ADM 1100

Question 1

Other Developments in Layout Flexibility

Answer 1

Flexibility manufacturing process (FMS), soft manufacturing, movable factory

Question 2

Scheduling Goods Operations

Answer 2

Master production schedule

Which products, when, what resources, what time period

Question 3

Scheduling Service Operations

Answer 3

Low-contact services: based on desired completion dates and/or arrival

High-contact services:

Question 4

Gantt Charts

Answer 4

A diagram of steps in the project and the time required for each

Can be used to check the progress

Question 5

PERT Charts

Answer 5

Specifies the sequence and critical path of steps in a project

Can identify activities that will cause delay

Question 6

Materials Management

Answer 6

Planning, organizing, and controlling the flow of materials from purchasing

Question 7

Tools for Process Control

Answer 7

Worker training,

Question 8

Materials Requirements Planning (MRP)

Answer 8

Computerized bill of materials estimates production needs

Resources are acquired and put into production only as needed

Question 9

Manufacturing Resource Planning (MRP II)

Answer 9

Advanced version of MRP; ties all parts of the organization into production activities

Question 10

Domestic Productivity

Answer 10

Productivity affects standard of living: employees (wages), investors (profits), customers (prices)

Question 11

Manufacturing productivity is higher than service productivity

Answer 11

But service industries have made some recent gains from modern information technology that eliminates

Question 12

TQM (total quality management)

Answer 12

Includes all activities and parts of the business (customers, suppliers, employees)

Leadership and customer focus are key

Requires highest level of commitment (no defects

Question 13

Performance Quality: refers to the features of a product and how well it performs

Question 14

Quality-Assurance Tools

Answer 14

Competitive product analysis

Value-added analysis

Statistical process control

Quality/cost studies

Quality-improvement teams

Benchmarking

Question 15

Value-Added Analysis

Answer 15

Evalutation

Question 16

Statistical Process Control (SPC)

Answer 16

SPC methods enable managers to analyze variations in production data

Detect when adjustments are needed to create products with high quality reliability

Question 17

Process Variation

Answer 17

Change in employees, materials, work methods, or equipment that affects output quality

Question 18

Control Chart

Question 19

Quality/Cost Studies

Answer 19

Assesing

Question 20

Benchmarking

Answer 20

Compares the quality of a firm’s output with the quality of the output

Question 21

Supply Chain Management

Answer 21

Offers a competitive edge because companies are working together to improve the overall flow of goods

Question 22

Accounting

Answer 22

A comprehensive system for collecting, analyzing, and communicating financial information

Question 23

Bookkeeping

Question 24

International Financial Reporting Standards (IFRS)

Answer 24

Standard accounting rules

Question 25

Asset

Answer 25

Anything of economic value of owned by a firm or individual

Question 26

Liability

Answer 26

Any debt owed by a firm or an individual

Question 27

Owner's Equity

Answer 27

Any positive difference between a firm's

Question 28

The Accounting Equation

Answer 28

Assets = Liabilities + Owners' Equity

Question 29

Current Assets: Cash

Answer 29

Things you can convert into cash within a year

Question 30

Current Assets: Accounts Receivable

Answer 30

Amounts owed to the firm by customers

Question 31

Current Assets: Inventory

Answer 31

Cost of merchandise acquired for sale but not yet sold

Question 32

Current Assets: Prepaid Expenses

Answer 32

Supplies on hand and rent (other bills) paid for coming period

Question 33

Fixed Assets

Answer 33

Have long-term use or value (ex. land, building, machinery, depreciation)

Question 34

Depreciation

Answer 34

Distributing the cost of a major asset over its lifetime, deducted yearly

Question 35

Finance Involves 4 key Responsibilities

Answer 35

Determine a firm's long-term investments Obtain funds to pay for those investments Conduct the firm's everyday financial activities Help manage the risks that a firm takes

Question 36

Financial Statements: Intangible Assetes

Answer 36

Non-physical assets with economic value (difficult to calculate) (ex. patents, trademarks, franchise fees, copyrights)

Question 37

Financial

Question 38

Liabilities and Owner's Equity

Answer 38

Current Liabilities: debts owed by the firm the must be paid

Question 39

Income Statement

Question 40

Operations

Answer 40

Cash flows from buying and selling of goods and services

Question 41

Investments

Answer 41

Cash flows from investment activities

Question 42

Financing

Answer 42

Cash flows from financing activities

Question 43

Revenue Recognition

Answer 43

The formal recording and reporting of revenues in financial statements once the earnings cycle is completed

Question 44

Matching

Answer 44

Expenses will be matched with revenues to show net income for an accounting period

Question 45

Budget

Answer 45

A detailed financial plan of estimates receipts and expenditures for a future period An internal financial statement (usually 1 year) Requires input from other departments Compares actual vs. budget to signal problems

Question 46

Solvency Ratios (S)

Answer 46

Short term: current ratio Long term: