Compiled

Question 1

• Refers to the right human resources who will handle certain business operations.

Answer 1

MANPOWER

Question 2

• Enumerates the duties and responsibilities of the potential employee, including the scope, limitations, and terms and conditions of employment.

Answer 2

JOB DESCRIPTION

Question 3

• The input that must be converted to the final output.Refers to what you consume to deliver a task or produce desired output.

Answer 3

MATERIALS

Question 4

• is the process of appointing a third-party manufacturer to do the manufacturing operations of the business.

Answer 4

Outsourcing

Question 5

• overall process managing how resources are acquired, stored, and transported to their final destination.

Answer 5

LOGISTICS

Question 6

• storing of finished goods manufactured in a facility until they are distributed to end users.

Answer 6

WAREHOUSING

Question 7

• it is the process of efficiently transferring the products to retailers or consumers.

Answer 7

TRANSPORTATION

Question 8

• where entrepreneurs/manufacturers combines the goods before delivery to retailers or end consumers

Answer 8

DISTRIBUTION HUB

Question 9

• should be monitored and also be tracked religiously by the entrepreneur/manufacturer. The law of supply and demand must always be taken into account.

Answer 9

INVENTORY

Question 10

• The procedure, technique or way of doing something especially in accordance with the definite plan.

Answer 10

METHOD

Question 11

• Are the basic tools to produce goods or to generate servicesSelection of appropriate machine not only enhances efficiency but also saves times and increases revenue.

Answer 11

MACHINE

Question 12

• The emphasis in mass production is on keeping manufacturing costs low by producing uniform products using repetitive and standardized processes.

Answer 12

MASS PRODUCTION

Question 13

• in mass customization, goods are produced using mass-production techniques, but only up to a point. At that point, the product or service is custom-tailored to the needs or desires of individual customers.

Answer 13

MASS CUSTOMIZATION

Question 14

• Customization is the opposite of mass production. In customization, the firm produces goods or services one at a time according to the specific needs or wants of individual customers.

Answer 14

CUSTOMIZATION

Question 15

• A PROCESS WHEREIN PRODUCTS ARE PRODUCE IN BATCH THAT UNDERGOES DIFFERENT STAGES/ CYCLES TO CREATE THE SAME OUTPUT AT THE TIMELINE.

Answer 15

BATCH PRODUCTION

Question 16

• KNOWN AS DEMAND- DRIVEN METHOD THAT IS CHARACTERIZED BY CONTINUOUS FLOW OF UNITS THROUGH PRODUCTION LINE.- THE FLOW MUST NOT BE ESCAPED, FOR IT FOLLOWS DIFFERENT STAGES TO MAKE A CERTAN PRODUCT.

Answer 16

FLOW METHOD

Question 17

• WHEREIN PRODUCTS ARE MADE WITHOUT DELAY AND REMAINS UNINTERRUPTED, WHEREIN IT IS EXTRACTED FROM RAW MATERIALS TO FINAL PRODUCT GENERATED THROUGH THE USE OF MACHINERY AND EQUIPMENT.

Answer 17

PROCESS MANUFACTURING PRODUCTION

Question 18

In _ _, the basic inputs (natural resources, raw materials) are broken down into one or more outputs (products). For instance, bauxite (the input) is processed to extract aluminum (the output).

Answer 18

process manufacturing

Question 19

The _ _is just the opposite. The basic inputs, like natural resources, raw materials, or human resources, are either combined to create the output or transformed into the output.

Answer 19

assembly process

Question 20

• A second consideration in choosing a production process is timing.

Answer 20

Production Timing

Question 21

• A continuous process uses long production runs that may last days, weeks, or months without equipment shutdowns

Answer 21

Production Timing

Question 22

In an _ _, short production runs are used to make batches of different products. Machines are shut down to change them to make different products at different times. This process is best for low volume, high-variety products such as those produced by mass. customization or customization.

