Chapter 8-9
The leader defines the team’s goals and activities and is responsible for its achieving its assigned goals. What kind of team is this called?
A Manager-lead Team
The right to exclude others from making, using, offering for sale, or selling the invention in the United States for twenty years is called what?
What is it called when a high volume of identical goods are produced at a cost low enough to price them for large number of customers?
Mass Production (make-to-stock strategy)
What are the two major fields accountants work in?
Management Accounting and Financial Accounting
What is the most common financial institutions in the United States?
Commercial Banks
The process of transferring information from a sender to a receiver is called what?
Communication
Costs that vary, in total, as the quantity of goods sold changes but stay constant on a per-unit basis are called?
Variable Cost
What is Electronic Data Interchange (EDI)?
It is a system that processes your transactions and transmits all your purchasing data
What are long-term assets?
Assets that you intend to hold for more than a year
The period for which a bank loan is issued is called what?
Maturity
A set of processes for creating, communicating, and delivering value to customers and for improving customer relationships is called what?
Marketing
What is the formula to calculate the break-even point?
fixed costs divided by contribution margin= break-even point
Products that can be touched or handled, such as automobiles and appliances are called what?
Tangible Products
What is a technique for evaluating a company's financial performance called?
Ratio Analysis
What are the two types of private investors?
Angel investors and Venture investors
The process in a products life when appeal diminishes, and it’s overtaken by competing brands or substitute products is called what?
The Decline Stage
Costs that don’t change when the amount of goods sold changes are called what?
Fixed Costs
What is the name of the system that determines the steps needed to produce the component and instructs the machines that do the work?
Computer-aided Manufacturing Software System (CAM)
What is net profit?
It is the money that a company earns after paying all its expenses
When the stock market is enjoying a period of large stock-price increases, what is it called?
Bull Market
Retailers or wholesalers who help move products from producers to end users are called what?
Intermediaries
What is an Industry?
Its a group of related businesses that do similar things and compete with each other
An Operations Manager has three groups of responsibilities. One of which is determining how goods will be produced, where production will take place, and how manufacturing facilities will be laid out. What group of responsibility is this under?
A: Quality Control
B: Production Planning
C:Production Control
D: None of the above
B: Production Planning
What act was designed to encourage ethical corporate behavior and to discourage fraud and other forms of corporate wrongdoing?
Sarbanes-Oxley Act (SOX)
What is it called when you earn interest on top of interest?
Compound interest