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- TEST I. Identification: Determine the type business according to activities or operations performed by the business (first blank); and the form of business organization (second blank). 1. Mike, a marketing student, is looking for a business to help him fund his studies. He decides to rent a stall near the institution and hire a sales lady to help him sell the school supplies he buys from Divisoria. Mark-up is usually 25% of the cost. ud d noonut aii bne poi 2. Bo and Ba were best friends since elementary and went to college together and recently passed the board exam for certified public accountants. They decided to form BoBa Auditing Services. 3. Nine mechanical engineers decided to open a plant where they can produce machines to be sold to big factories in order to cut labor cost. Because the cost of starting the business is substantial, they decided to invite incorporators to generate more funds. 4. JC and CK are both engaged in the production of soaps and shampoos. They decided to…What is the result when sales exceed the cost to produce goods or render services? What is the result when cost to produced goods or render services is greater than the sales? A. Selling B. Revenue C. Benchmarking D. LossRick DeNeefe, manager of the Golden Valley Bank creditauthorization department, recently noticed that a majorcompetitor was advertising that applications for equity loanscould be approved within two working days. Because fastcredit approval was a competitive priority, DeNeefe wantedto see how well his department was doing relative to thecompetitor’s. Golden Valley stamps each application withthe date and time it is received and again when a decision ismade. A total of 99 applications were received in March. Thetime required for each decision, rounded to the nearest hour,is shown in the following table. Golden Valley’s employeeswork 8 hours per day a. Draw a bar chart for these data.b. Analyze the data. How is Golden Valley Bank doing withregard to this competitive priority?
- Which of the following is not an advantage of internal benchmarking? a. Deeper understanding of all the processes of the organization b. Low cost c. Relatively easy d. High costWhich of the following should NOT be included in the analysis of a new product? 1. money already spent for research and development of the new product II. reduction in sales for a current product once the new product is introduced III. increase in accounts receivable needed to finance sales of the new product IV. market value of a machine owned by the firm which will be used to produce the new product V. $1,000,000 the company spent 5 years ago to buy a machine which will be used to produce the new product I and III QI and V II, III, and IV I, II, and IVWhat is true regarding TQM? (one attempt for multiple choice question) O TQM is a continuous process and the responsibility of every employees O TQM is costly and should be implemented only when there are significant revenue impacts TQM is conceptual only, and is not measurable O TQM is initiated by individual product issues and ceases when the problem is resolved TQM is the responsibility of the Operations manager, not marketing or accounting.
- 4. It represents the final products from the production process and distributed to the customers.A. Input B. Supplies C. Output D. Materials(a) Model the problem of maximizing next months profit as a linear program and solve it. Reportboth your LP and optimal solution in your submission. (b) Find the Shadow Price of each of the three processes as they relate to your optimal solutionand report them here. Describe how you found the prices and identify the units for each price. (c) Management is considering hiring some extra inspection time, but the union requires thatinspectors are paid $12 per hour. Will it be profitable to hire another man-hour of inspectioncapacity at a price of 12 dollars? How do you know? (d) At what price would be willing to rent 1 machine-hour of vibration to a competingproducer? How many machine-hours can be rented out before your optimal solution changes.(a) Model the problem of maximizing next months profit as a linear program and solve it. Reportboth your LP and optimal solution in your submission. (b) Find the Shadow Price of each of the three processes as they relate to your optimal solutionand report them here. Describe how you found the prices and identify the units for each price. (c) Management is considering hiring some extra inspection time, but the union requires thatinspectors are paid $12 per hour. Will it be profitable to hire another man-hour of inspectioncapacit at a price of 12 dollars? How do you know? (d) At what price would should be willing to rent 1 machine-hour of vibration to a competingproducer? How many machine-hours can be rented out before your optimal solution changes.
- Q3: Resources a. what is a business resource? b. Where do business resources come from?Jetaway, a small manufacturer of replacement parts forthe aircraft industry, had always maintained a simplelayout—all like machines were located together. That waythe firm could be as flexible as possible in producing small amounts of the variety of parts its customers re-quired. No one questioned the production arrangement until Chris Munnelly started to work for the company.Chris was actually hired to upgrade Jetaway’s computer system. In the process of creating a database of part rout-ings, Chris began to see similarities in the parts pro-duced. A part routing matrix for nine of the most popular parts is shown below, along with a schematic of thefactory layout.Chris, who was already tired of being a programmer,decided to reorder the matrix and see what he couldfind. If he could identify distinct part families, he couldreorganize the placement of machines into the cells hehad been reading about in his business magazines.Maybe then someone would notice his managementpotential.Help…26. “Product” means: A) a physical good with all its related services. B) the need-satisfying offering of a firm. C) all of a firm’s producing and distribution activities. D) a well-packaged item with a well-advertised brand name. E) all the services needed with a physical good. 27. A “product” might include: A) instructions. B) a service which does not include a physical good at all. C) some physical item and its related features. D) a brand name, a package, and a warranty. E) All of the above. 28. A product assortment is: A) a particular product within a product line. B) a set of products that are closely related. C) the set of all product lines and individual products that a firm sells. D) something offered by manufacturers but not by retailers. E) None of the above. 29. Which of the following is NOT one of the consumer product classes discussed in the text? A) Imitation products B) Shopping products C) Convenience products D)…