Reference no: EM132277320
1. The term economy of scale refers to which of the following?
Increasing costs through the production of larger quantities
Decreasing costs through the production of larger quantities
Decreasing costs through the production of smaller quantities
Increasing costs through the production of smaller quantities
2. The most common types of innovations produced by small business relate to
Service and products
Manufacturing
Management techniques
New resources offered by financial institutions
3. The most valuable asset a small business owner has is
A quality product
Buildings and equipment
A good relationship with his/her banker
Employees
4. A control tool that allows only significant deviations between planned and actual performance to be brought to a manager's attention is:
management by exception
management by objectives
management by consideration
manpower planning
E. management by principle
5. A control tool where the manager assigns a specialized set of objectives and action plans to workers and then rewards those workers on the basis of how close they came to reaching their goals is:
management by exception
management by objectives
management by consideration
manpower planning
breakeven analysis
6. The amount of revenue that exceeds the total costs of producing the products sold is:
total revenue
profits
break-even point
total costs
fixed costs
7. How a company finances itself would be evaluated in a _________ ratio:
operations
profitability
activity
leverage
8. One of the goals of new automation is to:
upgrade operations to be competitive
install electro-mechanical devices to replace human effort
increase productivity
increase inventory