Deck 10: Managing for Growth: How Can I Expand My Business

Question 1

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

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

Answer 1

B

Question 2

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

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

Answer 2

D

Question 3

The broadest indicator of efficiency is:

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

Answer 3

A

Question 4

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

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

Question 5

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

Question 6

Customer Relationship Management is:

A) an attempt to satisfy all customers.
B) an information technology based strategy for classifying customers.
C) a promotional technique for getting new customers.
D) all of the above.
E) none of the above.

Question 7

Recruiting is the process of picking the best possible candidate for a job.

Question 8

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

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

Question 9

The Collection Period is;

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 10

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

Question 11

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

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

Question 12

10 For waiting customers, pre-process waits seem longer than mid-process waits.

Question 13

Accounting procedures are typically outlined in Operations Manuals.

Question 14

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

Question 15

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

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 16

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

Question 17

The majority of dissatisfied customers:

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 18

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

Question 19

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

Question 20

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

Question 21

Developing the most efficient procedures to use in a job is referred to as .

Question 22

The Services Canada online resource that helps employers find suitable candidates is called: .

Question 23

The grooming of specific employees for promotion to specific jobs in the future is known as: .

Question 24

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

Question 25

Businesses that deliver no or insignificant physical product are called .

Question 26

describes the relative enthusiasm felt by employees for a business.

Question 27

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

Question 28

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.

Question 29

.Give concrete examples of how small firms use the Internet for marketing research, promotion, distribution and financial applications.