Quiz 1 study guide
1. Which of the following persons would occupy a line position in a department store? I. Sales manager II. Manager, furniture department III. Manager, advertising department IV. Manager, personnel department A) Only I B) Only I and II C) Only I, II, III D) I, II, III, IV
2. The benefits of a successful Just-In-Time system include all of the following except: A) funds tied up in inventories are released for use elsewhere. B) inventory buffers are increased. C) throughput time is reduced. D) defect rates are decreased.
3. A successful JIT system is based upon which of the following concepts? A) The company must rely upon a large number of suppliers to ensure frequent deliveries of small lots. B) The company should always choose those suppliers offering the lowest prices. C) The company should avoid long-term contracts with suppliers so as to exert pressure on suppliers to make prompt and frequent deliveries. D) A small number of suppliers make frequent deliveries of specific quantities thus avoiding the buildup of large inventories of materials on hand.
4. Which of the following statements are true regarding financial and managerial accounting? I. Both are mandatory. II. Both rely on the same underlying financial data. III. Both emphasize the segments of an organization, rather than just looking at the organization as a whole. IV. Both are geared to the future, rather than to the past. A) I, II, III, and IV B) Only II, III and IV C) Only II and III D) Only II
5. The cost of rent for a manufacturing plant is generally considered to be a: Prime cost Product cost A) No Yes B) No No C) Yes No D) Yes Yes
6. The salary of the president of a manufacturing company would be classified as which of the following? A) Product cost B) Period cost C) Manufacturing overhead D) Direct labor
7.
2. The benefits of a successful Just-In-Time system include all of the following except: A) funds tied up in inventories are released for use elsewhere. B) inventory buffers are increased. C) throughput time is reduced. D) defect rates are decreased.
3. A successful JIT system is based upon which of the following concepts? A) The company must rely upon a large number of suppliers to ensure frequent deliveries of small lots. B) The company should always choose those suppliers offering the lowest prices. C) The company should avoid long-term contracts with suppliers so as to exert pressure on suppliers to make prompt and frequent deliveries. D) A small number of suppliers make frequent deliveries of specific quantities thus avoiding the buildup of large inventories of materials on hand.
4. Which of the following statements are true regarding financial and managerial accounting? I. Both are mandatory. II. Both rely on the same underlying financial data. III. Both emphasize the segments of an organization, rather than just looking at the organization as a whole. IV. Both are geared to the future, rather than to the past. A) I, II, III, and IV B) Only II, III and IV C) Only II and III D) Only II
5. The cost of rent for a manufacturing plant is generally considered to be a: Prime cost Product cost A) No Yes B) No No C) Yes No D) Yes Yes
6. The salary of the president of a manufacturing company would be classified as which of the following? A) Product cost B) Period cost C) Manufacturing overhead D) Direct labor
7.