Quiz #3: Business Functions and Supply Chains

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  1. AR stands for ________ ________. Answer Accounts Receivable
  2. AP stands for ________ ________. Answer Accounts Payable
  3. GL stands for ________ ________. Answer General Ledger
  4. P&L stands for ________ & ________. Answer Profit & Loss
  5. SCM stands for ________ ________ ________. Answer Supply Chain Management
  6. EFT stands for ________ ________ ________. Answer Electronic Funds Transfer
  7. CAD stands for ________ ________ ________. Answer Computer-aided Design
  8. CAM stands for ________ ________ ________. Answer Computer-aided Manufacturing
  9. CRM stands for ________ ________ ________. Answer Customer Relationship Management
  10. HR stands for ________ ________. Answer Human Resources
  11. JIT stands for ________ ________ ________. Answer Just-in-time
  12. BOM stands for ________ ________ ________. Answer Bill of Materials
  13. EOQ stands for ________ ________ ________. Answer Economic Order Quantity
  14. CTI stands for ________ ________ ________. Answer Computer Telephone Integration
  15. FAQ stands for ________ ________ ________. Answer Frequently Asked Questions
  16. PDA stands for ________ ________ ________. Answer Personal Digital Assistant
  17. RFID stands for ________ ________ ________. Answer Radio Frequency IDentification

    18. Short answer

  18. What is rapid prototyping? Answer It is used to create quick three dimensional models of solid objects, or quick non-working (or barely working) versions of websites and software. It is used to check out possible design problems before additional engineering is approved.
  19. What is brainstorming? Answer The process of proposing ideas quickly without immediate regard for their practicality so as to reduce inhibitions and obstructions. It is used to escape from everyday thinking and come up with new ideas.
  20. What is time-to-market? Answer The amount of time it takes to take a product from original conception to first unit ready for sale.
  21. What is a bill of materials? Answer A list of what is needed to produce a product.
  22. What is an economic order quantity? Answer The optimal amount of an item to order considering factors such as overstocking, rate of consumption, quantity on hand, volume discounts, and alternative uses of the money to be spent.
  23. What is the difference between efficiency and productivity? Answer Efficiency is determined by benefits versus cost (benefits / cost). Productivity is output per worker. Therefore, highly productive workers may not be as efficient as less productive workers if they are being paid a lot more.
  24. List five functions of a human resources department. Answer
    • employee record management
    • employee promotion and recruitment
    • training
    • evaluation
    • compensation and benefits
  25. List at least four rules a company should follow when collecting customer information. Answer
    • procedures must be implemented to guarantee that these rules are followed
    • the purpose for collecting the data and the type of information collected should be made known to the customer
    • the data collected must be relevant for the purpose it is collected
    • the data must be accurate
    • the data must be current
    • the data must be secure
    • the data should never be shared with third parties without the express consent of the customer
    • the data should be retained for a limited time
    • the data should be recorded in a way that makes it impossible for others to also record the data (such as disabling RFID tags at the checkout counter)
    • a process must be available for a customer to review and adjust their collected data

    26. Matching

    Identify the letter of the choice that best matches the phrase or definition.

    1. productivity
    2. accounting
    3. efficiency
    4. accounts receivable
    5. bill of materials
    6. accounts payable
    7. effectiveness
  26. the degree to which a goal is achieved Answer G (effectiveness)
  27. benefits vs. costs Answer C (efficiency)
  28. output per worker Answer A (productivity)
  29. reports what you are owed Answer D (accounts receivable)
  30. reports what you owe others Answer F (accounts payable)
  31. a list of what is needed to produce something Answer E (bill of materials)
  32. details all financial transactions Answer B (accounting)