Intro to Business: 1-6 Lesson Quiz

The daily functioning of an organization, managing the inputs and outputs, which also includes manufacturing, purchasing, and logistics is:

• Operations

• Strategy

• Human Resources

• Information Management

It is said that strategy is responsible for 10% of a business’s success, while ___________ accounts for the other 90%.

• marketing

• execution

• management

• manufacturing

The making of products from raw materials and other inputs like labor, machinery and tools is:

• purchasing

• transportation

• manufacturing

• logistics

Using technology and assembly lines to make large quantities of the same product is:

• inventory management

• quality control

• information management

• mass production

Which of the following is an example of an output?

• house

• concrete

• wood

• wiring

The organized acquisition of goods and services on behalf of a business is:

• marketing

• purchasing

• strategy

• management

What does purchasing manage?

• suppliers in the supply chain

• half of the profit margin equation

• the flow of inputs and outputs

• the 4Ps including purchasing

Sales revenue minus Cost of Goods Sold (COGS) is:

• mass production

• gross margin

• an input

• an output

A candy store owner purchases chocolates for $6 per box then sells the chocolates for $10 per box. What is the store owner’s gross margin for the chocolates?

• $16 or 60%

• $4 or 40%

• $10 or 40%

• $6 or 60%

What is optimizing the flow of inputs and outputs until goods reach their final destination?

• purchasing

• manufacturing

• logistics

• margins