Chapter 5 Pop Quiz

.Which of the following best matches the ‘Just in Time’ inventory management approach?  

• Organises inventory by size and colour.  

• Supplies are purchased prior to receiving customer orders.  

• Counts inventory to detect theft.

• Supplies are purchased after receiving customer orders.  

What is the 3 criteria in the triple bottom line?

• Financial, Social and Environmental

• Financial, Social and Technological

• Social, Financial and Management

• Environmental, Social and Economic

Which business structure outsources their functions (manufacturing, IT support, etc)  

• Flatter Structure

• Network Structure

• Matrix Structure

• Hierarchical Structure

What is a code of ethics?

• Provides written guidelines to its employees and management to help them conduct their actions in accordance with the values and ethical standards of the business.

• Outlines the policies and procedures of the business.

• Outlines how to operate dangerous equipment.

• Provides written guidelines to its employees and management to help them conduct their actions in accordance with the policies and procedures of the business.

What does GDP stand for?

• Gross Dividends Product

• Gain Dividends and Profit

• Gross Domestic Product

• Gross Domestic Profit

Identify two technologies that can help businesses be innovative

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Answer explanation

Robotics, Big Data, The Cloud, 3D Printing

Explain why it is beneficial for a business to monitor their environmental performance.

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Answer explanation

Benefits of monitoring environmental performance include:

• You may enhance your business reputation and image

• Customers are likely to be loyal to a socially and environmentally  responsible business

• Many customers are moving more towards wanting to support environmentally responsible businesses

These factors will improved profit (which improves your financial performance)

Explain two features of the hierarchical structure.

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Answer explanation

 

- Employees are arranged into layers and levels from senior management

 

- Positions, roles and responsibilities are clearly identifiable

 

- Span of control (number of employees reporting to a manager) is clearly defined

 

- Centralised decision-making (most decisions are made by senior management)

Explain how upskilling your employees (providing further training could increase Australia's GDP?

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Answer explanation

Skilled workers are more likely to be productive workers. Providing development opportunities for staff is a great motivational tool and will help to boost a business to gain a competitive edge, improve their productivity and increase their profit margin. If a business is selling more goods and services, this will contribute more to Australia's GDP.

An employee has been using the computers at work to online shop rather than replying to customer emails. Do you think this is ethical or unethical behaviour? Justify your response.

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Answer explanation

Student responses may vary. The answer must decide if the actions are ethical or unethical. This decision must be supported with reasons to explain WHY the actions are ethical or unethical.

Example:

Whilst at work, employees are paid to use their time to complete set tasks and responsibilities. By using the computer for personal use the worker is not only not doing their job but affecting customers by not replying in a timely manner. Therefore, this is not ethical behaviour.