Act (FLSA) establishes a maximum wage for workers.

    <p>False (B)</p> Signup and view all the answers

    What is the federal minimum wage established by the FLSA as of 2020?

    <p>$7.25 per hour</p> Signup and view all the answers

    A bonus is typically offered to employees based on their ______.

    <p>performance</p> Signup and view all the answers

    Match the following types of compensation to their descriptions:

    <p>Hourly Wage = Paid per hour worked Salary = Fixed amount regardless of hours Commission = Percentage of sales paid to sales representatives Profit Sharing = Low salary with a share of profits</p> Signup and view all the answers

    Which of the following questions might be considered inappropriate to ask a candidate during an interview?

    <p>Are you married? (A)</p> Signup and view all the answers

    Performance reviews are solely focused on categorizing employees into good or bad performers.

    <p>False (B)</p> Signup and view all the answers

    What should be considered when terminating an employee?

    <p>Legal justification and adherence to company policy.</p> Signup and view all the answers

    During a performance review, it is important to address concerns in an open ______.

    <p>manner</p> Signup and view all the answers

    Match the following reasons for employee termination with their descriptions:

    <p>Poor performance = Consistently not meeting job expectations Violation of company policy = Engaging in behavior against established rules Redundancy = Position no longer needed due to company changes Misconduct = Unacceptable behavior that disrupts workplace harmony</p> Signup and view all the answers

    What aspect is NOT emphasized as important during performance reviews?

    <p>Withholding criticism (A)</p> Signup and view all the answers

    Providing only positive feedback during performance reviews is a best practice.

    <p>False (B)</p> Signup and view all the answers

    What is a critical outcome of poorly documented reasons for employee termination?

    <p>Lawsuits by the dismissed employee</p> Signup and view all the answers

    Performance reviews should establish clear, realistic ______ to evaluate employee performance.

    <p>goals</p> Signup and view all the answers

    Match the following performance management concepts with their descriptions:

    <p>Frequent feedback = Helps new employees adapt quickly Legitimate termination = Prevents legal issues post-dismissal Goal setting = Ensures employee objectives align with company performance Praise = Motivates employees beyond salary</p> Signup and view all the answers

    What is one reason organizations ask candidates to spend a day at the company?

    <p>To provide feedback to management on the fit (D)</p> Signup and view all the answers

    All entrepreneurial businesses prefer to have drug testing programs in place.

    <p>False (B)</p> Signup and view all the answers

    What type of test may be required by some organizations before a candidate is eligible for an interview?

    <p>Basic math test</p> Signup and view all the answers

    Entrepreneurs should consult a local ______ before beginning a drug-free workplace program.

    <p>lawyer</p> Signup and view all the answers

    What key factor should entrepreneurs consider when extending a job offer?

    <p>Potential negotiations and time limits for counter-offers (B)</p> Signup and view all the answers

    Match the testing types with their purposes:

    <p>Drug testing = Ensures a drug-free workplace Basic math test = Evaluates essential skills for cash handling Personality testing = Assesses work behavior Candidate evaluations = Provides feedback on job fit</p> Signup and view all the answers

    Employee feedback is not needed before making a hiring decision.

    <p>False (B)</p> Signup and view all the answers

    What should be done once an offer is agreed upon?

    <p>Put it in writing and have the candidate sign it</p> Signup and view all the answers

    What is the minimum wage aimed at ensuring a worker can afford basic needs while working 40 hours a week referred to as?

    <p>Living Wage (B)</p> Signup and view all the answers

    Businesses can offer the same level of benefits irrespective of their size.

    <p>False (B)</p> Signup and view all the answers

    What must businesses with 50 or more full-time employees provide under the Affordable Care Act?

    <p>Health insurance</p> Signup and view all the answers

    Employees who work over 40 hours a week and are non-exempt must be paid time and a half for ___ hours.

    <p>overtime</p> Signup and view all the answers

    Match each employee benefit with its description:

    <p>Paid vacations = Time off with pay after a year of employment 401(k) plans = Retirement savings plans offered by employers Sick leave = Paid time off for illness Life insurance = Insurance coverage for the employee's life</p> Signup and view all the answers

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