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Study Resources (Business Management)

  164) What impact has the Americans with Disabilities Act had on small businesses in terms of building location and layout?   165) Discuss the functional aspects of a building's interior and lighting and their importance to the business. 166) What layout options are available to retailers? Explain why you would use each one.
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    31) The type of business that does well when located near competitors is: A) one that has a unique product line, dissimilar to that of its competitors. B) one that sells high-priced products that customers comparison shop for. C) one whose location is part of its trademark. D) one located in an incubator.   32) Generally.
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    111) The Americans with Disabilities Act requires all companies to make their facilities accessible to disabled customers and employees.   112) Any company with 15 or more employees and any buildings occupied after January 25, 1993 must comply with the Americans with Disabilities Act.   113) The key to determining what needs to be.
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    21) What is Albemarle's Economic Order Quantity (EOQ) for the upcoming six months? A) 292 heads B) 358 heads C) 396 heads D) 584 heads   22) Approximately how many orders will Albemarle place over the next six months if it uses the EOQ point? A) 28 B) 50 C) 74 D) 82 23) What is Albemarle's total inventory cost.
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    11) Critical to TQM is: A) management competence. B) understanding the product. C) continual improvement. D) knowing your competition. 12) Successful implementation of TQM involves: A) modification in the operational culture. B) work process. C) Both A and B D) Neither A nor B   13) Deming's 14 Points include: A) awarding business to suppliers on the basis of the best price. B).
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    91) When thinking about inventory holding costs, remember that the greater the quantity ordered, the greater the inventory carrying costs.   92) Set-up costs are the expenses incurred in the actual ordering of materials and inventory, or in setting up the manufacturing line. 93) In the basic EOQ model, the higher the economic.
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    121) To make shoplifting charges stick, two of the things the owner/employee needs to be able to do is to identify the merchandise as belonging to the store and that it was not paid for.   122) Small business owners should always prosecute and not worry about negative publicity or legal entanglements.   123).
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    131) In small stores, every portion of the interior space is of equal value in generating sales.   132) The majority of a store's customers go more than halfway into the store.   133) The purpose of understanding the value of store space is to ensure proper placement of merchandise. 134) The farther away an.
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    91) The trends or shifts in population components, such as population age, have more meaning for the small business owner than total population trends.   92) To calculate the IRS, a retailer needs to know the number of customers in the area, the retail expenditures for his/her product, and the total square.
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    31) Small business people need to remember that: A) there is an implicit cost of forgoing a cash discount. B) they should avoid cash discounts. C) by forgoing cash discounts they have more money for daily expenses. D) cash discounts have hidden annual interest rates.   32) The reorder point model requires that the small business.
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    101) Carrying unsold inventory from one year to the next is senseless since it represents an investment earning no return and it ties up working capital that could be put to more productive uses.   102) Research shows that the nature of the business contributes to its vulnerability to crime.   103) The greatest.
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    71) Which of the following statements is correct? A) Supply-chain management includes hiring the qualified HR Director. B) Supply-chain management includes all the activities that produce goods and services and delivers them to the customer. C) Supply-chain management includes providing quality service. D) All of the above   72) Most entrepreneurs can neglect the purchasing function.
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    101) It is critical for all retail and service businesses to be located as far from competitors as possible.   102) A power center combines the drawing strength of a large regional mall with the convenience of a neighborhood shopping center.   103) Home-based businesses represent nearly 50% of all newly created small businesses.   104).
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    11) A glass manufacturer that requires an extremely pure, very fine type of sand in its production process would be most concerned with which location criteria? A) Business climate B) Proximity to raw materials C) Proximity to markets D) Wage rates   12) When examining a state's available labor force, the potential business owner needs to.
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    51) A(n) ________ layout has the advantage of creating a relaxed, friendly shopping atmosphere encouraging shoppers to linger and increasing the number of impulse purchases. A) free-form B) grid C) angled D) boutique   52) A(n) ________ layout divides a store into a series of individual shopping areas, each with its own theme. This layout can.
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    131) A consignment contract means that the supplier (i.e., the consignor) retains title and risk of loss for the consigned merchandise.   132) Selling through a consignment contract allows the small business owner to delay payment to the consignor until an item is sold.   133) Quality has an impact on both costs and.
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    121) A small business owner seeking suppliers can find lists of products and services, along with the names, addresses, telephone numbers, and ratings of manufacturers, in either Thomas Register of American Manufacturers or MacRae's Blue Book.   122) The small business owner should concentrate purchases at a single supplier. 123) "Identification" is the.
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    21) A manufacturer or wholesaler would be most interested in which of the following criteria for the selection of a city location for a new business? A) Public services B) Transportation C) Reputation of the location D) Compatibility with the community 22) Carmen is starting a childcare center. One location, a former "biker bar" closed.
