Personal Finance
Chapter 13
13-1 Key Terms:
Extraction and cultivation –
Processing –
Manufacturing –
Mass production –
Custom manufacturing –
Materials processing –
13-1 Checkpoints:
What are the three forms of production?
What is the difference between custom manufacturing and materials processing?
13-1 Assessment:
1. Which of the following is not one of the categories of products used by consumers and
businesses?
a. natural resources
b. agricultural production
c. processed goods
d. All of the answers are correct
2. True or False…The most basic form of production is manufacturing.
3. Building a specific and unique product to meet the needs of one customer is known as
a. materials processing
b. mass production
c. extraction
d. custom manufacturing
4. Intermittent processing would most likely be used in the production of
a. automobiles
b. customized houses
c. textbooks
d. televisions
13-2 Key Terms:
Applied research –
Pure research –
Production process –
Continuous process improvement –
Benchmarks -
13-2 Checkpoints:
Describe the three activities that are a part of production planning..
Why have manufacturers implemented Continuous Process Improvement (CPI)?
13-2 Assessment:
1. True or False… Once a company has developed successful products, it should be able to
continue to sell them year after year..
2. True or False… Pure research is done without a specific product in mind…
3. Inventory managers keep records of
a. personnel
b. customers
c. production resources and finished products
d. All of the answers are correct
4. The best practices among all competitors are
a. standards
b. benchmarks
c. CPI
d. quality measures
13-3 Key Terms:
Logistics –
Just-in-time –
Operational plan –
Schedule –
Standard -
13-3 Checkpoints:
Identify four important types of business operations…
What are the benefits of using technology to help manage business operations?
13-3 Assessment:
1. Which of the following is a part of the facilities management?
a. personnel scheduling
b. logistics
c. energy and environmental management
d. information management
2. A(n) _?_ is a time plan for completing activities…
a. budget
b. schedule
c. operating plan
d. standard
3. True or False… Document management software keeps track of project calendars, tasks, todo lists, work assignments, and project resources.