Practice Test 4: Managing the Production, Operations, Marketing and Finance Functions Flashcards
In project management, what is usually the first step underlying in the process of performing a project?
Identify a need for a product or service
A more aggressive means of promoting the sales of a product or service.
Personal selling
These are companies that provide specialized services to other firms or individuals.
professional services
The four P’s of marketing are the following except:
Publicity
It is a document that summarizes the current financial situation of the firm, analyzes financial needs, and recommends a direction for financial activities.
Financial Plan
It includes the tangible (or intangible) item and its capacity to satisfy a specified need.
Product
Refers to the measurement of products or services against standards set by the company.
Quality Control
Buying insurance is a form of:
Risk sharing
A type of bond where payment, interest and principal, is guaranteed by one or more individuals or corporation.
guaranteed bonds
The process of determining the physical arrangement of the production system.
Work-Flow Layout
A type of promotion where a paid message appears in mass media for the purpose of informing or persuading people about particular products, services, beliefs, or action.
Advertising
Refers to a production layout arranged in a sequence to accommodate processing of large volumes of standardized products or services.
Assembly line
An unconditional promise in writing made by one person to another, engaging to pay a certain amount of money.
Promissory note
Refers to the process of creating a set of product specifications appropriate to the demands of the situation.
Product design
Are institutions that buy the accounts receivables of firms, assuming complete accounting and collection responsibilities.
Factors