Answer 22

intermittent process

Question 23

•is a tool used in planning that aims to support management or a business owner in its desire to adjust and cope up with uncertainties of the future.

Answer 23

forecasting

Question 24

depend on data from the past and present and make meaningful estimates on revenues and costs.

Answer 24

Forecasting

Question 25

• is a result when sales exceed the cost to produce goods or render the services.

Answer 25

Revenue

Question 26

is recognized when earned, whether paid in cash or charged to the account of the customer.

Answer 26

Revenue

Question 27

Other terms related to revenue includes

Answer 27

Sales and Service Income.

Question 28

is used especially when the nature of business is merchandising or retail,

Answer 28

Sales

Question 29

is used to record revenues earned by rendering services.

Answer 29

Service Income

Question 30

is an accounting term that means that all transactions, regardless of their nature, must be recorded when they occur.

Answer 30

Incurred

Question 31

the business also incurs costs in its operation, these costs are called

Answer 31

Operating Expenses.

Question 32

such as payment on Internet connection, Utilities expense (i.e.Electricity), Salaries and Wages and Miscellaneous are essential in the operation of the business; this allows the business to continue operate in a given period of time.

Answer 32

Operating expenses

Question 33

• refer to the amount of merchandise or goods sold by the business for a given period of time.

Answer 33

Cost of Goods Sold / Cost of Sales

Question 34

This is computed by adding the beginning inventory to the Net Amount of Purchases to arrive with _ _ _ available for sale from which the Merchandise Inventory end is subtracted

Answer 34

Cost of goods

Question 35

• refers to goods and merchandise at the beginning of operation of business or accounting period

Answer 35

Merchandise Inventory, beginning

Question 36

• refers to goods and merchandise left at the end of operation or accounting period.

Answer 36

Merchandise Inventory end

Question 37

• refer to the merchandise or goods purchased.

Answer 37

Purchases

Question 38

• refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer. In this case, it is the buyer who shoulders this costs.

Answer 38

Freight-in

Question 39

• on the other hand simply refers to the amount of money used to produce or manufacture goods/merchandise as well ascosts incured in selling the goods/merchandise.

Answer 39

Cost

Question 40

• When the economy grows, its growth is experienced by the consumers. Consumers are more likely to buy products and services.

Answer 40

The economic condition of the country.

Question 41

• Observe how your competitors are doing business. Since you share the same market with them, information about the number of products sold daily or the number of items they are carrying will give you idea as to how much your competitors are selling. This will give you a benchmark on how much products you need to stock your business in order to cope up with the customer demand.

Answer 41

The competing businesses or competitors.

Question 42

• Changes’ happening in the environment such as customer demographic, lifestyle and buying behaviour gives the entrepreneur a better perspective about the market.

Answer 42

Changes happening in the community

Question 43

• Another factor that affects forecasting revenues in the business itself. Plant capacity often plays a very important role in forecasting.

Answer 43

The internal aspect of the business.

Question 44

• is the gross income. The amount of gross profit provides information to the entrepreneur about revenue earned from sales.

Answer 44

Profit

Question 45

refers to the purchase price of the product including the total outlay required in producing it.

Answer 45

cost

Question 46

• measures the percentage of gross profit to sales, indicating the profit that the business realizes from the sale of the product.

Answer 46

Gross profit rate

Question 47

will also help the entrepreneur set the selling price.

Answer 47

gross profit rate

Question 48

• margin is the excess of gross profit from operating expenses.

Answer 48

Operating profit

Question 49

is the second level of revenue in the income statement.

Answer 49

The operating profit margin

Question 50

of the business measures the percentage of profit available after deducting the cost of sales and operating expenses of the business

Answer 50

The operating profit margin

Question 51

measures its short-term obligations with its most liquid assets and therefore excludes inventories from its current assets.

Answer 51

quick ratio

Question 52

is the net profit margin and the third level in the revenue.

Answer 52

income statement

Question 53

• measures the amount of net income per peso invested to the business.

Answer 53

Return of investment (ROI)