Exploring World of Business' Final

Which of the following is a current trend in production and operations management?

business process management (BPM)

Mutually advantageous trades are determined based on no advantage absolute advantage comparative advantage competitive advantage

comparative advantage

demand-pull inflation

Inflation that occurs when the demand for goods and services is greater than the supply

Why is creative destruction a bad thing? People lose jobs when industries go extinct. Some products go extinct. New products are made faster and are easier to use. The complexity of the products and services created makes future discoveries more costly

People lose jobs when industries go extinct.

examples of transformative technologies include all the following, tractor, digital camera, smartphone"

TRUE

Which of the following factors will be important in the selection of a site for a production facility? labor costs proximity to raw materials nearness to customers all of the above

all of the above

Which one of the following is NOT a commonly used method for segmenting markets? volume consumer demographic psychographic

consumer

"The set of values, ideas, attitudes, and symbols created to shape human behavior is" Consumer expectation Stimulus reaction Culture A market trigger

culture

Computer-aided manufacturing (CAM) uses computers to:

develop and control production processes

The idea behind _____ is to take the massive amounts of idle capacity sitting on desktops and in server farms and put it to use performing complex calculations that would otherwise have to be done on very large parallel supercomputers that would cost millions of dollars. grid computing virtual application providers network servers expert systems

grid computing

Data that has been processed in a way that makes it useful for making business decisions data information knowledge points

information

"The equipment and techniques needed to manage, and process information is" A data processing system A transaction system Information technology A relational network

information technology

Why is creative destruction a good thing? It guarantees the original producer will make the new product and service. It decreases unemployment. It is the source of new products and services. It usually occurs when the transition to a new job is not that hard.

its the source of new products and services

"The _____ is the belief that the firm should dedicate all its planning, policies, operations, and efforts to the satisfaction of the customer." exchange relationship marketing concept market approach total exchange concept

marketing concept

Spalding produces large numbers of golf balls all at once. Spalding puts the golf balls in inventory and distributes them around the world. Spalding uses: production-to-order mass production custom production process production

mass production

"A global vision includes all of the following, except?"

negotiating national trade agreements

A group of two or more computer systems linked together by communications channels to share data and information is called a computer:

network

Distribution is part of the Location strategy People strategy Place strategy Price strategy

place strategy

"The purchasing function, sometimes called _____, is an important part of any firm's production strategy." delivery coordination buying procedure procurement

procurement

Which type of information system is used only by operational managers? management analytic system transaction processing system word processing system executive information system

transaction processing system

A target market is a specific group of consumers toward whom a firm directs its marketing effort. True False

true

Buyer behavior is the actions people take in buying and using goods and services.

true

Buyer behavior is the actions people take in buying and using goods and services. True False

true

Information management involves processing information.

true

Knowledge management focuses on gaining a competitive advantage. True False

true

Productivity is the number of goods and services one worker can produce?

true

The conversion process includes planning, control, and improving."

true

The marketing concept emphasizes consumer orientation.

true

"One useful tool for routing is _____, where production managers map the flow from suppliers through the factory to customers." value-stream mapping production charting route visualization bottleneck identification

value- stream mapping

When the economy is growing "Unemployment declines, inflation increases, and GDP increases" "Unemployment declines, inflation decreases, and GDP decreases" "Unemployment increases, inflation increases, and GDP increases" "Unemployment increases, inflation decreases, and GDP decreases"

"Unemployment declines, inflation increases, and GDP increases"

A firm with a _____ has its ability to provide a unique product or service that offers something of value to buyers besides simply a lower price. promotional emphasis niche strategy comparative advantage differential competitive advantage

differential competitive advantage

Examples of wide-area networks (WANs) are... Functional and process networks Hierarchical and matrix networks Functional and hierarchical networks Extranets and intranets

extranets and intranets

Total Quality Management is the use of quality principles only in a company s manufacturing operations. True False

f

"The income statement is a summary of the money flowing into and out of a firm during a certain period, typically one year."

false

Cost competitive advantage is a firm s ability to produce a product at a higher cost than all other competitors in an industry while maintaining satisfactory profit margins.

false

Cost competitive advantage is a firm s ability to produce a product at a higher cost than all other competitors in an industry while maintaining satisfactory profit margins. True False

false

Customer value is the customer s feeling that a product has met or exceeded expectations. True False

false

Just-in-time is a process eliminating steps in the production process that do not add benefits to customers.

false

There are no significant differences between the consumer market and the business-to-business market. t or f

false

personal selling is an element of product strategy

false

Comparative advantage leads to... greater product variety and higher prices greater product variety and lower prices less product variety and higher prices less product variety and lower prices

greater product variety and lower prices

Good routing procedures:

increase productivity

"The conversion process includes planning, control, and improving." True False

t

Trade is a source of creative destruction True False

t

Instagram is an example of The desire of people to try new technologies. The need for automation in the workforce. A powerful company that only increased profits due to creative destruction. The creative side of creative destruction.

