Question 1

_________________ can expand the capacity to create new products, services, channels, and market opportunities that lead to new revenue streams.

Accepted Answer

The answer of _________________ can expand the capacity to create...

Question 2

Why is managing inventory important to profit margins?

Accepted Answer

Managing inventory is important to profit margins because of numerous costs associated with inventory such as storage costs, handling costs, the cost of capital tied up in inventory, and the cost of lost or damaged inventory. By managing inventory effectively, a company can minimize these costs and improve its profit margins. Therefore, option B is the best choice.

Question 3

Automation of as many of the manufacturing processes as possible is one of the basic goals of:_____________

Accepted Answer

Computer integrated manufacturing (CIM) is focused on integrating all aspects of manufacturing through the use of technology and automation, including the goal of automating as many processes as possible. Manufacturing execution systems (MES) provide real-time information and decision-making capabilities, but do not necessarily focus on automation. Transportation management systems (TMS) focus on managing the movement of goods and materials, while flexible manufacturing systems (FMS) use a combination of automation and flexible machinery to produce a range of products.

Question 4

In deciding on advertising and other marketing efforts, managers need to know the profit contribution or profit margin, which is based on

Accepted Answer

Profit contribution or profit margin is calculated by subtracting the cost of goods from the sale price. This represents the amount of money left over to cover other expenses and profits. Therefore, the correct option is B.

Question 5

In 2012, Agistix agistix.com) introduced________________ which aggregates and standardizes a company's shipping activities and provides shippers with a comprehensive view into every shipment they have paid for anywhere in the world.

Accepted Answer

Agistix introduced Total Visibility which provides shippers with a comprehensive view into every shipment they have paid for anywhere in the world.

Question 6

Which of the following attempts to minimize the total cost of inventory while maintaining optimal inventory levels?

Accepted Answer

Inventory control systems aim to minimize the total cost of inventory by maintaining optimal levels. HR, online transaction processing, and data accuracy do not specifically address inventory control or cost minimization.

Question 7

________________ work by offering customers an incredible offer for a very short time. This sales method lends itself perfectly to the immediacy of social media, and it's a next stage in social commerce

Accepted Answer

Flash sales are sales that offer customers an incredible offer for a very short time, usually just a few hours. This sales method lends itself perfectly to the immediacy of social media, where brands can quickly and easily reach a large audience with their offer. Flash sales are a next stage in social commerce because they allow brands to reach customers directly and quickly, encouraging immediate purchases.

Question 8

_________________ ads appear based on the keywords or phrases a user types during an online search.

Accepted Answer

Pull-through ads are also known as search ads as they appear on the search results page based on the keywords or phrases entered by the user during an online search. The user actively seeks out information related to the ad, making it more likely to result in a conversion or click-through.

Question 9

In order to operate efficiently, many businesses use ____________ which requires suppliers to deliver small lots on a daily or frequent basis, and production machines are not necessarily run at full capacity.

Accepted Answer

The answer of In order to operate efficiently, many businesses...

Question 10

To minimize costs associated with managing inventory, the POM department has to decide when to order and how much to order. One inventory model that is used to answer both questions is the ___________________model. It takes all costs into consideration.

Accepted Answer

The Economic Order Quantity (EOQ) model is specifically designed to minimize inventory costs by determining the optimal order quantity and reorder points. It takes into account all relevant costs, including ordering costs, holding costs, and stockout costs. OLTP is a data processing system used in e-commerce, TMS is used for managing transportation logistics, and SOP is a set of instructions for routine operations. None of these models address inventory management specifically, making A the correct choice.

Question 11

Profitability metrics for products and services can be derived from the ______________ system.

Accepted Answer

Cost accounting systems are specifically designed to track and analyze the costs associated with producing and delivering products and services. By understanding the costs, companies can determine how much they need to price their products to make a profit and identify areas where they can reduce costs to increase profitability. Therefore, profitability metrics can be derived from cost accounting systems.

Question 12

What system provides data about the quality of incoming materials and parts, as well as the quality of in-process semi-finished and finished products? These systems record the results of all inspections and compare actual results to expected results.

