Steam engine, the most important machine power, was invented by _____ in 1764.

• James Watt

• Frederick W. Taylor

• Elton Mayo

• Adam Smith

This business function is responsible in managing the people, equipment, technology, materials and information. Its goal is to produce goods and/or services.

• Finance

• Marketing

• Accounting

• Operations Management

This business function is responsible in managing customer demands and its goal is to generate sales for the company's goods and/or services.

• Finance

• Marketing

• Accounting

• Operations Management

TRUE or FALSE: Operations management is both a "business function" and "accounting function".

• True

• False

The process that converts a company's inputs into the finished goods or services is called _____.

• Transformative Process

• Transformation Process

• Transformer Process

• Transfiguration Process

He introduced the concept of division of labor in 1776.

• James Watt

• Frederick W. Taylor

• Elton Mayo

• Adam Smith

The following are part of a company's input, except:

• Facilities and Processes

• Goods and Services

• Human Resources

• Technologies

This term means being able to perform activities well and at the lowest possible cost.

• Effectiveness

• Value added

• Finance

• Efficiency

This business function is responsible in managing the cash flow, current assets

and capital investments of the company.

• Finance

• Marketing

• Accounting

• Operations Management

This type of organization is responsible in producing physical, tangible goods that can be stored in inventory before they are needed.

• Distribution Channel

• Manufacturing Organization

• Service Organization

• Retail Organization