Archive for May 2019

When managing a supply chain, after all, materials have been procured and their use determined, managers must then consider the _____ or the sequence of operations through which a product must pass.

When managing a supply chain, after all, materials have been procured and their use determined, managers must then consider the _____ or the sequence of operations through which a product must pass.


routing
scheduling
laddering
tracking
norming


Answer: routing

_____ are organizations that deal with products of a lesser magnitude than do project organizations; their products are not necessarily unique but possess a significant number of differences.

_____ are organizations that deal with products of a lesser magnitude than do project organizations; their products are not necessarily unique but possess a significant number of differences.


Project organizations
Intermittent organizations
Continuous manufacturing organizations
Product organizations
Centralized organizations


Answer: Intermittent organizations

A _____ is a group of employees responsible for an entire work process or segment that delivers a product to an internal or external customer. It is designed to give employees a feeling of "ownership" of a whole job.

A _____ is a group of employees responsible for an entire work process or segment that delivers a product to an internal or external customer. It is designed to give employees a feeling of "ownership" of a whole job.


self-directed work team
committee
quality assurance team
task force
product development team


Answer: self-directed work team

In a centralized organization, authority:

In a centralized organization, authority:


is concentrated at the top, and very little decision-making authority is delegated to lower levels.

is concentrated at the top, as is the responsibility for carrying out daily and routine procedures.

is delegated to the lowest levels of the organization.

is concentrated at the lower levels, and very little decision-making authority is with top management.

is equally divided between the top and lower level.


Answer: is concentrated at the top, and very little decision-making authority is delegated to lower levels.

Primo Printers, a manufacturer and seller of printers in Atlanta, Georgia, is organized into three departments: Laser Printers, Ink Jet Printers, and Dot-Matrix Printers. Identify the method of departmentalization used at Primo.

Primo Printers, a manufacturer and seller of printers in Atlanta, Georgia, is organized into three departments: Laser Printers, Ink Jet Printers, and Dot-Matrix Printers. Identify the method of departmentalization used at Primo.


Geographical departmentalization
Functional departmentalization
Product departmentalization
Customer departmentalization
Matrix departmentalization


Answer: Product departmentalization

A(n) _____ is a visual display of the organizational structure, lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication.

A(n) _____ is a visual display of the organizational structure, lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication.


organizational chart
mission statement
executive dashboard
grapevine
balanced scorecard


Answer: organizational chart

Which of the following is the first step in the decision-making process?

Which of the following is the first step in the decision-making process?


Implementing the decision
Developing options
Analyzing the options
Selecting the best option
Recognizing and defining the decision situation


Answer: Recognizing and defining the decision situation

______ refer to the ability to identify relevant issues and recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation.

______ refer to the ability to identify relevant issues and recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation.


Spatial skills
Technical expertise
Conceptual skills
Analytical skills
Human relations skills


Answer: Analytical skills

In businesses, _____ include the president and other top executives, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization.

In businesses, _____ include the president and other top executives, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization.


first-line managers
floor managers
top managers
middle managers
foremen


Answer: top managers

The first function of management is:

The first function of management is:


organizing.
planning.
staffing.
controlling.
directing.


Answer: planning

_____, the sale of stocks and bonds for corporations, helps the companies raise funds by matching people and institutions who have money to invest with corporations in need of resources to exploit new opportunities.

_____, the sale of stocks and bonds for corporations, helps the companies raise funds by matching people and institutions who have money to invest with corporations in need of resources to exploit new opportunities.


Debt restructuring
Divestiture
Capital budgeting
Working capital management
Investment banking


Answer: Investment banking

Which of the following statements refers to junk bonds?

Which of the following statements refers to junk bonds?


It is a debenture or bond that is not backed by specific collateral.

It is a bond that is backed by specific collateral that must be forfeited in the event that the issuing firm defaults.

It is a sequence of small bond issues of progressively longer maturity.

It is a bond with interest rates that change with current interest rates otherwise available in the economy.

It is a special type of high interest-rate bond that carries higher inherent risks.


Answer: It is a special type of high interest-rate bond that carries higher inherent risks.

What are long-term liabilities?

What are long-term liabilities?


They consist of resources such as cash, investments, accounts receivable, and inventory.

They consist of debts such as accounts payable, accrued salaries, accrued taxes, and short-term bank loans.

They consist of cash kept on hand by a firm to pay normal daily expenses, such as employee wages and bills for supplies and utilities.

They are debts that will be repaid over a number of years, such as bond issues.

They consist of production facilities (plants), offices, and equipment; all of which are expected to last for many years.


Answer: They are debts that will be repaid over a number of years, such as bond issues.

Which of the following refers to capital budgeting?

Which of the following refers to capital budgeting?


The process of analyzing the needs of the business and selecting the assets that will maximize its value

An arrangement by which a bank agrees to lend a specified amount of money to an organization upon request

Earnings after expenses and taxes that are reinvested in the assets of the firm and belong to the owners in the form of equity

The mechanism for buying and selling securities

The sale of stocks and bonds for corporations


Answer: The process of analyzing the needs of the business and selecting the assets that will maximize its value

Which of the following statements is true about inventory?

Which of the following statements is true about inventory?


If a firm attempts to produce its goods just in time to meet sales demand, the level of inventory will be relatively high.

If the firm produces materials in a constant, level pattern, inventory will decrease when the sales decrease.

Inventory shortages are never a problem to potential profits compared to too much inventory.

The inventory that a firm holds is controlled by both production needs and marketing considerations.

The objective of firms is to maximize the investment in inventory even if it leads to production cutbacks


Answer: The inventory that a firm holds is controlled by both production needs and marketing considerations.

