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Q:
Which of the following typically shows the hierarchy of components, their description, and the quantity of each required to make one unit of a product?
A) an engineering drawing
B) an assembly drawing
C) a bill of material
D) an assembly chart
E) a route sheet
Q:
A significant difference between a board of directors and an advisory board is:
a. the advisory board has unlimited liability for the actions of the corporation. b. the advisory board is made up only of insiders.
c. the advisory board is required to meet quarterly, not annually. d. the advisory board has no legal authority over the owner or the company.
Q:
What identifies components by a coding scheme that specifies size, shape, and the type of processing (such as size)?
A) engineering drawing
B) group technology
C) bill of material
D) assembly drawing
E) assembly chart
Q:
Which entity is liable for a corporation's debts?
a. stockholders b. board of directors
c. the corporation itself d. the corporation's president
Q:
The dimensions, tolerances, materials, and finishes of a component are typically shown on a(n):
A) assembly chart.
B) engineering drawing.
C) bill of material.
D) assembly drawing.
E) route sheet.
Q:
A key characteristic of a partnership is that each partner
a. must contribute capital to the business. b. shares in company assets upon the dissolution of the partnership.
c. is capable of legally contracting. d. must manage the business.
Q:
An engineering drawing shows the:
A) dimensions, tolerances, materials, and finishes of a component.
B) dimensions, tolerances, cost, and sales or use volume of a component.
C) materials, finishes, machining operations, and dimensions of a component.
D) cost, materials, tolerances, and lead-time for a component.
E) cost, dimensions, and machining operations for a component.
Q:
Among the advantages of hiring family for leadership positions in a new company is the fact that:
a. federal wage and hour laws do not apply to family members. b. the owner does not have to provide fringe benefits for them.
c. they will often work for less compensation than non-family candidates. d. they share liability in the event of a business failure.
Q:
Group technology enables the grouping of parts into families based on similar processing requirements.
Q:
Cameron is creating the document that specifies the size of the board, the duties of the directors, voting rights, etc. This document is known as:
a. the corporate bylaws. b. the partnership agreement.
c. the employment contract. d. the stock certificate.
Q:
The "make-or-buy" decision distinguishes between what an organization chooses to produce and what it chooses to purchase from suppliers.
Q:
Robbies financial advisor referred a customer to Robbies new business. Under the concept of ___________, Robbie is now obligated to return the favor.
a. reciprocation b. social capital
c. social networking d. unlimited liability
Q:
Identify the external product development strategies; describe each in a sentence or two.
Q:
Collins Classic for Children with Cancer is a 501(c)3 nonprofit corporation that sells shirts. The organization will be taxed as a ____________.
a. partnership b. C corporation
c. S corporation d. It is not taxed.
Q:
What is time-based competition?
Q:
As it relates to new businesses, one function of a social network is to:
a. promote the enterprise during conversations with potential rivals. b. provide a pool of candidates for leadership positions.
c. assure a steady flow of applicants for production positions. d. connect the enterprise to a web of contacts that provides access to a wide range of resources.
Q:
Boeing's 737 airplane and Hewlett-Packard's printer business are examples of using enhancements and migrations of existing products to build on a(n) ________.
Q:
The compensation paid to board members:
a. varies from no pay to $10,000 per meeting. b. may include a percentage of the profits.
c. is typically the primary motivation for someone agreeing to be a member. d. typically includes Directors and Officers Liability Insurance.
Q:
Rapidly developing products and moving them to the market is referred to as ________.
Q:
Which of the following product development strategies has the highest product development risk?
A) acquiring the developer
B) alliances
C) joint ventures
D) new internally developed products
E) purchasing technology
Q:
The legal document that spells out the partners rights and duties is called the
a. articles of incorporation. b. partnership agreement.
c. partnership by-laws. d. SS-4 form.
Q:
What legal form has the smallest percentage of new businesses?
a. sole proprietorship b. partnership
c. C corporation d. S corporation
Q:
Which of the following is an example of an external product development strategy?
A) new internally developed products
B) enhancements to existing products
C) alliances
D) migrations of existing products
E) All of the above are examples of internal product development strategy.
Q:
A corporation:
a. is chartered under state laws. b. is chartered under federal laws.
c. remains in existence only as long as its owners are alive. d. shifts liability of its debts to its owners.
Q:
Boeing's 737 airplane and Hewlett-Packard's printer business are examples of using enhancements and migrations of existing products to build on a ________.
A) product template
B) product pulpit
C) product platform
D) product dais
E) product foundation
Q:
Harvey would like to support his friends new business financially but also wants to protect his assets in case the business fails. Which form of ownership would you recommend?
a. sole proprietorship b. partnership
c. limited partnership d. 501(c)(3) corporation
Q:
The enhancement of existing products is an external product development strategy.