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    81) The basic principle of ABC analysis is that inventory costs are reduced when the small business owner spends time and effort controlling items representing the greatest inventory value. 82) In an ABC inventory system, approximately 50% of the inventory usually is counted as C category items.   83) In an ABC system,.
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    1) The primary objective of the purchasing function is to: A) ensure an adequate turnover of merchandise. B) acquire enough stock to ensure uninterrupted sales or production. C) determine the "best" possible price for both supplies and finished products. D) maximize carrying and set-up costs for the firm.   2) The small company's purchasing plan is.
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    141) Generally speaking, there is one best layout for any manufacturer. The job of the small business owner is to do sufficient analysis of his/her product and processes to find it.   142) Aircraft assembly uses the fixed-position layout.   143) Product layouts are inflexible.   144) The process layout is also called the line layout.   145).
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    61) The manufacturing layout that groups workers and equipment according to the general function performed, and that works best with short production runs or when there are considerable variations in the finished product, is called: A) process layout. B) fixed-position layout. C) function layout. D) product layout.   62) A process layout would be best fitted.
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    121) Lighting is an inexpensive investment for improving employee performance and the overall appearance of the business.   122) Layout of any retail facility requires the owner's observation and understanding of customers' buying habits. 123) Retail layout is the arrangement of merchandise in a store.   124) A retail layout should push customers into the.
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    81) Another process central to the successful implementation of TQM is identifying the individual(s) responsible for any mistakes as part of fixing the immediate quality problems.   82) Successful Total Quality Management (TQM) requires leadership from the top.   83) In today's competitive marketplace, an entrepreneur should not expect that every vendor be able.
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    91) Small business owners using the ABC system of inventory control need not worry about conducting a physical inventory count.   92) Because they keep continuous track on each item added to or taken from inventory, perpetual inventory control systems eliminate the need for a physical inventory count.   93) Simon counts a few.
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    1) For most retailers and wholesalers, the investment in ________ is the largest capital outlay next to payroll. A) office equipment, computers, etc. B) vehicles, automobiles and trucks C) inventory D) taxes and licensing fees   2) Effective management of inventory begins with: A) developing an accurate sales forecast. B) setting realistic inventory turnover objectives. C) determining what level.
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  150) What is a vendor certification program and why would a small business owner use it?   151) Discuss finding a vendor, including both sources of information and the primary criteria for selecting a vendor. 152) It is important to understand transfer of title and the risk of loss when discussing purchasing. Discuss.
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  153) Explain the concept of the "Just-In-Time" inventory control technique. Under what circumstances would JIT be most appropriate?   154) What is JIT II? How does it differ from JIT? What is the importance of those differences?   155) How can a small business owner turn slow-moving inventory items into cash?   156) Why do employees.
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    131) Consistent use of the system yields accurate inventory counts at any moment sporadic use creates problems.   132) There are a number of different perpetual inventory systems.   133) A POS system cannot be combined with the Universal Product Code labels.   134) Annual dollar usage volume is simply the cost per unit of an.
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    41) The first step in developing a vendor certification process is to: A) develop a grading scale for vendors. B) identify the most important criteria. C) create a list of vendors to be evaluated. D) weight the criteria used to evaluate the vendors. 42) The vendor certification process assumes: A) all vendors are charging the same.
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    101) For the typical small business owner, price is always a substantial factor when purchasing inventory and supplies.   102) Selling terms are as important to the small business as the actual price of the goods and services being purchased.   103) Trade discounts are offered within the distribution channel and are on a.
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  148) Timing is a critical element of the purchasing process. Explain the various elements of the timing of purchases: usage rate, stockouts, safety stock, reorder points, and demand patterns.   149) Compute the reorder point for a small business owner using the following data. •Lead time =7 days •Usage rate=28 units/day •Safety stock=56 units •EOQ=740 units     .
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  146) Identify and briefly describe the types of discounts a small business might receive from a manufacturer.   147) What does the small business owner give up if he/she doesn't take advantage of a vendor's discount? Demonstrate by calculating the interest rate on a $12,000 invoice that is 3/10 net 30.     .
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    111) Many incidents of employee theft go undetected, and only a small percentage of those employees who are caught stealing are prosecuted. 112) Approximately 6% of the average price tag in a small business is there due to shoplifting losses.   113) Owners do not need to prosecute juvenile shoplifters when they are.
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    141) Studies show that older, less devoted employees steal from their companies most often, but long-time employees can cause more damage. 142) To reduce inventory theft, managers should develop clear control procedures and establish penalties for violations.   143) A work environment that fosters honesty at every turn serves as an effective deterrent.
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    71) The ________ of products and materials, their ________ of transportation, and their ________ functions all interact in determining how close a business needs to be to its sources of supply. A) cost; value; unique B) value; cost; unique C) value; price; cost D) cost; cost; unique 72) Two distinct factors are important for entrepreneurs.
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