Accepted Answer

Manufacturing quality control (QC) systems are designed to provide data about the quality of incoming materials, in-process semi-finished and finished products. These systems record the results of inspections and compare actual results to expected results, allowing for necessary adjustments to be made to maintain quality standards. Economic order quantity (EOQ), transportation management systems (TMS), and just-in-time (JIT) systems do not provide this level of detailed quality control data.

Question 13

Coordination of several complex processes, namely ordering, purchasing or procurement, inbound logistics receiving), and outbound logistics shipping) activities is called _________________.

Accepted Answer

The coordination of the processes mentioned (ordering, purchasing or procurement, inbound logistics receiving), and outbound logistics shipping) is known as logistics management. HR is not related to these activities, whereas online transaction processing and data accuracy are important for logistics management but do not encompass all the activities mentioned in the question.

Question 14

Attempting to minimize holding costs by not taking possession of inventory until it is needed in the production process is referred to as ______________________.

Accepted Answer

Just-in-time (JIT) refers to a production strategy where inventory is only ordered or produced when it is needed for the production process. This helps to minimize holding costs associated with storing excess inventory. EOQ, OLTP, and TMS are all related to inventory management or supply chain management, but they do not specifically address the need to minimize holding costs through just-in-time production.

Question 15

At publicly traded firms, the accounting and finance functions are responsible for accurately disclosing reporting) the firm's financial condition to regulatory agencies. For example, firms must file____________________ to the SEC. Financial statements include Statements of Financial Position, Comprehensive Income, Changes in Equity, and Cash Flows.

Accepted Answer

Publicly traded firms are required to file quarterly and annual financial statements to the SEC, which include Statements of Financial Position, Comprehensive Income, Changes in Equity, and Cash Flows. Quarterly and annual marketing or manufacturing statements are not required by regulatory agencies. Quarterly and annual profitability margins may be included in financial statements, but they are not the primary focus.

Question 16

_________________ pay-per-click ads use data about the person to determine whether the ad should appear. This capability creates opportunities for highly targeted advertising programs.

Accepted Answer

The answer of _________________ pay-per-click ads use data about the...

Question 17

A key element of the CIM strategy was the deployment of two __________________ that can accommodate the manufacture of different parts at different volumes.

Accepted Answer

The key element of the CIM strategy mentioned is the deployment of flexible manufacturing systems (FMS), which allows for the manufacture of different parts at different volumes. The other options listed are not directly related to this concept.

Question 18

Prior to the adoption of this process, production managers were given many pieces of information such as time, attendance, receiving reports, inspection reports, and so on to figure out how to accomplish production tasks. The information was late, rarely current or reliable, voluminous, and extremely difficult to assimilate. This system helps production managers better use information to execute manufacturing plans.

Accepted Answer

Computer integrated manufacturing (CIM) systems provide real-time information and data to production managers, allowing them to better execute manufacturing plans. This system helps to improve the assimilation and reliability of information, which was a problem with the previous system.

Question 19

A _______________________ is similar to Computer Integrated Manufacturing, but is based much more on standard reusable application software instead of custom designed software programs. It eliminates the information gap that existed in previous years by providing real time information.

Accepted Answer

The description closely matches a Manufacturing Execution System (MES) which relies on standard application software to eliminate information gaps and provide real-time information. Quality control systems, transportation management systems, and just-in-time systems do not have the same emphasis on standard application software as MES.

Question 20

Synchronizing inbound and outbound flows of materials or goods is an example of:_____________________

Accepted Answer

Synchronizing inbound and outbound flows of materials or goods is a core function of logistics management, which involves managing the movement of goods from suppliers to customers in the most efficient and cost-effective way possible. This includes optimizing transportation, warehousing, inventory management, and other related activities to ensure that products are delivered on time, in the right quantity and quality, and at the right cost. HR, OLTP, and data accuracy are all important in the overall management of a business, but they are not directly related to logistics management or the synchronization of inbound and outbound flows.

Quiz 9: Functional Area and Compliance Systems