Homework (HT2.2- Production)

What is the main purpose of quality control in a business?

• To increase the number of products made

• To ensure products are of good quality

• To reduce the cost of materials

• To improve employee satisfaction

Which of the following is a basic inventory management technique?

• Just-in-time (JIT)

• Total Quality Management (TQM)

• Customer Relationship Management (CRM)

• Financial Forecasting

What does Customer Relationship Management (CRM) help a business do?

• Manage its finances

• Track and improve customer interactions

• Control its inventory

• Design new products

Which activity is part of financial operations management?

• Designing new products

• Budgeting and planning finances

• Hiring new staff

• Managing customer complaints

In quality control, what is a "defect"?

• A new product feature

• A mistake or flaw in a product

• A type of customer feedback

• A financial term

Which inventory management method aims to keep inventory levels low?

• Economic Order Quantity (EOQ)

• Just-in-time (JIT)

• First In, First Out (FIFO)

• Last In, First Out (LIFO)

What does financial forecasting involve?

• Checking product quality

• Predicting future financial performance

• Managing customer data

• Organising inventory

What is the role of a quality control inspector?

• To create new marketing strategies

• To check that products meet quality standards

• To manage the company's finances

• To handle customer complaints

What is a common feature of CRM software?

• Tracking inventory levels

• Managing customer information

• Designing new products

• Conducting financial audits

In financial operations, what does "liquidity" mean?

• The ability to pay short-term debts

• The total value of a company's assets

• The company's profit margin

• The number of products sold