Match the following terms to the appropriate definitions Prime costs

Question

Match the following terms to the appropriate definitions.
__________ (1) Prime costs
__________ (2) Continuous improvement
__________ (3) Raw materials inventory
__________ (4) Balanced scorecard
__________ (5) Just-in-time manufacturing
__________ (6) Work in Process inventory
__________ (7) Lean business model
__________ (8) Customer orientation
__________ (9) Managerial accounting
__________(10) Raw materials inventory turnover
(a) 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.
(b) Goods a company acquires to use in making products.
(c) Reveals how many times a company uses its raw materials inventory in production during a period.
(d) A system that acquires inventory and produces only when needed.
(e) Aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along the four
dimensions of (1) financial, (2) customer, (3) internal business processes; (4) learning and
growth.
(f) Expenditures directly associated with the manufacture of finished goods; includes direct
materials and direct labor.
(g) The idea that employees understand the changing needs and wants of their
customers and align their management and operating practices accordingly.
(h) Products in the process of being manufactured but not yet complete.
(i) A model whose goal is to eliminate waste while satisfying the customer and providing a
positive return to the company.
(j) An activity that provides financial and nonfinancial information to an organization's
managers and other internal decision makers.

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