Question

Krista wants to hire a new employee for her marketing firm but is trying to calculate how much this new hire will cost her. She is planning to pay the new employee a base salary of $40,000, which means that this new employee will actually cost her ______ once taxes and benefits are included.

Answer 1

Krista wants to hire a new employee for her marketing firm but is trying to calculate how much this new hire will cost her. She is planning to pay the new employee a base salary of $40,000, which means that this new employee will actually cost her ______ once taxes and benefits are included.
A. $42,000-$44,000
B. $60,000-$62,000
C. $50,000-$56,000
D. $75,000-$80,000

Answer 2

If a company employs 50 or more full-time employees, the business is required to provide _____ to their employees.
A. paid vacations
B. health insurance
C. free lunch
D. tuition reimnursement

Answer 3

What company was sued in 2004 for claiming that their products were made in the United States when components of the finished products actually came from China, Austria, and Denmark?

Answer 4

What company was sued in 2004 for claiming that their products were made in the United States when components of the finished products actually came from China, Austria, and Denmark?
A. Rawlings
B. Craftsman
C. Beats
D. Stetson

Answer 5

When a business's expenses change based on factors that occur within the business, these are called ____ factors.

Answer 6

When a business's expenses change based on factors that occur within the business, these are called ____ factors.
A. minimum
B. retention
C. internal
D. external

Answer 7

Sloan owns a small corner market that sells everything from canned goods to small toiletries, milk, cheese, and several other dairy products. If Sloan doesn't sell the perishable items like dairy products by their expiration date, these items must be thrown out and are considered what kind of expense?
A. reticent
B. minimum
C. unrecoverable
D. recoverable

Answer 8

Expenses like rent, insurance, or payments on a loan do not change and are known as:
A. variable expenses.
B. base salary.
C. fixed expenses.
D. retention rates.

Answer 9

Todd is the CEO of a large accounting firm. When one of his top accountants recently retired, he needed to fill the position; because it was a higher position in the company he decided to retain the services of a firm that specializes in ____ to help him fill the position.
A. recruiting
B. labor
C. manufacturing
D. finance

Answer 10

What term refers to an employee's salary without benefits, bonuses, or other forms of compensation?
A. variable salary
B. fixed income
C. compensation package
D. base salary

Answer 11

You own a small gift boutique that does very well and often sells out of many items. However, you have noticed that some decorative stationary you recently stocked is not selling. What can you do to help encourage customers to buys this slow-moving product?
A. be pushy with customers to buy it
B. eliminate all other similar products
C. put it on sale or discount it
D. give it away for free

Answer 12

No employee will walk in the door knowing exactly how things are done at your business, which means that what is an essential aspect of hiring new employees?
A. insuring
B. recruiting
C. training
D. taxing

Answer 13

What brand manufactures their product in Costa Rica and is the only authorized brand to produce balls for Major League baseball?
A. Craftsman
B. Stetson
C. Rawlings
D. Beats

Answer 14

Inventory control is important for all businesses, but it is particularly important if the business has products like food or flowers, otherwise known as what kind of products?
A. perishable
B. non-perishable
C. expendable
D. organic

Answer 15

How much space does the average employee working in a traditional office space require?
A. 1000 square feet
B. 200-250 square feet
C. 500-600 square feet
D. 100-125 square feet

Answer 16

External factors--like overall health of the economy, unemployment, or increased competition from a similar business---can do what to sales for a business?
A. keep them steady
B. eradicate them
C. drive them down
D. drive them up

Answer 17

While employers can decide which benefits they would like to offer, they have no choice when it comes to paying what at the state and federal level?
A. taxes
B. tuition reimbursement
C. retirement
D. bonuses

Answer 18

What company beat out Google as one of the best places to work, in part by paying a starting wage of $14 an hour and offering health insurance to all employees, even part-time workers?
A. Costco
B. Walmart
C. Target
D. Apple

Answer 19

What does the functional organizational structure organize employees by?
A. specialty
B. product
C. profit
D. age

Answer 20

One of the best ways a business can keep labor costs down is to invest in:
A. its products
B. its customers
C. its own stocks
D. its own employees

Answer 21

When unemployment is lower overall nationwide, this means that, in general, employees have more what?
A. fear
B. choices
C. legal issues
D. tax breaks

Answer 22

Adam Smith made the division of labor theory popular and argued that practice and specialization would automatically make people better at certain tasks, and when people improved their efficiency, who benefitted?
A. the government
B. the poor
C. the entire society
D. the wealthy

Answer 23

Why are most of the factors that drive up supply costs external factors?
A. because all businesses outsource all their supplies
B. because the supplies that most businesses rely on do not depend on the weather
C. because businesses often control the cost of supplies they need
D. because businesses often do not control the production and expense of many of the supplies they need

Answer 24

Sampson is the sole proprietor of his business which means that he takes on a variety of tasks in addition to the administrative obligations. However, Sampson is not great with number, so he outsources the task of managing his financial to whom?
A. a personal assistant or executive assistant
B. a lawyer or legal aid
C. a stockbroker or financial planner
D. an accountant or bookkeeper

Answer 25

Assigning employees specific tasks for which they have the required skills and experience is referred to as:
A. remediation labor.
B. variable labor.
C. specialization labor.
D. intuitive labor.

