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geology > ba 101 midterm 2 > Flashcards

ba 101 midterm 2 Flashcards

1
Q

production management

A

all the activities managers engage in to help firms create goods

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2
Q

operations management

A

a specialized area in management that converts or transforms resources into goods and services

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3
Q

operations management includes

A

Inventory management
Quality control
Production scheduling
Follow-up services

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4
Q

the production process Inputs

A

Land
Labor
Materials
Capital
Entrepreneurship
Knowledge

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5
Q

the production process production control

A

Planning
Routing
Scheduling
Dispatching
Follow-up

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6
Q

the production process outputs

A

Goods
Services
Ideas

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7
Q

assembly process

A

the part of production that puts together components

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8
Q

process manufacturing

A

the part of production that physically or chemically changes materials

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9
Q

continuous processes

A

long production runs turn out finished goods over time

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10
Q

Intermittent Processes

A

production runs are short & the producer adjusts machines frequently to make different products

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11
Q

Computer-Aided Design (CAD)

A

the use of computers in the deisgn of products

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12
Q

Computer-Aided Manufacturing (CAM)

A

the use of computers in the manufacturing of products

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13
Q

Computer-Integrated Manufacturing (CIM)

A

Uniting of CAD with CAM

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14
Q

nanomanufacturing

A

can manipulate material on molecular level

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15
Q

modular layout

A

teams produce more complex units of final product

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16
Q

assembly line layout

A

workers do only a few tasks at a time

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17
Q

fixed-position layout

A

allows workers to congregate around product

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18
Q

just-in-time (JiT) inventory control

A

production process in which a minimum of inventory is kept and parts, supplies, and other needs are delivered just in time to go on the assembly line

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19
Q

six sigma quality

A

quality measure that allows only 3.4 defects per million opportunities

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20
Q

lean companies division

A

1/2 human effort
1/3 engineering effort
1/2 floor space
carry 90% less inventory
have half the defects in products

21
Q

Program Evaluation and Review Technique (PERT)

A

method for analyzing the tasks involved in completing a given project and estimating the time needed

22
Q

PERT steps

A

1 analyzing & sequencing tasks
2 estimating time needed to complete each task
3 draw PERT network of first 2 steps
4 identify critical path (sequence of tasks longest to complete)

23
Q

GANTT Chart

A

bar graph of current projects and completion status

24
Q

accounting

A

recording
classifying
summarizing
interpreting
- of financial events and transactions in an organization to provide interested parties needed financial info

25
Q

who makes use of a firm’s accounting information

A

interested parties
employees
owners
creditors
unions
investors
gov

26
Q

account system inputs

A

accounting docs
sales
purchasing
shipping
payroll records
bank
travel
entertainment

27
Q

account system processing

A

1 recording - entries made into journals
2 classifying - effects of journal entries transferred or posted into ledgers
3 all accounts summarized

28
Q

account system outputs

A

financial statements
balance sheet
income statement
statement of cash flows
annual reports

29
Q

accounting progression

A

1 analyze source docs (sales slips, travel records, etc)
2 record transactions in journals
3 transfer (post) journal entries to ledger
4 take a trial balance
5 prepare financial statements (balance sheet, income statement, statement of cash flows)
6 analyze financial statements

30
Q

managerial accounting

A

assists managers in decision making by providing info and analysis

31
Q

managerial accounting involved with

A

costs of production and marketing
prep and control of budgets
minimizing tax liabilites

32
Q

financial accounting

A

financial info & analysis primarily for people outside the organization

33
Q

Liabilities + owner equity =

A

assets

34
Q

revenue - expense =

A

profit (loss)

35
Q

liabilities

A

the debt claims against the. stuff

36
Q

single owner with a loan =

A

a liability

37
Q

revenue transactions

A

business & customers

38
Q

expense transactions

A

business & suppliers

39
Q

net income

A

profit (loss), difference between revenue & expense

40
Q

variable costs

A

more you make greater the cost
- labor and material used
- cost of keeping inventory

41
Q

fixed costs (operating expense)

A

cost of being in business that month
- selling & administrative expenses

42
Q

sales - variable costs =

A

contribution margin

43
Q

number of units sold x price =

A

revenue

44
Q

contribution margin

A

amount of money (value) left after you pay for you products you sell
measure of the efficiency of your production process

45
Q

net margin (EBIT)

A

earnings before interest & taxes

46
Q

contribution margin - total period =

A

net margin (ebit)

47
Q

net income - if firm gives it to owners

A

dividend to stockholders
income to partners / sole proprietor

48
Q

net income - if firm reinvests the income

A

retained earnings

geology (2 decks)

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