BUS 314 - CH 1

Which of the following is an example of a goods producing business?

an automobile manufacturer

Last year, Ace Electronics had Revenue of $3,000,000. The Total Assets held by Ace Electronics last year was $1,000,000. What was the asset turnover for Ace Electronics last year?

3

Last year, Ace Electronics had credit sales of $1,500,000. The average accounts receivable balance last year was $250,000. What was the receivables turnover ratio for Ace Electronics last year?

6

Which of the following is (are) a common measure of efficiency used by Wall Street?

Asset turnover. Days inventory. Receivables turnover.

Which of the following is NOT a major challenge likely to be faced by operations and supply chain managers in the future?

Developing appealing advertising and marketing materials for Internet customers.

Which of the following is an example of benchmarking?

Hiring a consultant to study customer satisfaction metrics with those of key competitors.

Just-in-time (JIT) production was pioneered by which country? Multiple choice question.

Japan

Business analytics has become more widely used because? (Select all that apply)

Mathematical tools have been developed to support the decision-making process. More data is captured now than in the past.

Which of the following tasks is an operations and supply chain manager likely to perform? (Select all that apply)

Negotiates contract with vendors and coordinates flow of materials Ensures the shipping of finished products to customers

Which of the following processes involves the selection of suppliers?

Sourcing

The ratio of revenue to total assets is known as

asset turnover

Inventory turnover is the ratio of the cost of goods sold to

average inventory vlaue

A process in which one company studies the processes of another company for best practices is known as

benchmarking

Doing something at the lowest possible cost is known as

efficiency

Which of the following is NOT an efficiency measure used by Wall Street?

employee turnover

True or false: Mass customization refers to the ability to produce generic products that appeal to a broad range of customers.

false

The introduction of electronic commerce was facilitated by what event?

growth of internet in 1990s

A process that cannot be weighed or measured is known as

intangible

Which of the following is true of services?

intangible perishable

Operations and supply chain management includes which of the following activities?

operation of systems that create the firm's primary products design of delivery system improvement of systems that create the firm's primary products

Which of the following is an example of a service business?

phone call center

Building service activities into a firm's product offering is known as

product-service bundling

Inventory turnover is a way to evaluate

supply chain efficiency

The ability to meet current resource needs without compromising the ability of future generations to meet their needs is known as

sustainability

Operations and supply chain processes are the activities that

transform inputs into outputs

True or false: A process is made up of one or more activities that transform inputs into outputs.

true

True or false: An operations and supply chain manager helps firms determine the best way to deliver its goods and services.

true

True or false: Business analytics is defined as the analysis of data to better solve business problems.

true

True or false: Electronic commerce is defined as the use of the Internet as an essential element of business activity.

true

True or false: Most product offerings are a combination of goods and services.

true

True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services.

true

True or false: Product-service bundling occurs when a firm adds a service activity to a product.

true

In the context of efficiency and effectiveness,_____________ is abstractly defined as quality divided by price.

value