B) Achieving a reasonable rate of return for the current shareholders
C) Meeting the needs of the present without compromising the ability of future generations to meet their own
needs
D) Maximizing the rate of return for the current shareholders
Answer: C
151) What is considered to be the latest competitive weapon in business?
A) Time B) Money C) Human Resources D) Market Share
Answer: A
ESSAY. Write your answer in the space provided or on a separate sheet of paper.
152) What does an "Integrated Report" contain?
Answer: Descriptions and measures of all material elements of value creation - not just those related to financial
capital.
153) Besides financial capital, what other elements of value creation are included in an "Integrated Report"?
Answer: Manufactured, intellectual, human, social, and natural capital.
154) What are the advantages to implementing ERP systems?
Answer: Companies streamline their operations and save money.
Companies can respond more quickly to changes.
An ERP system can replace hundreds of separate software systems through out the company.
155) What is the major issue involved in implementing ERP systems?
Answer: ERP systems are expensive and require a large commitment of time and people.
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MATCHING. Choose the item in column 2 that best matches each item in column 1.
Match the following:
156) Exchange of information with
suppliers to reduce costs, improve
quality, and speed delivery of goods
and services from suppliers to the
company itself and on to customers.
Answer: E
157) A philosophy and business strategy of
manufacturing without waste.
Answer: H
158) Software systems that can integrate all
of a company's worldwide functions,
departments, and data into a single
system.
Answer: D
159) A data tagging system that enables
companies to release financial and
business information in a format that
can be accessed over the internet.
Answer: G
160) An organization which supports and
issues quality- related certifications.
Answer: C
161) A US law that enhances internal
control and financial Reporting
requirements and establishes new
regulatory requirements for publicly
traded companies and their
independent auditors.
Answer: A
162) Set of standards which must be
adopted for all publicly traded
companies and may differ from
ASPE/IFRS.
Answer: B
163) A system where production is
triggered by orders (demand).
Answer: F
A) SOX
B) IFRS
C) ISO
D) ERP
E) Supply- Chain Management
F) JIT
G) XBRL
H) Lean production
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.
164) Lean production systems keep large inventories.
Answer: True False
165) Lean production cuts the throughput time of a manufacturing concern.
Answer: True False
166) Lean production may be regarded as a general philosophy of manufacturing without waste, rather than a
particular type of manufacturing process.
Answer: True False
167) Lean production systems typically carry large inventories.
Answer: True False
168) Lean production systems typically arrange production activities in self-contained cells.
Answer: True False
169) Lean production systems typically strive for shorter setup times.
Answer: True False
170) Lean production systems typically have employees cross- trained to perform more than one activity.
Answer: True False
171) Lean production systems typically produce large batches.
Answer: True False
172) Lean production systems typically focus on lengthening the manufacturing cycle time.
Answer: True False
173) Lean production systems typically focus on strengthening supply- chain management.
Answer: True False
174) Lean production systems typically emphasize quality.
Answer: True False
175) Implementing Total Quality Management (TQM) is part of the ISO 9001:9008 quality standard.
Answer: True False
176) Shortened manufacturing cycle times is a feature of Total Quality Management.
Answer: True False
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
177) Which of the following pertains to a lean production system?
A) It will require longer set- up times than a traditional system.
B) It will require higher inventory levels than a traditional production system.
C) It will produce goods in smaller batches than a traditional production system.
D) It will have like machines grouped together.
Answer: C
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178) Which of the following is TRUE about a lean production system?
A) Raw materials are purchased in large quantities.