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Match Each of the Following Terms to the Appropriate Definitions

Question 122

Matching

Match each of the following terms to the appropriate definitions.

Premises:

Responses:

Just-in-time manufacturing

An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

Lean business model

A concept that considers the demands of diverse stakeholders, including employees, suppliers, and society.

Raw materials inventory turnover

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Managerial accounting

The idea that managers and employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Work in Process inventory

A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

Customer orientation

Materials a company acquires to use in making products.

Prime costs

Costs directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Corporate social responsibility

Products in the process of being manufactured but not yet complete.

Continuous improvement

A system that acquires inventory and produces only when needed.

Raw materials inventory

Reveals how many times a company uses its raw materials inventory in production during a period.

Premises:

Just-in-time manufacturing

Lean business model

Raw materials inventory turnover

Managerial accounting

Work in Process inventory

Customer orientation

Prime costs

Corporate social responsibility

Continuous improvement

Raw materials inventory

Responses:

An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

A concept that considers the demands of diverse stakeholders, including employees, suppliers, and society.

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

The idea that managers and employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

Materials a company acquires to use in making products.

Costs directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Products in the process of being manufactured but not yet complete.

A system that acquires inventory and produces only when needed.

Reveals how many times a company uses its raw materials inventory in production during a period.

Correct Answer:

Premises:

Responses:

Just-in-time manufacturing

Lean business model

Raw materials inventory turnover

Managerial accounting

Work in Process inventory

Customer orientation

Prime costs

Corporate social responsibility

Continuous improvement

Raw materials inventory