Virtual Business Challenge - Management

An Accounts Receivable Specialist is in charge of:

• Paying biills on time

• Receiving shipments from suppliers

• Collecting customer payments

• None of the above

An Accounts Payable Specialist is in charge of:

• Paying supplier invoices on time

• Processing orders

• Collecting customer payments

• None of the above

A Purchasing Specialist is in charge of:

• Paying biills on time

• Ordering materials for the business

• Collecting customer payments

• None of the above

What does a systems administrator do?

• monitor systems

• layout the production floor

• keep the computer system running

• monitors employees' performance

Which position is responsible for getting raw materials to the production floor and getting finished products to the shipping area?

• Accounts Payable

• Accounts Receivable

• Assembler

• Material Handler

In this simulation, what are "raw materials"?

• jeans

• jean fabric and thread

• cut jeans legs

• rough cut pocket

In this simulation, can you make a profit in the long run if you have 2 of each production job?

• Yes

• No

How long did the management simulation run?

• 2 weeks

• 1 month

• 6 months

• 2 years

What report shows how many jeans you are making per day?

• Balance Sheet

• Income Statement

• Daily Production

• Process Diagram

When your weekly profit shows $-4000 and your total profit shows $-24,000, what will happen if your weekly profit stays the same for another week?

• You will have a total loss of $-28,000

• You will have a total loss of $-20,000

• You will have a total profit of $20,000

• You will have a total profit of $28,000