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Q:
Operating expenses that have been incurred and are owed but not yet paid
Q:
________ is the fundamental rethinking of business processes to bring about dramatic improvements in performance.
Q:
A financial report showing a firms sources of cash as well as its uses of cash
Q:
Process redesign:
A) is the fundamental rethinking of business processes.
B) is sometimes called process reengineering.
C) tries to bring about dramatic improvements in performance.
D) often focuses on activities that cross functional lines.
E) all of the above
Q:
Loans from banks or other sources with repayment terms of more than 12 months
Q:
Successful process redesign focuses on departmental areas where small, continuous improvements can be made.
Q:
Operating, investing, and financing activities that result in cash inflows or outflows
Q:
Advances in technology:
A) have impacted the manufacturing sector only.
B) have had only a limited impact on services.
C) have failed to change the level of customer interaction with an organization.
D) have had a dramatic impact on customer interaction with services and with products.
E) have dramatically changed health care, but have not changed retailing.
Q:
Physical assets that will be used in the business for more than one year
Q:
Optical checkout scanners and ATMs are examples of technology's impact on services.
Q:
To increase her return on equity, Latitia could:
a. increase the amount of assets he company owns.
b. increase the amount of debt on her balance sheet.
c. decrease the amount of liabilities on her balance sheet.
d. decrease the amount of inventory she carries.
Match the term with its definition.
a. Accrued expenses
b. Cash flow activities
c. Cash flow statement
d. Fixed assets
e. Gross fixed assets
f. Long-term debt
g. Other assets
h. Short-term notes
Q:
Production technology has had a major impact on services, but as yet there has been little reduction in service labor requirements.
Q:
To determine his companys return on assets, Harold should divide the firms operating profits by _____.
a. sales
b. current liabilities
c. total assets
d. current assets
Q:
Identify nine areas of technology that enhance production and productivity.
Q:
Lance is trying to decide whether to purchase a new bulldozer to expand his business. He is confident he has enough work to keep the bulldozer busy and that repaying the loan will not be a problem. What advice would you give Lance?
a. If the interest rate on the loan is less than the return on assets for the dozer, buy.
b. If the return on this asset is more than the return on his equity, dont buy.
c. If his current return on equity is greater than the return on this asset, buy.
d. If his total asset turnover rate is greater than one, dont buy.
Q:
Identify the typical elements in a process control system.
Q:
From her sales income, Barbara has subtracted cost of goods sold, operating expenses, interest expense, and taxes. What she has left is her companys _____ income
a. total
b. projected
c. net
d. operating
Q:
A(n) ________ uses an automated work cell controlled by electronic signals from a common centralized computer facility.
Q:
Astoria is using a software application to prepare the balance sheet. She wasnt sure which of the following should be included in the fixed asset category. What would you tell her?
a. Land
b. Copyrights
c. Contingency funds
d. Goodwill
Q:
________ is a computer-controlled warehouse that provides for the automatic placement of parts into and from designated places within the warehouse.
Q:
Comparing this years results to last years, Hector discovered that his firms current ratio improved from 1.5 to 2.0. What has happened?
a. Current liabilities have decreased.
b. Fixed assets have increased.
c. Ownership equity has increased.
d. Long-term debt has decreased.
Q:
________ is the use of information technology to control a physical process.
Q:
To determine his companys net profits, Edward should
a. subtract cost of goods sold from sales.
b. add interest paid and depreciation.
c. subtract taxes from profits before taxes.
d. add taxes paid and income before taxes.
Q:
"Operators simply load new programs, as necessary, to produce different products" describes:
A) CAD.
B) automated guided vehicles.
C) flexible manufacturing systems.
D) vision systems.
E) process control.
Q:
The liquidity of a firm is
a. often measured by a ratio of current assets to current liabilities.
b. not important to a company's financial health.
c. the ability of the firm to sell its products quickly.
d. a measurement of spontaneous financing.
Q:
A system using an automated work cell controlled by electronic signals from a common centralized computer facility is called:
A) an adaptive control system.
B) robotics.
C) a flexible manufacturing system.
D) an automatic guided vehicle (AGV) system.
E) a manufacturing cell.
Q:
Lucille is preparing the _____, which shows all cash receipts and payments involved in operating the business and managing its financial activities.
a. income statement
b. balance sheet
c. cash flow statement
d. statement of financial position
Q:
Which one of the following technologies is used ONLY for material handling, NOT actual production or assembly?
A) robots
B) CNC
C) CAD
D) AGVs
E) FMS
Q:
Computer-integrated manufacturing (CIM) includes manufacturing systems that have:
A) computer-aided design, a flexible manufacturing system, inventory control, warehousing and shipping integrated.
