Managing operations

Question 1

What is operation management

Answer 1

Operations Management refers to the activities, decisions and responsibilities of managing resources which are dedicated to the production and delivery of product and services

All that is done to transform inputs to
useful outputs;

Question 2

Who is responsible for overseeing and managing the resources

Answer 2

The operation manager

Question 3

What are key decisions of Operation Manager

Answer 3

• Key descision of OM
  
  • What
    
    • What resources/ What amounts
  • When
    
    • When needed
  • Where
    
    • Where ordered
  • How
    
    • Designed
  • Who
    
    • Who to do the work

Question 4

Mention some functions of operation manager

Answer 4

Locating facilities
Selecting processes
Describing jobs
Prescribing jobs
Setting targets
Monitoring
Selecting technology ot use

Question 5

What is the operational manageent flow

Answer 5

Process -> Operational Transformation - > Product/Service

Question 6

What is the PDCA Model

Answer 6

Plan -> Do -> Check -> Act.

Question 7

What is the object of the process

Answer 7

To create value for the customer

Question 8

What is taxation

Answer 8

A means by which governments finance their expenditures by imposing charges on individuals, groups and cooperate citizens

Question 9

What are the types of taxes

Answer 9

Direct and indirect tax

Question 10

What is direct tax

Answer 10

Tax paid directly by an individual to the imposing entity e.g income tax, real property

Question 11

What is indirect tax?

Answer 11

Tax that increases prices of goods so that consumers pay for the tax as long the the product

Question 12

What are the kinds of tax and explain them

Answer 12

Progressive:A progressive tax has more of a financial impact
on higher-income individuals than on low-income
earners.

Regressive : lower on the higher income individual

Proportional tax: assesses the
same tax rate on everyone regardless of income
or wealth.

Question 13

What is the corporation tax rate

Answer 13

30%

Question 14

Characteristic of a good tax system

Answer 14

Simplicity: simple and easy to understand

Economical: cheap to collect

Possess diversity: widening tax coverage

Productivity: yields adequate revenue

Question 15

General Chateristic of taxation

Answer 15

Must be fair
Must be neutral
Must be convenient
Must be flexible
Must act as an instrument for economic growth
Must be certain

Question 16

What is the tax rate on VAT

Answer 16

7.5%

Question 17

What is the education tax

Answer 17

2.5%

Question 18

What is the tax rate for captial gain

Answer 18

10%

Question 19

What is the tax rate for captial gain

Answer 19

10%

Question 20

What is capital gain

Answer 20

capital gain is the difference between
the sale proceeds from sale of the assets.

Question 21

What are some effect of taxation

Answer 21

Disincentive to work: High tax induced on people can discourage work as a result of low moral to work.

Deterrent to save: Taxation which is in fact a reduction of current
income, reduces ability to save.

Deterrent to enterprises: The reward for enterprise just like in any
other business is profit and when this profit is taxed, it checks the spirit of
enterprises.

Question 22

What is tax evasion

Answer 22

Tax evasion is an illegal and intentional activity in which a person or entity deliberately avoids paying a true tax liability

Question 23

What is tax avioidance

Answer 23

Tax avoidance is the use of legal methods to reduce the amount of tax paid by a person, business, or organization. This is done by taking advantages of loopholes in the system

Question 24

What is penalty for failure to file CIT

Answer 24

25000 for the first month and 5000 for each subsequent month of default.

Late payment of CIT attracts 10%

Question 25

Tax evasion is punishable under which section

Answer 25

under Section 40 of Federal Inland Revenue Service Act.

it is also a criminal offence under Section 41 of the Act to hinder or
assault any authorized tax officer in the performance of his duties.

Question 26

What are some benefits of paying tax

Answer 26

Promoting civic responsibility.
Bringing about the redistribution of wealth.
Serve as a gauge for measuring the level, growth and health of economic units and economic activities