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Bus 530

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Submitted By LOPITZN
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MULTIPLE CHOICE
1. A purposeful collection of people, objects, and procedures for operating within an environment is known as a(n):
a) Operation
b) Sub -system
c) System
d) Sub-operation

2. Value can be added to an entity in all the following ways, EXCEPT:
a) Altering
b) Facilitating
c) Storing
d) Transporting

3. A type of output that commonly results from a production system is:
a) A product
b) A service
c) Neither A nor B
d) Both A and B

4. A distinction between normal goods and information/knowledge is that
a) Normal goods wear out, but information/knowledge does not
b) Information/knowledge can be given or sold to many others
c) Information/knowledge is subject to diminishing returns, but physical outputs are subject to increasing returns
d) Both A and B

5. Inputs in a bank’s production system may include:
a) Loan default rates and the environment
b) Interest rates and wage rates
c) Checks and deposits
d) Federal Reserve decisions and the economy

6. Customization occurs when
a) Products or services are world-class, suitable for most markets
b) Products or services are offered on a made-to-order basis
c) Products or services are developed with several options
d) None of the above

7. What are the two trends in the range of accommodation to customers’ needs?
a) Extraction and delivery
b) Standardization and flexibility
c) Customization and standardization
d) Experience and flexibility

8. Which of the following is NOT an advantage of rapid response?
a) First-mover advantage
b) Elimination of overhead
c) Improved morale and communication
d) Sharper focus on the customer

9. Which business strategy waits for the product to become fairly standardized and is demanded in large volumes?
a) First-to-market
b) Cost minimization or late-to-market
c)

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