Health and Safety
One way a business can reduce the risk of accidents in the workplace is by providing its employees with:
A safety training
B electronic data interchange
C supply manuals
D weight-loss programs
A - safety training
Which question should be answered by the purchasing function?
A how can we inform customers of available merchandise?
B how will merchandise be shipped to us?
C How can we protect merchandise from pilferage?
D How much merchandise should we buy?
D - How much merchandise should we buy?
Some businesses use an automatic reorder system to maintain an adequate:
A budget for expenses
B inventory of supplies
C work environment
D maintenance system
B - inventory of supplies
Which processes turn economic resources into goods and services?
A distribution
B production
C promotion
D marketing
B - production
What are the 4 P's of Marketing?
A Product, Promotion, Purchase, Principle
B Place, Promotion, Purchase, Product
C Product, Place, Promotion, Price
D Price, Principle, Purchase, Place
C - Product, Place, Promotion, Price
The primary reason that governments develop workplace health and safety regulations is to
A ensure that employees have access to insurance
B reduce the risk of employment discrimination
C protect employees from injury and illness
D prevent the breach of business information systems
C - protect employees from injury and illness
Maintaining an inventory of supplies helps a business to:
A establish sales goals
B locate vendors
C operate efficiently
D evaluate processes
C - operate efficiently
Primetime Inc is a retailer of sporting gear. It sells 500 pairs of a specific Nike sneaker each day. Nike, the supplier, takes a week (7 days) to deliver the order. For what quantity should the inventory manager place his/her next order?
A 72 units
B 350 units
C 3000 units
D 3500 units
D - 3500 units = 500*7
What is one of the most important components of the production process?
A new technology
B goods and services
C human resources
D inputs and outputs
C - human resources
What is production?
The economic process or activity of producing goods and services.
What does OSHA stand for?
A Occupational Safety and Hazard Act
B Occupational Safety and Health Act
C Occupational Safe Hazard Association
D Occupational Safe Health Association
B - Occupational Safety and Health Act
By purchasing just the quantity of supplies that is needed, purchasing can:
A minimize inventory investment
B plan the company's cash flow
C buy supplies at the lowest possible price
D provide an uninterrupted flow of supplies
A - minimize inventory investment
Trey compares the prices offered by different vendors for the same goods and services. Which part of the purchasing process is Trey involved in?
A price fixing
B bid analysis
C invoice payment
D receipt of goods
B - bid analysis
What production activity evaluates products to make sure that the products the business produces meet certain quality standards?
A follow-up
B form utility
C automation
D standardization
A - follow-up
Why is production important?
Provides form utility.
Enables companies to stay in business.
Allows businesses to turn out the maximum number of products at the lowest cost.
What are 3 things that contributed to the deaths of the women at the Triangle Shirtwaist Factory?
narrow exits, too few exits, blocks or locked exits, no fire extinguishers, fire water hose didn't work, fire escape wasn't strong enough to hold that many people at once, the packed crowded floors with excess materials and fabrics, the girls didn't know of all exit options, executives saved themselves and didn't help or safe the girls
The first step in maintaining an inventory of supplies for the business is to:
A conduct research to find vendors that sell the supplies
B develop a list of supplies that the business needs
C organize a space to store the supplies
D compare prices among vendors
B - Develop a list of supplies that the business needs.
Which is an example of short-term objective?
A becoming president of a large corporation
B paying off a twenty-five-year mortgage
C finishing a six-week computer software course
D becoming fluent in a foreign language
C - finishing a six-week computer software course
Jessie is designing a new style of bracelet to sell at school to raise money for FBLA. She has sold so many bracelets that she has assigned other members to FBLA to assist her in making the bracelets. Which production activity step is this?
A planning
B production
C purchasing
D dispatching
D - dispatching
What are production activities?
Planning- determining how products will be produced and how much of the product to produce.
Purchasing- buying the resources needed
Production process-the way in which production will be carried out
Scheduling-determining the time table to follow in production
Dispatching- issuing orders for production to begin
Follow-Up - make sure products meet standard and are completed according to plan
What is the age requirement for teenagers to work:
On the family farm?
Legally for an employer to get a paycheck?
Legally in a hazardous or dangerous environment?
Farm - nonrestrictive
Employment - 14+
Hazardous - 18+
Michael, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mike is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the total cost of the stoves that Mike is purchasing?
A 13,184.84
B 8,099.76
C 1139.32
D 3945.76
D - $3,945.76 = 493.22*8
What is the benefit of putting goals in writing and why are the other 3 choices not the "benefit"?
A clarifies the goals
B makes the goals attainable
C develops one's perseverance
D provides a challenge
Written goals are easier to clarify when on paper.
Writing a goal doesn't help attain it, actions achieve.
Perseverance isn't obtained from writing but doing.
Challenges only come when goals are worked towards, it's not challenging to sit on the couch but it is challenging to face the elements and go for a run.
Describe an intermediary.
Hint: the "middle man"
Wholesalers - sell in bulk to retailers and consumers
Retailers - buy big quantities, sell small quantities; sell to consumers primarily
What are the steps to the Purchasing Cycle?