An Important Source of Public Scrutiny Is "Watchdogs

question 216

Multiple Choice

An important source of public scrutiny is "watchdogs".These are:

• A)the efforts of a firm's competitors,including how often the competitors attack the firm's strategies.
• B)tax payer supported government agencies that limit a firm's ability to compete foreign markets.
• C)these are companies designated by the government to only produce products that support the government defense program.
• D)these are socially conscious groups that make it their mission to measure the social responsibility levels of businesses,and provide consumers with their opinions about the level of corporate responsibility of various companies.

Understand the role of inventory in lean manufacturing.

Grasp the significance of lead times in lean manufacturing and the strategies to reduce them.

Appreciate the value of employee involvement in lean manufacturing.

Understand the implications of lean manufacturing on production setups and batch sizes.

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Definitions:

Direct Materials Purchased

Raw materials bought that are directly used in the manufacturing of products.

Variable Manuf. Overhead

Costs that vary with the level of production, such as indirect materials and utilities used in manufacturing.

Variable Overhead Spending Variance

The difference between actual variable overhead costs and the budgeted costs for the actual level of activity, indicating overspending or underspending.

Labour Efficiency Variance

The difference between the budgeted labor hours or costs and the actual labor hours or costs incurred.