Question 1

Regulation of business by the various levels of government is extensive.

Accepted Answer

Government regulation of business is extensive as it involves federal, state, and local levels, each with its own set of rules and regulations to ensure fair practices, safety, and compliance with laws.

Question 2

In recent years attention has moved away from the concept of supply chain management SCM).

Accepted Answer

Interest in supply chain management (SCM) has not diminished; rather, it has evolved with new technologies and practices to improve efficiency and resilience.

Question 3

More and more companies are subcontracting some of their work to suppliers, keeping only their most important core competencies as internal activities.

Accepted Answer

Many companies are increasingly focusing on their core competencies and outsourcing non-core activities to improve efficiency and reduce costs.

Question 4

Just- in- time JIT) concepts were originally developed by Motorola and other American companies in the 1970s.

Accepted Answer

Just-in-time (JIT) concepts were originally developed by Toyota in Japan during the 1970s, not by Motorola or other American companies.

Question 5

General economic conditions seldom influence the demand for a company's products or services and the availability of inputs.

Accepted Answer

Economic conditions often impact consumer purchasing power and input costs, affecting demand and supply for a company's products or services.

Question 6

Order winners and qualifiers for any product or market combinations are static.

Accepted Answer

Order winners and qualifiers can change over time due to shifts in market conditions, customer preferences, and competitive dynamics.

Question 7

Services are physical objects, something we can touch, feel, or see.

Accepted Answer

Services are intangible activities or benefits provided by one party to another, often involving a form of assistance or support, rather than physical objects.

Question 8

Assembly- to- order means that the customer's specifications require unique engineering design or significant customization.

Accepted Answer

Assembly-to-order refers to a production strategy where products are assembled only after an order is received, using pre-manufactured components, allowing for some customization but not requiring unique engineering design.

Question 9

Since competition is international and aggressive, successful companies provide quality that not only meets customers' high expectations but exceeds them.

Accepted Answer

Successful companies aim to exceed customer expectations to stand out in a competitive international market, fostering customer loyalty and positive brand reputation.

Question 10

Service companies are in the business of converting raw materials to a form that is of far more value and use to the consumer than the original raw materials.

Accepted Answer

Service companies primarily provide intangible products or services rather than converting raw materials into finished goods, which is typically the role of manufacturing companies.

Quiz 1: Introduction to Materials Management