Hi-1011 Chapter 22 & 23 Financial Management/Practice Management

1. Sometimes work relationships turn into close friendships. You should stay professional and the know the companies policies on dating and fraternizing with subordinates.

True

False

2. Every employee should receive thier own copy of the companies policy and procedure manual with a signature of receipt documented in their employee file

True

False

3. A manager must be able to effectively communicate in both oral and writtien communication while also possessing good listening skills.

True

False

4. Good planning helps a business grow and stay financially strong

True

False

5. Payroll records include the employees name, SS#, number of withholding allowances, salary or hourly wage and deductions.

True

False

6. All states have unemployment compensation laws

True

False

7. Quartely returns are due the last day of the month that follows the end of the quarter

True

False

8. Power is the ability to influence individuals to carry out duties as directed.

True

False

9. A charasmatic leader...

Is fair and hardworking

Inspires individuals

Is a relationship builder

Is effective for reorganization

10. Managers should perform all tasks to make sure they are done correctly

True

False

11. Fica was designed only for retirement

True

False

12. The laissez-faire style of management is

Fair minded

Demanding

Easy going

Asks for staff opinions

13. Payroll should always be done by a professional service

True

False

14. Forecasting is looking at the present activity of the business

True

False

15. Tax deductions are determined based on an employee completing a W-2 form.

True

False

16. OSHA requires all employees are trained within the first 30 days of employment

True

False

False. Any employee that may be at risk of exposure must be trained prior to their start date.

Explanation

False. Any employee that may be at risk of exposure must be trained prior to their start date.

17. A W-2 form is a six part form completed by the employee for tax purposes

True

False

18. Upon having to interview applicants to "know the details" is to know what the applicant has to offer

True

False

False. To "know the details" refers to what skills, qualities and abilities are required for the position. What the job responsibilities are. What the salary range is and how soon the position is to be filled.

Explanation

False. To "know the details" refers to what skills, qualities and abilities are required for the position. What the job responsibilities are. What the salary range is and how soon the position is to be filled.

19. Legitimate power is based on

Positive use of power

Manipulative

Granted by others to those who lead

A position or status

Legitimate power is based on a position or status, like a president.

Explanation

Legitimate power is based on a position or status, like a president.