B) transaction processing, management information systems, and decision support systems integrated.
C) automated guided vehicles, robots, and process control integrated.
D) robots, automated guided vehicles, and transfer equipment integrated.
E) all of their computers integrated with the marketing department.
Q:
Denver wants to make sure he puts his companys assets in the correct categories. Which of the following is an example of a current asset?
a. Land
b. Inventories
c. Equipment
d. Buildings
Q:
Which of the following provides automatic placement and withdrawal of parts and products into and from designated places in a warehouse?
A) AGV
B) CAD/CAM
C) CIM
D) ASRS
E) FMS
Q:
When Darla prepares her companys balance sheet, she should include ___________ in the list of current assets.
a. equipment.
b. land.
c. leased property.
d. accounts receivable.
Q:
Which of the following technologies could enable a cashier to scan the entire contents of a shopping cart in seconds?
A) ASRS
B) AGV
C) CAD/CAM
D) RFID
E) FMS
Q:
Raul needed an expensive piece of equipment to expand his business. He borrowed the money from the bank and pledged the equipment as ___________. If Raul does not repay the loan, the bank can take his equipment.
a. a promissory note
b. collateral
c. asset in escrow
d. long term debt
Q:
The use of information technology to monitor and control a physical process is known as:
A) process control.
B) computer-aided design.
C) information numeric control.
D) numeric control.
E) IT oversight.
Q:
When Cameron and Ashley allow a customer to buy on credit, which account increases?
a. debt
b. inventory
c. accounts payable
d. accounts receivable
Q:
Which of the following is TRUE regarding vision systems?
A) They are consistently accurate.
B) They are modest in cost.
C) They do not become bored.
D) All of the above are true.
E) None of the above is true.
Q:
Cameron and Ashley bought $40 of premium pink lemonade mix and paper cups for their lemonade stand. These items are considered:
a. cash balance.
b. fixed assets.
c. inventory.
d. cost of goods sold.
Q:
Flexible manufacturing systems, because of easily changed control programs, are able to perform such tasks as manufacturing one-of-a-kind parts economically.
Q:
Martina invested her savings into her business when she started it. Later she added more capital and she has kept some of her profits. Together these are known as:
a. debt capital.
b. accrued expenses.
c. owners' long-term debt.
d. owners' equity.
Q:
Depreciation is added back on the cash flow statement in which activity section?
a. Financing
b. Income
c. Investment
d. Operating
Q:
Automated storage and retrieval systems are commonly used in distribution facilities of retailers.
Q:
The items on the income statement are expressed in dollars but the corresponding margins are expressed as:
a. incomes.
b. expenses.
c. profits.
d. percentages.
Q:
One use of camera-and-computer-based vision systems is to replace humans doing tedious and error-prone visual inspection activities.
Q:
Irmas current ratio is 2.5. This means that:
a. for every dollar of current assets, Irma has $2.50 in current liabilities.
b. for every dollar of current liabilities, Irma has $2.50 in current assets.
c. Irma has enough cash to pay her cebts for the next 2.5 years.
d. Irma can borrow 2.5 times her annual sales.
Q:
Process control is the use of information technology to monitor and control a physical process.
Q:
Some assets dont seem to fit neatly into any category so accountants created a category called other. Which asset would considered an other asset?
a. Land
b. Machinery
c. Contingency funds
d. Goodwill
Q:
Identify the techniques for improving service productivity. For any two techniques, describe in a short paragraph, and include an example.
Q:
Kates banker would like to know the profit of her business from January 1st through December 31. She should show him the _______.
a. cash flow statement.
b. income statement.
c. balance sheet.
d. harvest plan.
Q:
Provide an example of the postponement strategy for improving service productivity.
Q:
Eugenias company bought a delivery truck to deliver merchandise to customers. This truck should appear as ___________ on the balance sheet.
a. a current asset
b. inventory
c. a fixed asset
d. a short-term investment
Q:
Provide an example of the focus strategy for improving service productivity.
Q:
Ignazio has just opened his business. One of the first things he should learn is:
a. how to prepare the financial statements.
b. which numbers are most important for him to watch and to watch them like a hawk.
c. whether to pay closer attention to monthly sales or to cash flow.
d. when to lease assets and when to buy them.
Q:
The strategy for improving service productivity that customizes at delivery, rather than at production, is ________.
Q:
Buildings and machinery are considered to be
a. current assets.
b. fixed assets.
c. short-term assets.
d. other assets.
