The goal achieved by using mass production is to ________
A) produce goods of the highest possible quality
B) replace all employee jobs with speedier machines
C) provide the maximum flexibility in production
D) produce large quantities of goods at a low cost
E) process different parts simultaneously
D
Explanation: D) Mass production is used to produce mass quantities of identical products at a low cost. The quality is a lesser factor than volume. Although machines are used in mass production, and have reduced the number of employees needed, employees will always be needed to operate the machines used in production. Because of the assembly line method used in mass production, flexibility in meeting consumer needs is lost.
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A) customer retention B) customer loyalty C) customer acquisition D) customer abandonment E) market basket analysis
Government can obtain funds ________
A) by trading in equity market B) by issuing financial instruments such as futures and options C) through forex market D) by selling debt securities
There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget?
A. It details the required direct labor hours. B. It details the required raw materials purchases. C. It summarizes the costs of producing units for the budget period. D. It is calculated based on the sales budget and the desired ending inventory.
The term "red herring" that is used for a prospectus before it is approved by the SEC comes from:
a. the traditional red ink and reddish paper used in writing a prospectus b. ancient Roman law traditions c. a reference to being "in the red" d. no one knows e. the red paper used when the Securities Act of 1933 was enacted