Push Manufacturing & Manufacturing Resource Planning

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Push Manufacturing, Manufacturing Resource Planning (MRP), EOQ – Quiz

The key terms in these Finance chapters include Push Manufacturing, Manufacturing Resource Planning (MRP), Economic Order Quantity (EOQ),Inventories, Assets, Disasters, Pay Rate


“Push manufacturing” is also known as

ahead-of-time production implementation (ATPI).

the economic order quantity (EOQ) system.

just-in-time manufacturing system (JIT).

manufacturing resource planning (MRP).Correct


For replacement of inventories and assets destroyed by fire or other disasters, an organization needs

adequate insurance coverage.Correct

stand-by facilities.

source data automation.

All of the above are correct.


Pay rate information should be stored in

electronic time cards.

employee subsidiary ledgers.

employees’ personnel files.

the payroll master file.Correct


According to the ERM model, ________ help the company address all applicable laws and regulations.

compliance objectivesCorrect

operations objectives

reporting objectives

strategic objectives


Whitewater Rapids provides canoes to tourists eager to ride Whitewater River’s rapids. Management has determined that there is one chance in a thousand of a customer being injured or killed. Settlement of resulting lawsuits has an average cost of $850,000. Insurance with a $100,000 deductible is available. It covers the costs of lawsuits, unless there is evidence of criminal negligence. What is the impact of this risk without insurance?

$850,000Correct

$850

$10

$100,000


A ________ shows how a project will be completed, including tasks and who will perform them as well as a timeline and cost estimates.

performance evaluation

steering committee

strategic master plan

project development planCorrect


Source data automation is often effective in reducing

theft.

intentional errors.

unintentional errors.

accuracy.Correct


Which control would best prevent payments made to fictitious vendors?

Allow payments only to approved vendors.Correct

Have an independent bank reconciliation.

Make sure all documents are in order before approving payments.

Restrict access to any payment or approval documents.


Which of the following statements is false regarding the use of incentives, commissions and bonuses in the payroll system?

Bonus/incentive schemes must be properly designed with realistic, attainable goals that can be objectively measured.

Incentive schemes can create fraud.Correct

Using incentives, commissions, and bonuses requires linking the payroll system and the information systems of sales and other cycles in order to collect the data used to calculate bonuses.

Incentive schemes can result in undesirable behavior.


“Push manufacturing” is also known as

ahead-of-time production implementation (ATPI).

the economic order quantity (EOQ) system.

just-in-time manufacturing system (JIT).

manufacturing resource planning (MRP). – Correct


For replacement of inventories and assets destroyed by fire or other disasters, an organization needs

adequate insurance coverage. – Correct

stand-by facilities.

source data automation.

All of the above are correct.


Pay rate information should be stored in

electronic time cards.

employee subsidiary ledgers.

employees’ personnel files.

the payroll master file. – Correct

According to the ERM model, ________ help the company address all applicable laws and regulations.

compliance objectives – Correct

operations objectives

reporting objectives

strategic objectives


Whitewater Rapids provides canoes to tourists eager to ride Whitewater River’s rapids. Management has determined that there is one chance in a thousand of a customer being injured or killed. Settlement of resulting lawsuits has an average cost of $850,000. Insurance with a $100,000 deductible is available. It covers the costs of lawsuits, unless there is evidence of criminal negligence. What is the impact of this risk without insurance?

$850,000 – Correct

$850

$10

$100,000


A ________ shows how a project will be completed, including tasks and who will perform them as well as a timeline and cost estimates.

performance evaluation

steering committee

strategic master plan

project development plan – Correct


Source data automation is often effective in reducing

theft.

intentional errors.

unintentional errors.

accuracy. – Correct


Which control would best prevent payments made to fictitious vendors?

Allow payments only to approved vendors. – Correct

Have an independent bank reconciliation.

Make sure all documents are in order before approving payments.

Restrict access to any payment or approval documents.


Which of the following statements is false regarding the use of incentives, commissions and bonuses in the payroll system?

Bonus/incentive schemes must be properly designed with realistic, attainable goals that can be objectively measured.

Incentive schemes can create fraud. – Correct

Using incentives, commissions, and bonuses requires linking the payroll system and the information systems of sales and other cycles in order to collect the data used to calculate bonuses.

Incentive schemes can result in undesirable behavior.


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