Exam #2

Question 1

Base Salary

Answer 1

Fixed amount of money paid to an employee and does not include benefits, bonuses, or any extra compensation

Question 2

Comissions

Answer 2

A per-unit payout on sales beyond the salesperson’s quota

Question 3

Recoverable draw

Answer 3

Amount of money paid to the sales rep by the company at regular intervals

Question 4

Bonus

Answer 4

Lump sum paid out to salespeople for the achievement of their respective sales quotas

Question 5

Incentive pay horizon

Answer 5

Time between incentive payments

Question 6

Salary-only compensation

Answer 6

Saleseople take-home earnings irrespective of quantity of sales achieved

Question 7

Comission-only compensation

Answer 7

Organisations pay salespeople based only on performance

Question 8

Absolute commission plan

Answer 8

Organisations pay reps when they reach targets or milestones

Question 9

Relative commission plan

Answer 9

Plan that pays based on performance against a quota

Question 10

Straight-line commission

Answer 10

Commission based on how close salespeople get to their quota

Question 11

Gross margin commission

Answer 11

Commission based on profit rather than sales amount

Question 12

10,000-hour rule

Answer 12

Guideline proposed by Anders Ericsson that 10,000 hours of specialised practice time are needed in order for someone to become a world-class performer

Question 13

Imposter syndrome

Answer 13

Feeling of self-doubt about oneself or one’s abilities

Question 14

Alter-ego

Answer 14

An alternative or different version of oneself

Question 15

Cognitive intelligence

Answer 15

The ability to learn; differs from emotional intelligence (EQ)

Question 16

Sales EQ

Answer 16

EQ in sales comprising of four skill sets: self-awareness, self-management, social awareness, relationship management

Question 17

Emotional contagion

Answer 17

Psychological phenomenon when one person’s emotions trigger similar emotions in other people

Question 18

Pomodoro technique

Answer 18

Time management technique that involves working 25 minute intervals, seperated by five minute breaks. Each 30 minute interval is called a pomodoro

Question 19

Maslow’s Theory of Needs

Answer 19

Physiological, Safety, Social, Self-Esteem, Self-actualisation

Question 20

Equity Theory

Answer 20

People seek treatment in the way they are rewarded for job performance by their perception of fairness

Question 21

Herzberg’s hygiene factors

Answer 21

Pay, company policies, work, supervision conditions

Question 22

Herzberg’s motivation factors

Answer 22

recognition, responsibility, challenge, growth opportunities

Question 23

4 stages of career

Answer 23

exploration, establishment, maintenance, disengagement