Chapter 12 Entrepreneurship IT

The set of actions that produce goods and services is called ________.

• shipping

• operations

• manufacturing

• processing

Which of the following is not a step in the production-distribution chain?

• A retailer buys 6 rings.

• A consumer enters a jewelry shop and buys a ring.

• A consumer wears jewelry to work.

• A goldsmith crafts 10 rings.

The amount of inventory to order that will total the minimum total ordering and holding costs is called the ________.

• Economic Order Quantity (EOQ)

• Economic Reorder Point (ERP)

• Reorder Point (ROP)

• Cost Accounting Point

The inventory method where you look at the inventory on hand, and when the stock level of an item appears to be low, you reorder is called ________.

• basic control

• proximal management

• estimation

• visual control

A critical component of Supply Chain Management is ________.

• identifying and securing suppliers

• managing inventory

• Both of the above.

• Neither of the above.

The three factors included in the calculation of the Reorder Point are ________.

• demand, lead time, and safety stock

• supply, price, and safety stock

• demand, inventory, and price

• supply, demand, and holding costs

Suppliers may be found through ________.

• newspapers and magazines

• trade shows, conferences, and catalogs

• All of the above.

• None of the above.

Factors to consider when selecting a ________ include charging a price you are willing to pay and timely delivery.

• customer

• supplier

• sales representative

• manufacturer

________ are the amounts of inventory or raw materials and work-in-process kept to guarantee service levels.

• Safety stock levels

• Sufficiency levels

• Minimum lots

• Minimum-Maximum balance

________ is the management of sourcing, procuring, production, and logistics to go from raw materials to end consumers across multiple intermediate steps.

• Supply Chain Management

• Total Quality Management

• The Production-Distribution Chain

• Supply Channel