Which among the following is true of mutual funds?

Which among the following is true of mutual funds?


They make loans to businesses, requiring their borrowers to pledge assets such as equipment, inventories, or unpaid accounts as collateral for the loans.

They are businesses that protect their clients against financial losses from certain specified risks in exchange for a fee, called a premium.

They are firms that buy and sell stocks, bonds, and other securities for their customers and provide other financial services.

They pool individual investor dollars and invest them in large numbers of well-diversified securities.

They are businesses that offer short-term loans at substantially higher rates of interest than banks.


Answer: They pool individual investor dollars and invest them in large numbers of well-diversified securities.

Which of the following is a feature of commercial banks?

Which of the following is a feature of commercial banks?


They rely mainly on checking and savings accounts as their major source of funds.

They use all their deposits to make loans to businesses and individuals.

There is a high risk for the bank to loan out a large percentage of their deposits, as all their depositors can withdraw at the same time.

They are managed investment pools set aside by individuals, corporations, unions, and some nonprofit organizations to provide retirement income for members.

They are businesses that protect their clients against financial losses from certain specified risks in exchange for a fee, called a premium.


Answer: They rely mainly on checking and savings accounts as their major source of funds.

Which of the following statements is true about the Federal Reserve Board?

Which of the following statements is true about the Federal Reserve Board?


The Fed is the chief social and legislative policy-making arm of the United States.

The Fed is responsible for controlling the supply of money, or monetary policy.

The Fed regulates and sets fair trading policies and acts for American industries.

The Fed is responsible for insuring individual bank accounts to help stop bank failures.

The Fed buys and sells stocks, bonds, and other securities on behalf of the U.S. government.


Answer: The Fed is responsible for controlling the supply of money, or monetary policy.

Which of the following is a liquidity ratio?

Which of the following is a liquidity ratio?


Receivable turnover ratio
Quick ratio
Inventory turnover ratio
Return on equity
Debt to total assets ratio


Answer: Quick ratio

Cash is an example of:

Cash is an example of:


current liability.
accounts receivable.
accounts payable.
current asset.
accrued expenses.


Answer: current asset.

Net income is also known as _____.

Net income is also known as _____.


gross profit
operating income
operating profit
earnings after taxes
sales margins


Answer: earnings after taxes

What is the first step in the accounting cycle?

What is the first step in the accounting cycle?



Recording transactions
Examining source documents
Posting transactions
Preparing financial statements
Publishing financial statements


Answer: Examining source documents

The difference between accounting and book-keeping is an accounting:

The difference between accounting and book-keeping is an accounting:


allows accountants to record, understand, interpret, and develop accounting systems.

is limited to routine day-to-day recording of business transactions.

is responsible for obtaining and recording information required to analyze a firm's financial position.

requires less training than book-keeping.

is much narrower and more mechanical than book-keeping.


Answer: allows accountants to record, understand, interpret, and develop accounting systems.

From a strategic business perspective, sustainability is defined as:

From a strategic business perspective, sustainability is defined as:



focusing on the business's responsibility to customers by providing them with satisfying products.

providing employees with a safe workplace, paying them adequately, and keep them informed of what is happening in their company

formulating strategies with an objective of earning a profit or a high return on their investment

conducting activities to provide for the long-term well being of the natural environment.

employing fair competition and trade practices and abiding by the law to further business interests.


Answer: conducting activities to provide for the long-term well being of the natural environment.

Which of the following is true of business ethics and social responsibility?

Which of the following is true of business ethics and social responsibility?


The terms social responsibility and business ethics can be used interchangeably.

All actions deemed unethical by society are not necessarily illegal.

Legal and ethical concerns relating to business do not change over time.

Ethical issues are generally limited to for-profit organizations.

Making a profit is the only social responsibility that a business has.


Answer: All actions deemed unethical by society are not necessarily illegal.

In the early years of the colonization of North America, the colonists operated primarily as a(n) _____ economy, where people were self-sufficient and produced everything they needed at home, including food, clothing, and furniture.

In the early years of the colonization of North America, the colonists operated primarily as a(n) _____ economy, where people were self-sufficient and produced everything they needed at home, including food, clothing, and furniture.




industrial
marketing
service
digital
agricultural


Answer: agricultural

The equilibrium price is the price at which:

The equilibrium price is the price at which:


1) the number of products that businesses are willing to supply equals the number of products that consumers are willing to buy at a specific point in time.

2) the total cost of manufacturing and selling a product equals the total revenue gained from selling the product.

3) the maximum number of products would be sold.

4) a company would have to sell its products in order to make a revenue that is equal to the opportunity cost incurred by it due to its investment in the products.

5) the products are affordable for all sections of consumers and are thereby distributed equally across the market.


Answer: the number of products that businesses are willing to supply equals the number of products that consumers are willing to buy at a specific point in time.

_____ is an economic system in which the government owns and operates basic industries postal service, telephone, utilities, transportation, health care, banking, and some manufacturing but individuals own most businesses.

_____ is an economic system in which the government owns and operates basic industries postal service, telephone, utilities, transportation, health care, banking, and some manufacturing but individuals own most businesses.


Communism
Socialism
Capitalism
Free market system
Command economy


Answer: Socialism

Human resources refer to:

Human resources refer to:


1) land, forests, minerals, and other things that are not made by people.

2) physical and mental abilities that people use to produce goods and services.

3) funds used to produce goods and services to satisfy consumers.

4) profits gained by the business in one financial year.

Answer:

factories, buildings, and transportation vehicles made by man.
physical and mental abilities that people use to produce goods and services.
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