Business Essentials 4.02 Exam
Questions &Answers (GRADED A)
bottom line - ANSWER -a business's net income; the decisive point
holding cost - ANSWER -the money it takes to keep inventory in stock
inputs - ANSWER -in the operations function - resources utilized
inventory - ANSWER -all the stock that a business has on hand
inventory control - ANSWER -tracking the amount, the kind, and the value of inventory
that a business has on hand
logistics - ANSWER -refers to managing the flow of goods and services from production
to consumption
operations - ANSWER -the day-to-day activities for continued business functioning
outputs - ANSWER -in the operations function - goods or services
purchasing - ANSWER -the buying of goods and services for a business
quality control - ANSWER -ensuring the degree of excellence of a good or service
routing - ANSWER -the production activity that determines the sequence of the steps in
the production process
scheduling - ANSWER -the production activity that establishes the timetable to be
followed in production
timing - ANSWER -In the production process, determining when materials will arrive at a
certain destination and how long they will stay there
Questions &Answers (GRADED A)
bottom line - ANSWER -a business's net income; the decisive point
holding cost - ANSWER -the money it takes to keep inventory in stock
inputs - ANSWER -in the operations function - resources utilized
inventory - ANSWER -all the stock that a business has on hand
inventory control - ANSWER -tracking the amount, the kind, and the value of inventory
that a business has on hand
logistics - ANSWER -refers to managing the flow of goods and services from production
to consumption
operations - ANSWER -the day-to-day activities for continued business functioning
outputs - ANSWER -in the operations function - goods or services
purchasing - ANSWER -the buying of goods and services for a business
quality control - ANSWER -ensuring the degree of excellence of a good or service
routing - ANSWER -the production activity that determines the sequence of the steps in
the production process
scheduling - ANSWER -the production activity that establishes the timetable to be
followed in production
timing - ANSWER -In the production process, determining when materials will arrive at a
certain destination and how long they will stay there
