Machinery is an example of which factor of production:

• Land

• Labour

• Capital

• Enterprise

Which of the following is the opposite of just in time?

• Stock control

• Total Quality Management

• Just in case

• Kaizen

Which of the following businesses would be best suited to a just in time stock control system?

• Car manufacturer

• Nationwide footwear retailer

• Wholesaler of building supplies

• School uniform retailer

A business getting good value when buying products means that it will:

• Always get the cheapest price

• Always get the highest quality

• Get the right balance between price and quality

• Charge its customers the lowest price possible

Which of the following is a benefit to a business of having an efficient procurement department?

• Improved levels of customer service

• Increased levels of staff motivation

• Higher sales revenue

• Lower unit costs

Which of the following is the first stage in a supply chain for a chocolate bar?

• The supplier of cocoa beans

• The manufacturer of the chocolate bar

• Transportation between each stage of the supply chain

• The retailer

Which of the following job roles would be found within the logistics department for a large supermarket chain?

• Customer services manager

• Warehouse manager

• Retail manager

• Human resources manager

The time difference between a business ordering and receiving stock is called the:

• Reorder quantity

• Lead time

• Buffer stock

• Reorder level

Which of the following defines the term fixed cost? A cost which:

• Varies according to revenue

• Is only ever paid once

• Varies according to output

• Stays the same regardless of how

Details regarding how products will be produced and information relating to suppliers will be included in which part of a business plan?

• Marketing

• Human resources

• Finance

• Operations