Deck 9: The Human Resource Plan: How Do You Develop the New Venture Team and Employees

Question 1

A board of directors and a board of advisors are essentially the same things and can be used synonymously.

Answer 1

False

Question 2

The first interview is the _______ interview.

A)worst
B)application
C)testing
D)screening
E)referencing

Answer 2

D

Question 3

An _______ strategy is the method by which a venture capitalist or business owner intends to get out of an investment that he or she has made in the past.

A)exit
B)evaluative
C)assessment
D)advanced
E)initiation

Answer 3

A

Question 4

Job _______ begins with analysis of the important facts about a job, such as tasks involved, the methods used to complete tasks, the purpose and responsibilities of the job, and the qualifications needed for the job.

A)evaluation
B)specifications
C)analysis
D)scrutiny
E)description

Question 5

Job _______ describes both the worker and the job so that there are no questions about who is doing what within your firm.

A)description
B)evaluation
C)specifications
D)analysis
E)scrutiny

Question 6

Which of the following are true statements about a board of directors?

A)A group who is appointed by the Securities and Exchange Commission to work with upstart companies.
B)A group of individuals who are elected as, or elected to act as, representatives of the stockholders.
C)A group who establishes corporate management related policies.
D)A group who makes decisions on major company issues.
E)Family members cannot serve on boards of directors.

Question 7

Which of the following could be considered professional advisors?

A)Lawyers
B)Bankers
C)Consultants
D)Accountants
E)Insurance agents

Question 8

Which of the following are techniques for recruiting employees?

A)"Help Wanted" posters
B)Newspaper classifieds
C)Walk-in candidates
D)Recommendations by current employees
E)Public or private employment agencies

Question 9

Which of the following are goals of the performance appraisal?

A)To use in sexual harassment cases.
B)To use in determining if the employee is mentally competent to perform assigned duties.
C)To assess employees' aptitudes.
D)To assess the employee's performance; you can improve it through coaching and additional training, so it is developmental.
E)To use to make administrative decisions regarding if the employee should be terminated.

Question 10

Which of the following are considered fundamental coverages in the insurance package?

A)Casual
B)Workers' compensation
C)General liability
D)Auto
E)Property/casualty

Question 11

Which of the following are complex methods of compensation for employees?

A)Ranking system
B)Point system
C)Reward system
D)Protection system
E)Buddy system

Question 12

Define a venture team and identify the different types of professionals who should be part of a new venture team.

Question 13

Describe the role of a job evaluation as part of the human resource plan.

Question 14

Identify how government laws and regulations impact entrepreneurs.

Question 15

External consistency is _______.

A)where high worth jobs (to the company) get paid more than low worth jobs, and there are clear relationships between jobs.
B)the process of determining the relative value of each job to the company.
C)where the pay structure corresponds to the community wage structure.
D)where all jobs are placed in rank order, and the higher ranking jobs are paid more.
E)where jobs are broken down into those attributes that the company is paying for.

Question 16

Internal consistency is _______.

A)where high worth jobs (to the company) get paid more than low worth jobs, and there are clear relationships between jobs.
B)the process of determining the relative value of each job to the company.
C)where the pay structure corresponds to the community wage structure.
D)where all jobs are placed in rank order, and the higher ranking jobs are paid more.
E)where jobs are broken down into those attributes that the company is paying for.

Question 17

Friends and family members often provide some financial and social support in new business ventures.

Question 18

Business owners should plan ahead so that they know the number of employees they will need, when they will need them, and the skills they will demand of them.

Question 19

A job specification is what the worker does; a job description is who the worker is.

Question 20

In a point system, all jobs are placed in rank order, and the higher ranking jobs are paid more.

Question 21

Recruiting is the third step in staffing.

Question 22

In the hiring process, a company should verify the information on a candidate's application form and/or résumé.

Question 23

The interview is usually the most heavily weighted and the last of the steps in the selection process.

Question 24

An independent contractor is an employee, so you have to keep employee payroll records, pay any taxes for them, and provide them with benefits.

Question 25

One exit strategy is to build an organization with employees who can lead the organization.

Question 26

Leaving a business to a family member is a bad idea and rarely used.

Question 27

If entrepreneurs buy existing businesses, they must terminate all current employees.

Question 28

The exit strategy is a way of "cashing out" an investment.

Question 29

A board of ______ is a small group of people who meet periodically to offer advice and direction to a company.

A)directors
B)mentors
C)managers
D)small businesses
E)advisors

Question 30

Job evaluation is ________.

A)where high worth jobs (to the company) get paid more than low worth jobs, and there are clear relationships between jobs.
B)the process of determining the relative value of each job to the company.
C)where the pay structure corresponds to the community wage structure.
D)where all jobs are placed in rank order, and the higher ranking jobs are paid more.
E)where jobs are broken down into those attributes that the company is paying for.

Question 31

Explain how entrepreneurs can develop employees through orientation and training.