Q:
In the mass service and service factory quadrants of the service process matrix, the operations manager could focus on all of the following except:
A) automation.
B) standardization.
C) tight quality control.
D) removing some services.
E) customization.
Q:
A two year-old asset has a depreciable life of 10 years. Its initial purchase cost was $450,000 and it is depreciated by 10 percent annually. What is the remaining depreciable value of the asset?
a. $ 0.00
b. $90,000
c. $200,000
d. $360,000
Q:
In mass service and professional service, the operations manager should focus extensively on:
A) automation.
B) equipment maintenance.
C) sophisticated scheduling.
D) human resources.
E) cost-cutting initiatives.
Q:
XYC Corporation pays its taxes quarterly but withholds payroll taxes from its employees paychecks each week. Until the taxes are actually paid to the IRS, they appear on the balance sheet as:
a. an asset..
b. an account receivable.
c. a liability.
d. a long-term debt.
Q:
Which of the following is not one of the strategies for improving service productivity?
A) self-service
B) automation
C) scheduling
D) separation
E) mass customization
Q:
Guenther bought merchandise for his retail business on credit and sold some of it for cash. To record his purchases on his cash flow statement, Guenther will:
a. subtract the cash sales of this new inventory from total inventory purchased.
b. subtract the increase in accounts payable from the increase in inventory.
c. subtract the increase in inventory from the increase in accounts payable.
d. subtract the decrease in accounts receivable from the increase in inventory.
Q:
Which of the following are all strategies for improving productivity in services?
A) separation, self-service, automation, and scheduling
B) lean production, strategy-driven investments, automation, and process focus
C) reduce inventory, reduce waste, reduce inspection, and reduce rework
D) high interaction, mass customization, service factory, and just-in-time
E) process focus, repetitive focus, product focus, and mass customization focus
Q:
An example of the postponement strategy for improving service productivity is having the customer wait until you have sufficient time to serve the customer.
Q:
Bernard has just learned that on the balance sheet, the assets must equal the ___________ plus the _______________.
a. money borrowed from others, money invested by the owners
b. accounts receivable, accounts payable
c. accumulated depreciation, asset value
d. net profit, retained earnings
Q:
The income statement answers which question?
a. How much cash did the firm generate?
b. How profitable was the business?
c. How much money does the company owe?
d. How much money did the owners invest?
Q:
Professional services typically require low levels of labor intensity.
Q:
Identify the five major tools of process analysis and design. Describe them in a sentence or two each.
Q:
In order to derive a cash flow statement, the owner must add back the _____ to the income statement.
a. depreciation expense
b. increase in accounts receivable
c. increases in inventory
d. decrease in accounts payable
Q:
Describe Value-stream mapping. Explain how it is different from process mapping.
Q:
The balance sheet and income statement are separate reports, but actually
a. complement each other.
b. contradict each other.
c. display information for the same time duration.
d. display vision and mission statements for the company.
Q:
________ is a process analysis technique that focuses on the customer and the producer's interaction with the customer.
Q:
Marvin is preparing one of the annual financial statements and has asked you which of the following should be inlcuded in operating expenses. You tell him it is:
a. marketing-related expenses.
b. the cost for independent dealers to prepare for the distribution of the product.
c. interest on all loans.
d. income taxes.
Q:
To determine how much Harlan sold to cash customers, he must:
a. add the increase in accounts receivable to total sales.
b. subtract the increase in accounts receivable from total sales.
c. add the increase in accounts payable to total cash.
d. subtract the increase in liabilities from owners equity.
Q:
A special form of time-function mapping, which goes beyond the organization into its supply chain, is ________.
Q:
For investment purposes, Wilma needs a snapshot of the firms financial position at a specific point in time. She should look at the
a. marketing plan.
b. statement of cash flows.
c. balance sheet.
d. income statement.
Q:
A(n) ________ uses symbols to analyze the movement of people or material.
Q:
If Hectors firms current ratio _____, its liquidity _____.
a. increases; increases
b. increases; decreases
c. decreases; increases
d. increases; remains the same
Q:
What is a drawing of the movement of material, product, or people?
A) flowchart
B) process chart
C) service blueprint
D) process map
E) vision system
Q:
Xavier wants to know how much his company owns and how much it owes. He should look at the:
a. balance sheet.
b. income statement.
c. cash flow statement.
d. asset list.
Q:
Service blueprinting:
A) provides the basis to negotiate prices with suppliers.
B) mimics the way people communicate.
C) determines the best time for each step in the process.
D) focuses on the provider's interaction with the customer.
E) uses the schematic of a house to diagram a service process.