Q:
Because the corporation is a legal entity, one of its responsibilities is to:
a. have its accounting records audited. b. sell stock.
c. pay dividends. d. file annual tax returns.
Q:
Rapidly developing products and moving them to the market is part of time-based competition.
Q:
Ingrid has asked 110 of her closest friends to invest in her company, promising them protection from personal liability. Which form of ownership would you recommend Ingrid use?
a. professional corporation b. nonprofit corporation
c. S corporation d. limited liability company
Q:
Discuss the advisability of using modular assemblies in manufacturing. (What are the advantages and disadvantages?) To what extent can these arguments be applied to service products?
Q:
Ownership in a corporation:
a. is difficult to transfer. b. is more easily transferable than ownership in other forms of organization.
c. is transferred in much the same way as stock in a partnership. d. noticeably affects the operation of the business.
Q:
Explain the difference between value analysis and value engineering.
Q:
Identify at least three general benefits derived from CAD.
Q:
A risk for a small firm creating a strategic alliance with a larger company is:
a. not being able to keep up with the fast speed of a large company. b. not having enough creative talent to join forces effectively.
c. being squeezed financially. d. being too rigid for a large companys standards.
Q:
________ reviews successful products for improvement during the production process.
Q:
Large manufacturers have been known to form strategic alliances with small manufacturers in order to benefit from the smaller firms':
a. financial resources. b. operational expertise.
c. research. d. product development efforts.
Q:
In a limited partnership, which partner remains bound by all debts of the business?
a. limited partner b. special partner
c. partner with the greatest capital investment d. general partner
Q:
Products or services designed in easily segmented components are known as ________ designs.
Q:
Becky wants to organize her startup as a regular corporation. One of the first steps Becky should take is:
a. hire the officers (president, treasurer, etc.) of her company. b. file her corporate charter with the secretary of state
c. apply for permission to incorporate in her state. d. obtain financing for her venture.
Q:
If a design can be produced to requirements even when the production process has unfavorable conditions, the design is said to be ________.
Q:
Lauren, a partner in Jales & Jales Bonding Company, manages its day-to-day operations. She is considered to be a _____ partner.
a. directing b. general
c. limited d. operating
Q:
The use of information technology to control machinery is called ________.
Q:
After working together for a few months, disputes begin to arise between two of the young companys leaders. Their differences seem to be irreconcilable. The owners best action is to:
a. let one or both of the individuals go. b. call in an arbitrator.
c. sell the business. d. form a strategic alliance with a larger company.
Q:
________ provides a format allowing the electronic transmittal of three-dimensional data.
Q:
If partners cannot resolve disputes between themselves they may be wise to hire a(n):
a. business mediator. b. arbitrator.
c. business judge. d. business attorney.
Q:
What technology "builds" products by laying down successive thin layers of plastic, metal, glass, or ceramics?
A) CAM
B) STEP
C) 3-D printing
D) replicator
E) virtual reality
Q:
The right to buy new shares of stock in proportion to stock already owned is called a:
a. stock right. b. stock option.
c. Section 1244 right. d. preemptive right.
Q:
Value analysis takes place:
A) when the product is selected and designed.
B) during the initial stages of production when something needs to be done to assure product success.
C) when the product is first conceived.
D) during the production process when it is clear that the new product is a success.
E) when the product cost is very low.
Q:
Bridget's Hamburger Stand uses only 7 ingredients but offers 15 different burgers. This process is known as:
A) Robust design.
B) QFD.
C) Modular design.
D) CAD.
E) Value analysis.
Q:
Dylan has purchased stock in a new corporation. As proof of ownership, Dylan will receive:
a. a dividend b. a stock certificate.
c. a corporate charter. d. a pre-emptive right.
Q:
What is the use of information technology to control machinery?
A) CAM
B) CAD
C) QFD
D) DFMA
E) STEP
Q:
Vicenzo is the sole owner and manager of a startup company. As the business grows, he finds it more difficult to fulfill the needs of all the management positions. Although he is the creative genius behind the company, he lacks experience in other areas. At this point, Vicenzo should:
a. seek the advice of an investment banker. b. hire a management team with expertise in complementary areas.
c. encourage his advisors to take an active role in managing the company. d. form an alliance with another startup company.
Q:
Which of the following is TRUE concerning advantages of CAD?
A) It provides accurate information flows to other departments.
B) Most product costs are determined at the design stage.
C) Design options are easier to review before final commitments are made.
D) Virtually all products have their development cycle shortened.
E) All of the above are true.
Q:
As she considered becoming a partner in a new business venture, Valerie asked her potential partner about a(n) ___________ in the event that the partnership did not work out as expected.
a. liquidation plan b. equity split
c. exit strategy d. asset distribution plan
Q:
Which of the following is TRUE regarding computer-aided design?
A) It is too expensive to use in most manufacturing and design settings.
B) It is an obsolete technology.
C) It results in longer development cycles for virtually all products.
