

Quality & Business Acumen Practice Test 1 Part B
Flashcard
•
Business
•
8th Grade
•
Practice Problem
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
It is not important for the manager of a department to be respected by his/her people since the business sets the environment in which they work.
Back
False
2.
FLASHCARD QUESTION
Front
In Adam Smith’s book The Wealth of Nations, he states that the work that individuals do in a business is purely for their own good.
Back
True
3.
FLASHCARD QUESTION
Front
The customer is the ultimate determiner as to whether a business is successful or not.
Back
True
4.
FLASHCARD QUESTION
Front
Using the graph, select the most desirable production volume for the product: 3, 5, 6, 8, 10.
Back
5
5.
FLASHCARD QUESTION
Front
Shows a company owner's equity.
Back
Balance sheet
6.
FLASHCARD QUESTION
Front
What is ‘Cost of Goods Sold’?
Back
Costs directly related to producing & selling the product
7.
FLASHCARD QUESTION
Front
What organization did LEAN concepts originally come from?
Back
Toyota, toyota production system
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