MGMT1000 Midterm 2 Review
Questions with All Correct
Answers
The 3 basic types of processes or methods for production are... - Answer- Make-to-
order, mass production, mass customization
Hailey is doing operations planning and control for her company. She is currently
evaluating how the facility location will affect their ability to serve their customers and
which location will give them the best competitive advantage with their customers. She
is checking what? - Answer- Marketing factors
Josh needs to use a software/system that can calculate the quantity of each component
needed for production and determine when they should be made/ordered based on
sales forecasts and ordering lead times for materials. What software/system should he
use? - Answer- Material Requirements Planning (MRP)
Zoey's business is committed to Total Quality Management (TQM). They are committed
to making constant improvements in the design, production, and delivery of their goods
and services. This is a part of what task of TQM? - Answer- Continuous Improvement
Maria is an executive for a manufacturing company. For the company to become more
competitive, they need to streamline how they make their products. They can do this by:
- Answer- Automating their factories
Focusing on quality-control techniques
Developing new production processes
Tyler works in production. His company provides individual customization that often
results in a longer production and delivery cycle. This is an example of which production
process? - Answer- Make-to-order
The four main types of utility are: - Answer- Time, ownership, form, place
Cash flow reports cash in what distinct areas of business? - Answer- Cash from
operations, cash from investing, cash from financing
A key purpose of accounting is to help _________ make better business decisions by
providing them with financial information. - Answer- Stakeholders
, Brittany is looking at the financial statements for her business. She wants to find out
how much her total cost of goods is. What financial statement should she look at and
what is the term for what she's looking for? - Answer- Income Statement; Cost of Goods
Sold
Financial accounting... - Answer- Adheres to the International Financial Reporting
Standards (IFRS)
Current ratio is an example of a(n): - Answer- Liquidity ratios
Ron is thinking of investing in Connors Confection's. He wants to know what the profit of
Connors Confection's was last year. What statement should he look at? - Answer-
Income Statement
Stephanie works in the accounting department at a small company. Her reports are
tailored to the needs of the individual manager and her reporting format is flexible. What
type of accountant is she? - Answer- Management
What's included in calculating EPS? - Answer- Net Income
Shares of Stock Outstanding
Hayley is looking into investing in an energy company. She is calculating their debt to
equity ratio and notices it has a value of 0.6. This means that... - Answer- They have
invested more into the business than they have has borrowed as the number is less
than 1
Vanessa is looking into investing in a mining company. She is calculating their debt to
equity ratio and notices it has a value of 1.7. This means that... - Answer- They have
invested less into the business than they have borrowed as the number is above 1
Nathan is thinking of investing in Spencer's Shrimp Shack. He wants to know how much
cash is coming in and going out of the company. What statement should he look at? -
Answer- Statement of Cash Flows
What's included in calculating D/E? - Answer- Total Liabilities
Owners Equity
Debt to Equity ratio is an example of a(n): - Answer- Debt ratios
Brandon is looking through financial statements to find a company's net income. He is
looking for... - Answer- The difference between the company's gross profit and
operating expenses
The four-step process which includes a situational analysis, marketing objectives,
marketing strategy, and marketing tactics is known as the: - Answer- Strategic Planning
Process
Questions with All Correct
Answers
The 3 basic types of processes or methods for production are... - Answer- Make-to-
order, mass production, mass customization
Hailey is doing operations planning and control for her company. She is currently
evaluating how the facility location will affect their ability to serve their customers and
which location will give them the best competitive advantage with their customers. She
is checking what? - Answer- Marketing factors
Josh needs to use a software/system that can calculate the quantity of each component
needed for production and determine when they should be made/ordered based on
sales forecasts and ordering lead times for materials. What software/system should he
use? - Answer- Material Requirements Planning (MRP)
Zoey's business is committed to Total Quality Management (TQM). They are committed
to making constant improvements in the design, production, and delivery of their goods
and services. This is a part of what task of TQM? - Answer- Continuous Improvement
Maria is an executive for a manufacturing company. For the company to become more
competitive, they need to streamline how they make their products. They can do this by:
- Answer- Automating their factories
Focusing on quality-control techniques
Developing new production processes
Tyler works in production. His company provides individual customization that often
results in a longer production and delivery cycle. This is an example of which production
process? - Answer- Make-to-order
The four main types of utility are: - Answer- Time, ownership, form, place
Cash flow reports cash in what distinct areas of business? - Answer- Cash from
operations, cash from investing, cash from financing
A key purpose of accounting is to help _________ make better business decisions by
providing them with financial information. - Answer- Stakeholders
, Brittany is looking at the financial statements for her business. She wants to find out
how much her total cost of goods is. What financial statement should she look at and
what is the term for what she's looking for? - Answer- Income Statement; Cost of Goods
Sold
Financial accounting... - Answer- Adheres to the International Financial Reporting
Standards (IFRS)
Current ratio is an example of a(n): - Answer- Liquidity ratios
Ron is thinking of investing in Connors Confection's. He wants to know what the profit of
Connors Confection's was last year. What statement should he look at? - Answer-
Income Statement
Stephanie works in the accounting department at a small company. Her reports are
tailored to the needs of the individual manager and her reporting format is flexible. What
type of accountant is she? - Answer- Management
What's included in calculating EPS? - Answer- Net Income
Shares of Stock Outstanding
Hayley is looking into investing in an energy company. She is calculating their debt to
equity ratio and notices it has a value of 0.6. This means that... - Answer- They have
invested more into the business than they have has borrowed as the number is less
than 1
Vanessa is looking into investing in a mining company. She is calculating their debt to
equity ratio and notices it has a value of 1.7. This means that... - Answer- They have
invested less into the business than they have borrowed as the number is above 1
Nathan is thinking of investing in Spencer's Shrimp Shack. He wants to know how much
cash is coming in and going out of the company. What statement should he look at? -
Answer- Statement of Cash Flows
What's included in calculating D/E? - Answer- Total Liabilities
Owners Equity
Debt to Equity ratio is an example of a(n): - Answer- Debt ratios
Brandon is looking through financial statements to find a company's net income. He is
looking for... - Answer- The difference between the company's gross profit and
operating expenses
The four-step process which includes a situational analysis, marketing objectives,
marketing strategy, and marketing tactics is known as the: - Answer- Strategic Planning
Process
