Strayer Bus402 Week 9 quiz 9

Question 1 The implementation of TQM can not succeed unless:Answerthe company is willing to undergo immediate radical transformation of all of its processes.the company has extensive market research on its markets, competitors, and customers.it is fully supported by upper management and has the involvement of the CEO.the lowest level of employees is willing to implement the program from the very beginning.2 points Question 2 ________ discounts give customers an incentive to pay for merchandise promptly.AnswerTradeQuantityCashCumulative2 points Question 3 ________ is the right to ownership of property and, for a small business owner, determines who has responsibility for ownership.AnswerIdentificationRisk of lossConcept of titleF.O.B.2 points Question 4 Holding or carrying costs include the costs of:Answerordering materials and inventory.receiving and inspecting items and all administrative costs.insurance, taxes, depreciation, etc.processing a purchase order.2 points Question 5 In order to constantly improve the system of production and service, managers must focus the entire company on:Answerthe product.customer satisfaction.the manufacturing process.the purchasing process.2 points Question 6 “F.O.B. buyer” means that:Answertitle passes to the buyer when the seller delivers the goods to the shipper.risk of loss passes to the buyer when the seller delivers the goods to the buyer’s place of business.the buyer pays all shipping and transportation costs.both title and risk of loss pass to the buyer immediately upon payment of the contract regardless of location of the goods.2 points Question 7 “F.O.B. seller” means that:Answertitle passes to the buyer when the seller delivers the goods to the buyer.risk of loss transfers to the buyer when the seller delivers the goods to the carrier.the seller pays all shipping and transportation costs.the buyer has both title and risk of loss as soon as the goods are paid for, regardless of their physical location.2 points Question 8 The basic reorder point model assumes that:Answerthe firm’s inventory usage rate is constant.the lead time varies.safety stock is set at 5%.the demand pattern is constant.2 points Question 9 ________ is one of the elements of the total inventory costs.AnswerDemandSet-up costsStanding costsSafety stock2 points Question 10 The first step in developing a vendor certification process is to:Answerdevelop a grading scale for vendors.identify the most important criteria.create a list of vendors to be evaluated.weight the criteria used to evaluate the vendors.2 points Question 11 When shopping for a vendor, a small business owner should seek:Answerthe best transfer of risk possible.the lowest price.the best price at acceptable quality.to change vendors often in order to get the lowest price.2 points Question 12 The responsibility for verifying the identity and condition of merchandise:Answeris the seller’s.is the carrier’s.depends on the nature of the contract between buyer and seller.is the buyer’s.2 points Question 13 Many small businesses build a(n) ________, or cushion, into their inventories in case demand runs ahead of the anticipated usage rate.Answersafety stocklead timeEOQstockout point2 points Question 14 ________ discounts are normally set up on a graduated scale and are based on a firm’s position in the channel of distribution and on the functions it performs in that channel.AnswerTradeQuantityCashCumulative2 points Question 15 Deming’s 14 Points include:Answerawarding business to suppliers on the basis of the best price.correcting defects at the end of the production process.establishing production quotas.adopting a total quality philosophy.2 points Question 16 A form of inventory management used in manufacturing that stresses a harmonious relationship with suppliers is:AnswerCRM.TQM.Efficient Consumer Response.JIT II.2 points Question 17 The purpose of ABC inventory analysis is:Answerto help retail stores control their inventories to prevent shoplifting and employee theft.to save time by only inventorying those items that produce the majority of a firm’s sales.to focus inventory control efforts on items that account for the majority of sales.a system to facilitate the computerization of a firm’s perpetual inventory system.2 points Question 18 For most retailers and wholesalers, the investment in ________ is the largest capital outlay next to payroll.Answeroffice equipment, computers, etc.vehicles, automobiles and trucksinventorytaxes and licensing fees2 points Question 19 The two-bin system and the tag system of inventory control are best suited for items classified as ________ in ABC analysis.Answer”A” itemsperishable items”C” items”B” items2 points Question 20 In ABC analysis, the dollar usage value of an item is determined by:Answerits price per unit times its shrinkage rate.a statistical application of the 80/20 rule.POS systems.its cost per unit and its sales volume.2 points Question 21 A retail version of Just-In-Time inventory control is called:AnswerEDITQM.Efficient Consumer Response.JIT II.2 points Question 22 ________ system enables business owners to track their inventories and to place orders with vendors quickly and with few errors by linking them to their vendors electronically.AnswerElectronic Data Processing (EDP)Electronic Fund Processing (EFP)Electronic Data Interchange (EDI)Enterprise Resource Planning (ERP)2 points Question 23 “Just-In-Time” inventory control techniques are most successful in what type of environment?AnswerRepetitive manufacturing operations where inventory levels are significant at the outsetWhere product requirements are customized for each customerWhere a company changes suppliers regularly and those suppliers are independent of the manufacturerWhere inventory levels have been reduced to safety stock levels2 points Question 24 Typically, the small business owner’s response to slow-moving inventory is to:Answerhold a one-day sale.mark it down to move it out and put the cash generated into fresh inventory.set up bargain tables or place it in a middle-of-the-aisle display.postpone marking it down until it’s too late.2 points Question 25 A ________ inventory control system is best suited for controlling merchandise classified as “B” items.Answerpartialperpetualvisualperiodic2 points Question 26 The inventory turnover ratio is computed by:Answerdividing the firm’s cost of goods sold by its average inventory.dividing average inventory by firm’s cost of goods sold.dividing the firm’s revenue by its average inventory.dividing all costs by its average inventory.2 points Question 27 The ultimate goal for every business is to drive the inventory to ________.Answerzerobelow averageaverageabove average2 points Question 28 JIT systems need two significant human elements to be successful: mutual trust and teamwork, and:Answeran individual incentive/rewards program.staff training.a benefits program.empowerment.2 points Question 29 The most common method of liquidating slow-moving merchandise is:Answera markdown.the one-day only sale.quantity discounts for volume purchases.an advertising blitz.2 points Question 30 A physical inventory count should be taken at least:Answeronce a week.once a year.every six months.daily.

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