A process layout is best suited for:

Small batches of unique products

Data that is systematically organized

Which of the following best describes Corporate Social Responsibility (CSR)?

Considering the impact of decisions on society and the environment

What is an ethical dilemma?

A choice between equally undesirable options

What is the main purpose of operations management?

To plan, control, and oversee the production process

The purpose of a code of ethics in an organization is to:

Guide employees in making ethical decisions

What is the primary role of a country’s balance of trade?

To compare the value of imports and exports

What does just-in-time (JIT) inventory management aim to achieve?

Reduced waste and carrying costs

Opportunity cost is defined as:

The value of the next best alternative foregone

Absolute advantage occurs when a country:

Can produce more of a good using the same resources

Which of the following is an example of quality control?

Monitoring the defect rate in manufacturing

Comparative advantage refers to a country’s ability to:

Produce a good at a lower opportunity cost than another country

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ENTR 1500: 3 Preparation for Exam 3

16 termsStudBud Administration44 plays

Exam 3 covers the chapters: 2 (from 2.1 to 2.5), chapter 3 (3.1 to 3.3, and 3.6), chapter 11 (from 11.1 to 11.7), chapter 13 (from 13.4 to 13.6) and chapter 15 (15.1 to 15.4 and 15.7) from the EB BOOK Exploring-business, AND Chapter 3 from the OS Entrepreneurship textbook

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Questions 16

Answers

1
A process layout is best suited for:
Small batches of unique products
High-volume standardized production
Products requiring minimal customization
Large-scale continuous production
2
When a country imports more than it exports, it experiences a:
Balanced trade account
Trade surplus
Trade deficit
Positive GDP growth
3
What is information?
The questions on a survey
Raw data
Data that is systematically organized
Data obtained from surveys
4
Which of the following best describes Corporate Social Responsibility (CSR)?
Maximizing profits for shareholders
Considering the impact of decisions on society and the environment
Avoiding government regulation
Focusing on expanding market share
5
What is an ethical dilemma?
A conflict between company goals and profits
A decision based entirely on personal values
A choice between equally undesirable options
A situation where laws are unclear
6
What is the main purpose of operations management?
To manage customer relationships
To plan, control, and oversee the production process
To create marketing strategies for new products
To monitor employee performance
7
The purpose of a code of ethics in an organization is to:
Provide technical guidance for job performance
Guide employees in making ethical decisions
Define legal compliance requirements
Set profitability goals for the company
8
Which production method focuses on creating goods based on customer specifications?
Standardization
Mass production
Batch production
Customization
9
What is the primary role of a country’s balance of trade?
To compare the value of imports and exports
To monitor tax revenue from global businesses
To determine currency exchange rates
To regulate domestic industries
10
What does just-in-time (JIT) inventory management aim to achieve?
Increased product diversity
Better marketing reach
Reduced waste and carrying costs
Higher sales margins
11
Who is in charge of allocating resources for a company?
Employees
Middle Managers
Top Managers
First-line managers
12
Opportunity cost is defined as:
The expense of acquiring resources
The value of the next best alternative foregone
The cost of producing goods at a profit
The financial benefit of international trade
13
Absolute advantage occurs when a country:
Can trade without tariffs or restrictions
Can produce more of a good using the same resources
Can produce a good at a lower opportunity cost
Has no competition in the global market
14
Which of the following is an example of quality control?
Expanding production capacity
Analyzing customer demographics for marketing
Monitoring the defect rate in manufacturing
Designing new products based on customer needs
15
Comparative advantage refers to a country’s ability to:
Produce a good at a lower opportunity cost than another country
Dominate global markets in all sectors
Balance imports and exports equally
Produce goods more efficiently than all other nations
16
Which one is NOT a component of ethical behavior in a business context?
Transparency
Fairness
Profitability
Integrity

ENTR 1500: 3 Preparation for Exam 3 Flashcards | StudBud

ENTR 1500: 3 Preparation for Exam 3

16 termsStudBud Administration44 plays

Flashcards16 cardsFPractice quizPHost liveL

Questions 16

Answers

1
A process layout is best suited for:
Small batches of unique products
High-volume standardized production
Products requiring minimal customization
Large-scale continuous production
2
When a country imports more than it exports, it experiences a:
Balanced trade account
Trade surplus
Trade deficit
Positive GDP growth
3
What is information?
The questions on a survey
Raw data
Data that is systematically organized
Data obtained from surveys
4
Which of the following best describes Corporate Social Responsibility (CSR)?
Maximizing profits for shareholders
Considering the impact of decisions on society and the environment
Avoiding government regulation
Focusing on expanding market share
5
What is an ethical dilemma?
A conflict between company goals and profits
A decision based entirely on personal values
A choice between equally undesirable options
A situation where laws are unclear
6
What is the main purpose of operations management?
To manage customer relationships
To plan, control, and oversee the production process
To create marketing strategies for new products
To monitor employee performance
7
The purpose of a code of ethics in an organization is to:
Provide technical guidance for job performance
Guide employees in making ethical decisions
Define legal compliance requirements
Set profitability goals for the company
8
Which production method focuses on creating goods based on customer specifications?
Standardization
Mass production
Batch production
Customization
9
What is the primary role of a country’s balance of trade?
To compare the value of imports and exports
To monitor tax revenue from global businesses
To determine currency exchange rates
To regulate domestic industries
10
What does just-in-time (JIT) inventory management aim to achieve?
Increased product diversity
Better marketing reach
Reduced waste and carrying costs
Higher sales margins
11
Who is in charge of allocating resources for a company?
Employees
Middle Managers
Top Managers
First-line managers
12
Opportunity cost is defined as:
The expense of acquiring resources
The value of the next best alternative foregone
The cost of producing goods at a profit
The financial benefit of international trade
13
Absolute advantage occurs when a country:
Can trade without tariffs or restrictions
Can produce more of a good using the same resources
Can produce a good at a lower opportunity cost
Has no competition in the global market
14
Which of the following is an example of quality control?
Expanding production capacity
Analyzing customer demographics for marketing
Monitoring the defect rate in manufacturing
Designing new products based on customer needs
15
Comparative advantage refers to a country’s ability to:
Produce a good at a lower opportunity cost than another country
Dominate global markets in all sectors
Balance imports and exports equally
Produce goods more efficiently than all other nations
16
Which one is NOT a component of ethical behavior in a business context?
Transparency
Fairness
Profitability
Integrity