Principles of Management - Final

Studies have shown that almost all small business managers carry sufficient insurance protection.

• True

• False

Quality management is applicable to

• Both service and manufacturing businesses.

• Both marketing and sales businesses

Wrongful acts or omissions for which an injured party can take legal action against the wrongdoer to seek monetary damages is called tort.

• True

• False

Key-person life insurance

• Protects the firm from losses due to the death of a key employee.

• Does not protect from losses due to the death of an employee

The type of manufacturing that involves computer-controlled equipment that can turn out a variety of products in smaller quantities is

• Flexible Manufacturing

• Non-flexible Manufacturing

Projects are becoming less and less common in the modern world.

• True

• False

Any point in an operations system where limited capacity reduces the production capacity of an entire chain of activities is called in

• Bottleneck

• Waterneck

A project is

• Work that happens ONE TIME only and has a clear beginning and end.

• Work that happens EVERY TIME and has clear beginning and end.

Pure risk refers to a situation where only loss or no loss can occur—there is no potential gain.

• True

• False

A genuine concern for customer needs and customer satisfaction is a powerful force that energizes the total quality management effort of a small business.

• True

• False