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- Which of the following are the basic requirements of any business? O a. Needs b. Pricing O C. Planning O d. ExchangeThe definition of work-in-process (WIP) inventory is: Select one: a. An end item ready to be sold, but still an asset on the company's books. b. Products or components that are no longer raw materials but have not yet become finished products. c. Materials for maintenance, repair and operation. d. Materials that are normally purchased but have not yet entered the manufacturing process. and. Additional stock to allow for uneven demand; a buffer.31- Which one of the statements is relevant to the services? a. Services are perishable b. Services can be measured c. Services can be stored d. Services can be warehoused
- It is costly to hold inventory, but inventory can also be useful in a process because:a. adding inventory to a process will shorten the average time a unit spends in a process.b. adding inventory to a process can help reduce situations in which sales are lost due touncertain demand.c. adding inventory to a process is likely to increase quality.d. adding inventory to a process will increase the profit margin of the item.Indicate how services differ from goods. (Note that for this question, the words generally and often have been used in the choices below to acknowledge the fact that none of the statements is true under all circumstances). A. Services are generally intangible. B. Delivery and consumption of services often occur simultaneously. C. Service outputs often cannot be inventoried. D. All of the above.Which of the following business is referred to as extraction business? O a. Wholesaling business O b. Farming Oc. Service business O d. Mining
- 8. Inventory control, purchase order processing, receiving, and accounts payable systems make up a set of systems that support the ___________________ business function. 9. The ____________ transaction processing system manages the cash flow of the company by keeping track of the money owed the company. A company that implements an enterprise resource planning system is creating a highly integrated set of systems, which can lead to many business benefits. 10. Many multinational companies roll out standard IS applications for all to use. However, standard applications often don’t account for all the differences among business partners and employees operating in other parts of the world. Which of the following is a frequent modification that is needed for standard software? a. Software might need to be designed with local language interfaces to ensure the successful implementation of a new IS. b. Customization might be needed to handle date fields correctly. c. Users might also have…13.2 Match the terms in the left coluran with their appropriate definition in the right column. Terms Definitions 1. Economic order quantity (EOQ) a. A document that creates a legal obligation to buy and pay for goods or services 2. Materials requirements planning (MRP) b. The method used to maintain the cash balance in the petty cash account_______ is the result of optimizing the manufacturing and logistics processes. Group of answer choices Cost reduction Productivity Quality Cycle and fulfillment time reduction
- Computer maker Dell realized the problems with keeping large inventories, especially because of the fast rate of obsolescence of electronics components. Dell now keeps only about two hours of inventory in its factories. The company is most likely using a ________ system. a. scan based b. customer-managed inventory c. just-in-time inventory management d. sales and marketingWhich of the following is NOT a function of inventories? Select one: a. None of the choices b. To decouple operations c. To permit operations d. To take advantage of order cycles e. To manage facility layoutThe IT functions do not directly support the business objectives of an organization. Select one: O True O False S PAGE