D) It is the use of computers to interactively design products and prepare engineering documentation.
E) It is the use of information technology to control machinery.
Q:
For a corporate charter to be obtained,
a. one or more persons must apply to the secretary of state for permission to incorporate. b. the owner(s) must agree to be interviewed by a state department official.
c. the owner(s) must negotiate an incorporation fee. d. the partners involved must outline a division of assets.
Q:
Modular design exists only in tangible products; it makes no sense in services.
Q:
Stockholders have limited liability unless they:
a. are active in the management of the corporation. b. personally endorse company notes.
c. own preferred stock. d. convert their shares to partnership status.
Q:
Robust design ensures that small variations in production or assembly do not adversely affect the product.
Q:
Abby, Adam, and Arnold are partners. They have planned to continue the partnership even after the death of any one partner. To this end, the partners have:
a. stipulated in their wills that their share of the partnership is bequeathed to the other two partners. b. purchased life insurance policies naming the other two partners as beneficiaries.
c. created trust funds that can be used to pay off the heirs of the deceased partner. d. secretly signed documents to be opened only after the death that the deceased partner relinquishes all claims to the partnership.
Q:
Computer-aided design (CAD) refers to the use of specialized computer programs to direct and control manufacturing equipment.
Q:
An advisory board, as compared to a board of directors,
a. may be perceived as less of a threat to an owner than a board of directors. b. is always compensated, unlike persons serving on a board of directors.
c. have increased legal liability, requiring the company to increase their insurance levels. d. have greater levels of decision making, requiring them to work more cooperatively.
Q:
Identify the 7 steps involved in building the house of quality.
Q:
Startup owners may increase their chances for success by seeking _____ over a management team with family and friends.
a. a good CPA b. an outstanding law firm
c. members with a balance of expertise d. a business consultant team
Q:
What is quality function deployment (QFD)?
Q:
Jane and Randy have a partnership with their company of JR Enterprises. Which statements reflect how the partnership pays taxes?
a. JR Enterprises does not pay any taxes. b. JR Enterprises pays taxes only as a partnership.
c. Jane and Randy each pay taxes on the total income. d. Jane and Randy do not pay taxes since they are married.
Q:
Identify the benefits associated with manufacturability and value engineering.
Q:
Emile has very little money with which to start his business so he wants to keep the cost of forming his company as low as possible. Which form of ownership would you recommend for Emile?
a. sole proprietorship b. partnership
c. C corporation d. S corporation
Q:
The ________ is a part of the quality function deployment process that utilizes a planning matrix to relate customer "wants" to "how" the firm is going to meet those "wants."
Q:
Ralph formed a corporation as a fund manager. He accepted money from his customers, promising to invest it and build cash value for them. Instead, he kept the money for himself to enjoy a lavish lifestyle. The court removed liability protection from his corporate entity because the incorporation had been used to perpetuate fraud. This is an example of:
a. piercing the corporate veil. b. unlimited liability.
c. reciprocation. d. a preemptive right.
Q:
________ is a process for determining customer requirements and translating them into attributes that each functional area can understand and act upon.
Q:
Millie has a sole proprietorship that is her only source of income. What legal action should she take to prevent the business from being ruined if she becomes incapacitated?
a. Give someone who is competent power of attorney to continue the business. b. State in her will what she would like done with the company.
c. Find a partner and change the legal organization of the company. d. Tell her heirs to sell as she cant prevent ruin with a sole proprietorship.
Q:
Manufacturability and value engineering has which of the following benefits?
I. Reduced complexity of the product
II. Reduction of environmental impact
III. Additional standardization of components
IV. Robust design
V. Improved job design and safety
A) I, III, V
B) II, IV
C) I, III, IV
D) IV
E) I, II, III, IV, V
Q:
Reciprocation is:
a. responding to competitors marketing efforts. b. a sense of obligation to repay what has been done for you.
c. not important when building social capital. d. only important once you have established your business.
Q:
The Japanese method of organizing for product design features:
A) teams.
B) product managers (champions).
C) distinct departments with assigned tasks.
D) a single organization without subdivision or individual teams.
E) none of the above.
Q:
The key to strong management in a new firm is:
a. balance, with each member having competence in at least one area. b. financial competence of the chief executive.
c. a strong marketing manager who understands financial statements. d. close friendship among all members of the team.
Q:
A result of concurrent engineering in product design is:
A) speedier product development.
B) lower quality.
C) less customer demand.
D) higher costs.
E) all of the above.
Q:
A graphic technique for defining the relationship between customer desires and product (or service) is:
A) product lifecycle management.
B) the house of quality.
C) the moment of truth.
D) the assembly drawing.
E) modular design.
Q:
A corporation's board of directors:
a. is the governing body for corporate activity. b. directly manages the corporation.
c. determines the taxability of dividends. d. usually designs the organizational structure of the firm.