Business Studies

What is Business?


1. What do the letters EOQ stand for?
A. Estimated Order Quantity
B. Economic Order Quantity
C. Estimated Order Quality
D. Economic Order Quality

2. The EOQ of an item is calculated using the annual demand together with the
___________ cost and the __________ cost.
A. Direct and Variable costs
B. Indirect and Holding costs
C. Direct and Ordering costs
D. Ordering and Holding costs

3. In a materials processing operation, which of the following process type is associated
with the highest volume and lowest variety?
A. Job shop
B. Batch process
C. Mass process
D. Continuous process

4. In the product life cycle what is the correct order of the main phases?
A. Maturity, Growth, Saturation, Decline
B. Growth, Maturity, Saturation, Decline
C. Growth, Saturation, Growth, Decline
D. Maturity, Saturation, Growth, Decline

5. Which management approach is most likely where the home country dominates
procedures and practices?
A. Geocentric
B. Polycentric
C. Multinational
D. Ethnocentric

6. Which management approach is most likely where local expertise from the host
country is used to create procedures and practices for the running of the organization
A. Geocentric
B. Polycentric
C. Multinational
D. Ethnocentric

7. Moving some of an organization’s operations from a high-cost economy to a low-cost
economy is called __________________
A. Globalizing
B. Outsourcing
C. Offshoring
D. Franchising

8. Licensing out the manufacture of a product can be referred to as _________________
A. Franchising
B. Outsourcing
C. Licensing
D. Rationalization

9. Which of the following describes class ‘C’ items in the ABC approach to stock
A. High value, high risk
B. High value, low risk
C. Low value, high risk
D. Low value, low risk

10. Operations Management is a ___________________ process.
A. Translation
B. Transformation
C. Transaction
D. Transition

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