Correct Answer: just-in-time inventory management. Question 24 3 out of 3 points Which would be the least costly business to enter as an entreprenuer? Selected Answer: House cleaning service Correct Answer: House cleaning service Question 25 2 out of 2 points Louie and Pauly know the color in their beer hats fades after 50 hours in the sunlight. They have heard about the problem but do not take any action. They are using this type of management response. Selected Answer: Status quo Correct Answer: Status quo Question 26 2 out of 2 points What is meant by product layout? Selected Answer: Requires that production be broken down into relatively simple tasks assigned to workers positioned along the line Correct Answer: Requires that production be broken down into relatively simple tasks assigned to workers positioned along the line Question 27 2 out of 2 points What name is given to the principal means of controlling the availability and cost of financial resources?
Selected Answer: Budgeting Correct Answer: Budgeting Question 28 2 out of 2 points Which of the following is concerned with the intermediate and long-term control of acquisitions such as plants and equipment? Selected Answer: Capital budgeting Correct Answer: Capital budgeting Question 29 2 out of 2 points Managers whose chief responsibility is to coordinate and supervise financial and other control activities are called Selected Answer: None of the above Correct Answer: None of the above Question 30 2 out of 2 points One of the strengths of a small business is the ability to innovate Selected Answer: Tru e Correct Answer: Tru e Question 31 2 out of 2 points What term describes processes that are developed to provide assurance that an organization reaches its objectives relating to operational efficiency, accuracy of financial reporting, and regulatory compliance? Selected Answer: Internal controls
Correct Answer: Internal controls Question 32 2 out of 2 points Buying into a chain of stores, using their name and processes, is called Franchising Selected Answer: Tru e Correct Answer: Tru e Question 33 2 out of 2 points What name is given to a machine designed to move materials, parts, tools, or specialized devices through variable programmed motions, for the performance of a variety of tasks? Selected Answer: Industrial robot Correct Answer: Industrial robot Question 34 2 out of 2 points What term describes the amount of goods, services, or ideas produced by a machine, factory, company, or an individual in a period? Selected Answer: Outpu ts Correct Answer: Outpu ts Question 35 2 out of 2 points Which of the following refers to the maximum load that an organizational unit can carry or operate at a given point in time? Selected Answer:
None of the above Correct Answer: None of the above Question 36 2 out of 2 points What is meant by the term production ? Selected Answer: The activities and processes used in making tangible products Correct Answer: The activities and processes used in making tangible products Question 37 2 out of 2 points Even with the best performance standards, managers cannot accurately gauge the effectiveness of a company's efforts.