Entrepreneurship Operations and Management 2

Question 1

What is a bottleneck in business operations?

Accepted Answer

A point in a process that limits overall throughput and slows the entire operation

Answer

A funding round specifically for early-stage startups

Answer

A marketing strategy targeted at niche customer segments

Answer

A negotiation tactic used to secure better supplier pricing

Question 2

What is the purpose of quality control in a business?

Accepted Answer

To ensure products and services meet established standards before reaching customers

Answer

To increase the retail price of products to improve margins

Answer

To manage relationships with institutional investors

Answer

To monitor social media engagement and brand sentiment

Question 3

What is outsourcing?

Accepted Answer

Contracting specific business functions or processes to external third-party providers

Answer

Moving a company's headquarters to a lower-cost country

Answer

Hiring additional temporary employees to handle seasonal demand

Answer

Expanding sales operations to serve international markets

Question 4

What does cash flow management involve?

Accepted Answer

Tracking and optimizing the timing and amount of money moving in and out of a business

Answer

Managing the physical cash in point-of-sale registers

Answer

Setting interest rates on business credit lines

Answer

Administering employee payroll, wages, and benefits

Question 5

What is a vendor in the context of business operations?

Accepted Answer

A company or individual that supplies goods or services to a business

Answer

A customer who purchases products in large bulk quantities

Answer

An internal employee who manages the company's purchasing department

Answer

A financial institution that provides lines of credit to businesses

Question 6

What does operational efficiency mean?

Accepted Answer

Maximizing output while minimizing input costs and wasted resources

Answer

The legal speed with which a business can complete government filings

Answer

The rate at which a company processes and submits tax returns

Answer

The ratio of marketing spending to total revenue generated

Question 7

What is capacity planning?

Accepted Answer

Determining the production capacity needed to meet current and anticipated future demand

Answer

Designing the physical layout and floor plan of a new office space

Answer

Setting a maximum borrowing limit on a business credit facility

Answer

Allocating the annual marketing and advertising budget across channels