the creative side of creative destruction

Which of the following is NOT a current trend in production and operations management? business process management (BPM) computer-integrated manufacturing (CIM) computer-aided manufacturing (CAM) fast manufacturing systems (FMS)

FMS

In a Capitalist economy, markets are controlled by" a price system determined by the free flows of supply and demand a price system determined by supply and demand with government regulation the decisions of a government entity all of the above

a price system determined by the free flows of supply and demand

What is Six Sigma? a quality control process a method for customizing production scheduling a technique for routing that eliminates bottlenecks the method services use to reduce nonessential costs

a quality control process

A CAD/CAM system: reduces costs improves quality shortens design time does all of the above

all of the above

Accounting provides a framework for looking at: past performance possible future performance financial performances of different firms all the above

all of the above

The nature of jobs and the workplace is changing increasing the need for better education and training programs increasing the number of career transitions for the average worker increasing the importance of learning how to learn all the above

all of the above

"Jobs appear, disappear, and evolve due to competition form" people close by and far away robots software all the above

all the above

Collecting data over a period and then processing that data all at the same time is called _____ processing. off-line on-line batch group

batch

____ is the streamlining of production by eliminating steps in the production process that do not add benefits that customers are willing to pay for. Lean manufacturing Manufacturing consolidation Manufacturing compression Concentrated manufacturing

lean manufacturing

_____ is the streamlining of production by eliminating steps in the production process that do not add benefits that customers are willing to pay for. Lean manufacturing Manufacturing consolidation Manufacturing compression Concentrated manufacturing

lean manufacturing

"A system that collects and stores the company's key data and produces the information needed by managers for analysis, control, and decision making is called a(n):" office automation system management support system batch operations process control unit

management support system

The division of markets into different groups is Market layering Market segmentation Product segmentation Strategy differentiation

market segmentation

The ability to manufacture many goods at once is called _____ production. general mass centralized open

mass

Which of the following statements about computer networks is true? A computer network is a group of two or more computers linked together by communications channels to share data and information. A LAN is a logistical analog network. Computer networks can only be used to connect computers at one site. Enterprise software cannot be run on computer networks

A computer network is a group of two or more computers linked together by communications channels to share data and information.

A computer program that copies itself into other software and can spread to other computer systems is called: a computer vindication a software infestation a computer virus a computer breach

a computer virus

Which of the following calculations is a formal expression of the accounting equation? assets + liabilities = owners' equity assets - owners' equity = liabilities assets = liabilities + owners' equity assets/liabilities = owners equity

assets = liabilities + owners' equity

"Levi Strauss was strongly praised when it announced it was leaving China in 1993 because of the country s poor human rights record. However, China is also an inexpensive place to manufacture clothing, and despite its announcement, Levi did not stop making clothing in China. What type of facility location factor was most likely instrumental in Levi deciding to continue operating its facility in China?" availability of production inputs proximity to raw materials nearness to customers none of the above

availability of production inputs

The system used to record a firm's financial transactions in a routine and clerical process. Accounting Bookkeeping Auditing Financial management

bookkeeping

Which of the following is true about creative destruction? business success business failure buisiess success and failure none

business failure

An example of an assembly process is aluminum cars olive oil gasoline

cars

Packaging is part of the Product strategy Promotion strategy Location strategy Selling strategy

product strategy

"When a thermometer manufacturer combines glass tubing, mercury, red dye, paint, plastic, and metal to make thermometers, it is an example of:"

production

"_____ is the combining of natural resources, human resources, and capital to produce goods and services." Production Marketing Specialization Utilization

production

"Personal selling, advertising, public relations, and sales promotions are decisions made when planning the _____ strategy."

promotion

Personal selling is part of the Product strategy Location strategy Promotion strategy Selling strategy

promotion strategy

Customer satisfaction: refers to the customer s feeling that a product has met or exceeded expectations determines what kind of marketing strategy will be used is the same as customer value is only important to companies that have a differential competitive advantage

refers to the customer s feeling that a product has met or exceeded expectations

"In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners to earn rewards for everyday purchases. The Home Depot is engaged in:" convenience selling relationship marketing transactional marketing exchange targeting

relationship marketing

What does the number of American farmers reveal about creative destruction? That creative destruction can free up labor for new pursuits. That creative destruction is a recent phenomenon. That creative destruction generally lowers output for a short time. That creative destruction can cause an economic recession.

that creative destruction can free up labor disputes

A product provides customer value if the market price is above the minimum cost the market price is below the minimum cost the market price is above the customer value the market price is below the customer value

the market price is below the customer value

In site selection, close proximity to competitors would make a site undesirable." True False

false

Flexible manufacturing systems combine automated workstations with computer-controlled transportation devices that move materials between workstations and into and out of the system. True False

true