Chapter 14

Proactivity, one of the types of control, includes which of the following?

• Initiate.
• concurrent.
• fastforward.
• outcome control

Balance sheets are usually done at the beginning of each month.

• True
• False

The portion of a bank note that is not payable in the coming year is short-term debt.

• True
• False

The net income portion of the PL statement is the bottom line and is a measure of a firms ability to operate at a profit.

• True
• False

An example of fixed assets is

• land.
• patents.
• inventory.
• equipment.

An example of variable expenses includes

• employee wages.
• contractual agreements.
• internet connections charges.
• legal retainer services.

There is no universal definition of lean and little agreement about what the truly core principles of lean are.

• True
• False

Transportation is a cost with no added value.

• True
• False

Research suggests that up to ___________ of manufacturing firms are using some form of lean in their business.

• 20%
• 30%
• 50%
• 70%

A core principle of lean which means continuous improvement is expressed by the word(s):

• muda.
• kaizen.
• flow.
• pull.