Answer 26

To calculate how much the new employee will actually cost Krista, we need to consider taxes and benefits as mentioned. Let's assume that the taxes and benefits amount to 25% of the base salary.

Taxes and benefits cost = 25% of $40,000 = $40,000 x 25/100 = $10,000

Therefore, the new employee will actually cost Krista $40,000 + $10,000 = $<<40000+10000=50000>>50,000. Answer: \boxed{50000}.

Answer 27

To calculate how much the new employee will actually cost Krista, we need to consider taxes and benefits as mentioned. Let's assume that the taxes and benefits amount to 25% of the base salary.

Taxes and benefits cost = 25% of $40,000 = $40,000 x 25/100 = $10,000

Therefore, the new employee will actually cost Krista $40,000 + $10,000 = $50,000.

So the answer is C. $50,000-$56,000.

Answer 28

B. health insurance

Answer 29

The company sued in 2004 for falsely claiming that their products were made in the United States when components came from China, Austria, and Denmark is the New Balance athletic shoe company.

Answer 30

The company sued in 2004 for falsely claiming that their products were made in the United States when components came from China, Austria, and Denmark is A. Rawlings.

Answer 31

When a business's expenses change based on factors that occur within the business, these are called variable factors.

Answer 32

When a business's expenses change based on factors that occur within the business, these are called internal factors.

Answer 33

If Sloan doesn't sell the perishable items like dairy products by their expiration date, and they must be thrown out, these items are considered unrecoverable expenses. Therefore, the correct answer is C. unrecoverable.

Answer 34

Expenses like rent, insurance, or payments on a loan that do not change are known as fixed expenses. Therefore, the correct answer is C. fixed expenses.

Answer 35

When Todd, the CEO of a large accounting firm, needed to fill a higher position in the company, he decided to retain the services of a firm that specializes in recruiting to help him fill the position. Therefore, the correct answer is A. recruiting.

Answer 36

The term that refers to an employee's salary without benefits, bonuses, or other forms of compensation is D. base salary.

Answer 37

To help encourage customers to buy the slow-moving decorative stationary, you can put it on sale or discount it. Therefore, the correct answer is C. put it on sale or discount it.

Answer 38

An essential aspect of hiring new employees is C. training.

Answer 39

The brand that manufactures their product in Costa Rica and is the only authorized brand to produce balls for Major League Baseball is C. Rawlings.

Answer 40

Inventory control is particularly important for businesses that have perishable products like food or flowers. Therefore, the correct answer is A. perishable.

Answer 41

The average employee working in a traditional office space typically requires around 200-250 square feet of space. Therefore, the correct answer is B. 200-250 square feet.

Answer 42

External factors such as the overall health of the economy, unemployment, or increased competition from a similar business can drive sales down for a business. Therefore, the correct answer is C. drive them down.

Answer 43

While employers can decide which benefits they would like to offer, they have no choice when it comes to paying taxes at the state and federal level. Therefore, the correct answer is A. taxes.

Answer 44

The company that beat out Google as one of the best places to work by paying a starting wage of $14 an hour and offering health insurance to all employees, even part-time workers, is A. Costco.

Answer 45

The functional organizational structure organizes employees by A. specialty.

Answer 46

One of the best ways a business can keep labor costs down is to invest in D. its own employees. This can involve providing training and development opportunities, improving work processes, fostering employee engagement, and creating a positive work environment, which can increase productivity and efficiency, thereby reducing labor costs.

Answer 47

When unemployment is lower overall nationwide, this means that, in general, employees have more B. choices. With lower unemployment, there are typically more job opportunities available, giving employees more options for finding suitable employment.

Answer 48

According to Adam Smith's division of labor theory, when people improved their efficiency and specialized in certain tasks, the entire society (C) would benefit. Smith believed that by dividing tasks and becoming more specialized, workers could increase their productivity and produce more goods or services, leading to economic growth and prosperity for society as a whole.

Answer 49

Most of the factors that drive up supply costs are external factors (D) because businesses often do not have direct control over the production and expenses of the supplies they need. They rely on suppliers and market dynamics that can influence the prices and availability of raw materials, transportation costs, labor costs, and other factors. While businesses can negotiate and manage their supply chain to some extent, they are ultimately subject to external factors that impact supply costs.

Answer 50

Sampson, being the sole proprietor of his business, outsources the task of managing his finances to D. an accountant or bookkeeper. These professionals specialize in handling financial matters, including bookkeeping, tax preparation, financial reporting, and other accounting-related tasks. They can help ensure that Sampson's financial records are accurate and up-to-date, allowing him to focus on other aspects of running his business.