What are natural resources?

Materials that come from the earth, water, and air

The ISO is an organization that sets worldwide standards for countries. What does it stand for?

International Organization for Standardization

What are the four types of training?

initial, ongoing, retraining, specialized

saving money on labor costs: hire a company to perform tasks

What are raw materials?

goods used in the manufacturing of other goods

What is the production process?

purchasing, grading, processing, quality control

people who control the factors of production

all physical & mental work needed to produce goods/services

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Chapter 5

16 termsStudBud Administration302 plays

Production #BBI #school #business #schoolisfun

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Questions 16

Answers

1
what are the two types of capital?
solid and liquid
liquid and gas
liquid and non-liquid
automated and consolidated
2
_____ will increase productivity through robotics and automation
investment in management
investment in technology
investment in natural resources
capital investment
3
If you're expecting a profit from your venture, be sure that your revenue exceeds your costs
False
True
4
______ increases productivity and is where the cost/benefit comparison should be considered
training
inventory systems
investment in technology
capital investment
5
What are natural resources?
Relies on goods and services to satisfy needs and wants
Includes buildings, equipment, tools, trucks, and factories
Ex.farms, factory and construction workers, teachers, nurses
Materials that come from the earth, water, and air
6
_____ is a raw material for sale or for distribution
commodity
investment
distribution
purchase
7
BONUS: What does JIT stand for (JIT inventory system)?
Just - in - balance
Just - in - time
Just - incase - timing
Just - into - marketing
8
The ISO is an organization that sets worldwide standards for countries. What does it stand for?
International Organization for Standardization
International Organization for Standard Items
International Organization for Service
International Organization for Standardizing
9
What are the four types of training?
initial, ongoing, proper, management
initial, ongoing, retraining, specialized
original, creative, retraining, specialized
original, continuous, retraining, specialized
10
What is outsourcing?
investing money into a business
labor, capital, resources, mangement
converting natural states into another product
saving money on labor costs: hire a company to perform tasks
11
What is capital?
hire another company to perform a task
money invested in a business
industries taking something out of the earth or sea
raw materials that do not become part of a new product
12
training, capital investment, investment in technology & new inventory systems are ways to...
improve management
improve productivity
improve production
improve technology
13
What are raw materials?
physical & mental work needed to produce goods & services
capital and human resources that decide what to purchase
goods used in the manufacturing of other goods
money invested in a business
14
What is the production process?
purchasing, manufacturing, processing, quality control
purchasing, grading, processing, management
purchasing, grading, processing, quality control
labor, capital, resources, management
15
What is management?
needed to produce goods & services in a global economy
a business can transform into other things w/ minimum effort
people who control the factors of production
ideas or talent of the workforce
16
What is labor?
all physical & mental work needed to produce goods/services
money invested in a business
natural materials made into another product
goods used in the manufacturing of other goods

Chapter 5 Flashcards | StudBud