Business Exam with all Correct & 100% Verified
Answers |Latest Update| Guaranteed to Pass
what are the four functions of management and which is the first step in managing ✔Correct
Answer-planning(first step), organizing, leading and controlling
activities that are designed to encourage teamwork and help employees buy into common goals are
called what? ✔Correct Answer-team building
describe human relations skills ✔Correct Answer-the study of how people relate to each other
what is time management ✔Correct Answer-the process of using time effectively
what are quantity discounts ✔Correct Answer-a discount that a vendor gives to a buyer who places
large orders
when you recieve a shipment from a vendor, it should come with an _____ that you will use to check
against your purchase order ✔Correct Answer-invoice
what is the difference between shrinkage and obsolescence costs ✔Correct Answer-shrinkage
costs are w/ the loss of inventory that are broken, etc.
obsolescence costs are w/ products or materials that become obsolete while in inventory
describe just in time inventory systems ✔Correct Answer-it shifts most of the inventory chores to
the vendor
what is quality control ✔Correct Answer-the process of making sure the goods or services you
produce meet certain standards
wgar does distribution management include ✔Correct Answer-transportation, shipping &
receiving, storage & warehousing, materials handling, and specification of delivery terms
what are the 4 steps of the product development process ✔Correct Answer-opportunity
recognition, concept investigation, product design, prototype building and testing
describe the following carriers : common, contract, private ✔Correct Answer-common - a firm that
provides transportation services at uniform rates to the general public
contract - shipping company that transports freight under control w/ one or more shippers
private - business that operates its own vehicles for the purpose of transporting its own products and
materials
what type of business will usually have a no credit policy ✔Correct Answer-convenience stores
which type of credit entails less risk for a merchant ✔Correct Answer-bank credit cards
list and describe the 3 c's of credit ✔Correct Answer-1. character - a borrowers reputation for
honest dealings
2. capacity - a borrowers ability to repay a debt
3. capital - the overall assets of an individual
Answers |Latest Update| Guaranteed to Pass
what are the four functions of management and which is the first step in managing ✔Correct
Answer-planning(first step), organizing, leading and controlling
activities that are designed to encourage teamwork and help employees buy into common goals are
called what? ✔Correct Answer-team building
describe human relations skills ✔Correct Answer-the study of how people relate to each other
what is time management ✔Correct Answer-the process of using time effectively
what are quantity discounts ✔Correct Answer-a discount that a vendor gives to a buyer who places
large orders
when you recieve a shipment from a vendor, it should come with an _____ that you will use to check
against your purchase order ✔Correct Answer-invoice
what is the difference between shrinkage and obsolescence costs ✔Correct Answer-shrinkage
costs are w/ the loss of inventory that are broken, etc.
obsolescence costs are w/ products or materials that become obsolete while in inventory
describe just in time inventory systems ✔Correct Answer-it shifts most of the inventory chores to
the vendor
what is quality control ✔Correct Answer-the process of making sure the goods or services you
produce meet certain standards
wgar does distribution management include ✔Correct Answer-transportation, shipping &
receiving, storage & warehousing, materials handling, and specification of delivery terms
what are the 4 steps of the product development process ✔Correct Answer-opportunity
recognition, concept investigation, product design, prototype building and testing
describe the following carriers : common, contract, private ✔Correct Answer-common - a firm that
provides transportation services at uniform rates to the general public
contract - shipping company that transports freight under control w/ one or more shippers
private - business that operates its own vehicles for the purpose of transporting its own products and
materials
what type of business will usually have a no credit policy ✔Correct Answer-convenience stores
which type of credit entails less risk for a merchant ✔Correct Answer-bank credit cards
list and describe the 3 c's of credit ✔Correct Answer-1. character - a borrowers reputation for
honest dealings
2. capacity - a borrowers ability to repay a debt
3. capital - the overall assets of an individual
