Question 1

"On-the-job training" usually requires the employee to spend some time in a classroom.

Accepted Answer

A) True 
 B)False  False

Question 2

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Accepted Answer

A) True 
 B)False  False

Question 3

Accounting procedures are typically outlined in Operations Manuals.

Accepted Answer

A) True 
 B)False  True

Question 4

Reasonable expectations for the time to perform a particular job are set down in:

Accepted Answer

A) job descriptions. 
B) job standards. 
C) employee handbooks. 
D) all of the above. 
E) none of the above. 
A) job descriptions. 
B) job standards. 
C) employee handbooks. 
D) all of the above. 
E) none of the above.

Question 5

Inventory Turnover is the ratio of cost of goods sold to current assets.

Accepted Answer

A) True 
 B)False

Question 6

A costing worksheet for a contractor is likely to include sections for:

Accepted Answer

A) direct materials. 
B) direct labour. 
C) overhead. 
D) all of the above. 
E) none of the above. 
A) direct materials. 
B) direct labour. 
C) overhead. 
D) all of the above. 
E) none of the above.

Question 7

The Collection Period is;

Accepted Answer

A) the time it takes on average for customers to pay what they owe to a firm. 
B) the ratio of accounts receivable to the average sales per day. 
C) an indicator of efficiency. 
D) all of the above. 
E) none of the above. 
A) the time it takes on average for customers to pay what they owe to a firm. 
B) the ratio of accounts receivable to the average sales per day. 
C) an indicator of efficiency. 
D) all of the above. 
E) none of the above.

Question 8

Greater specialization requires abandoning all products or services except those that are most profitable.

Accepted Answer

A) True 
 B)False

Question 9

Using examples, discuss the difference in meaning between "automation" and
"robotics".

Accepted Answer

.Answers should indicate that automation

Question 10

Leadership programs tend to produce productivity improvements that last for over a decade.

Accepted Answer

A) True 
 B)False

Question 11

The more successful firms tend to be those more willing to adopt new technologies.

Accepted Answer

A) True 
 B)False

Question 12

The pricing strategy of a business should primarily be based on:

Accepted Answer

A) its own costs. 
B) marketing considerations. 
C) the amount of profit it wants. 
D) all of the above. 
E) none of the above. 
A) its own costs. 
B) marketing considerations. 
C) the amount of profit it wants. 
D) all of the above. 
E) none of the above.

Question 13

The broadest indicator of efficiency is:

Accepted Answer

A) return on sales. 
B) return on assets 
C) inventory turnover 
D) collection period. 
A) return on sales. 
B) return on assets 
C) inventory turnover 
D) collection period.

Question 14

Compared to making a product or component, buying it has the advantage of:

Accepted Answer

A) guaranteed source of supply. 
B) greater specialization of your own business. 
C) direct control of quality. 
D) direct control of delivery. 
A) guaranteed source of supply. 
B) greater specialization of your own business. 
C) direct control of quality. 
D) direct control of delivery.

Question 15

The make-or-buy decision applies only to manufacturing type firms.

Accepted Answer

A) True 
 B)False

Question 16

Discuss the main issues to be considered by a small firm in developing its first website.

Accepted Answer

At least five of the six main

Question 17

Company history, dress codes, termination policies and pay schedules are typically outlined in:

Accepted Answer

A) operations manuals. 
B) templates. 
C) work design forms. 
D) employee handbooks. 
A) operations manuals. 
B) templates. 
C) work design forms. 
D) employee handbooks.

Question 18

The majority of dissatisfied customers:

Accepted Answer

A) do not complain to the service provider. 
B) tell numerous others about the problem. 
C) can be kept as customers if the problem is resolved. 
D) all of the above. 
E) none of the above. 
A) do not complain to the service provider. 
B) tell numerous others about the problem. 
C) can be kept as customers if the problem is resolved. 
D) all of the above. 
E) none of the above.

Question 19

List the various types of problem customers that a business can encounter, describe the characteristics of each type and the best approaches for dealing with them.

Accepted Answer

All five categories of problem customer

Question 20

The Leadership Program based on Peter Senge's Fifth Discipline books is called:

Accepted Answer

A) Management by Objectives. 
B) Participative Management. 
C) Total Quality Management. 
D) The Learning Organization. 
A) Management by Objectives. 
B) Participative Management. 
C) Total Quality Management. 
D) The Learning Organization.

"On-the-job training" usually requires the employee to spend some time in a classroom.

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Accounting procedures are typically outlined in Operations Manuals.

Reasonable expectations for the time to perform a particular job are set down in:

Inventory Turnover is the ratio of cost of goods sold to current assets.

A costing worksheet for a contractor is likely to include sections for:

The Collection Period is;

Greater specialization requires abandoning all products or services except those that are most profitable.

Using examples, discuss the difference in meaning between "automation" and "robotics".

Leadership programs tend to produce productivity improvements that last for over a decade.

The more successful firms tend to be those more willing to adopt new technologies.

The pricing strategy of a business should primarily be based on:

The broadest indicator of efficiency is:

Compared to making a product or component, buying it has the advantage of:

The make-or-buy decision applies only to manufacturing type firms.

Discuss the main issues to be considered by a small firm in developing its first website.

Company history, dress codes, termination policies and pay schedules are typically outlined in:

The majority of dissatisfied customers:

List the various types of problem customers that a business can encounter, describe the characteristics of each type and the best approaches for dealing with them.

The Leadership Program based on Peter Senge's Fifth Discipline books is called:

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 11: Managing for Efficiency: How Can I Reduce My Costs and Expenses

"On-the-job training" usually requires the employee to spend some time in a classroom.

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Accounting procedures are typically outlined in Operations Manuals.

Reasonable expectations for the time to perform a particular job are set down in:

Inventory Turnover is the ratio of cost of goods sold to current assets.

A costing worksheet for a contractor is likely to include sections for:

The Collection Period is;

Greater specialization requires abandoning all products or services except those that are most profitable.

Using examples, discuss the difference in meaning between "automation" and "robotics".

Leadership programs tend to produce productivity improvements that last for over a decade.

The more successful firms tend to be those more willing to adopt new technologies.

The pricing strategy of a business should primarily be based on:

The broadest indicator of efficiency is:

Compared to making a product or component, buying it has the advantage of:

The make-or-buy decision applies only to manufacturing type firms.

Discuss the main issues to be considered by a small firm in developing its first website.

Company history, dress codes, termination policies and pay schedules are typically outlined in:

The majority of dissatisfied customers:

List the various types of problem customers that a business can encounter, describe the characteristics of each type and the best approaches for dealing with them.

The Leadership Program based on Peter Senge's Fifth Discipline books is called:

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters