Operations Management Converts Resources to Goods and Services

question 8

True/False

Operations management converts resources to goods and services.

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Definitions:

Liabilities

Financial obligations or debts that a business owes to others, which must be paid back in the future.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing ownership interest.

Ratio

A quantitative relationship between two numbers, showing how many times one value contains or is contained by the other.

Manufacturing Business

A type of business that produces goods in large quantities using raw materials and machinery.