________ Is an Integrated Effort to Systematically and Continuously Improve

question 117

Multiple Choice

________ is an integrated effort to systematically and continuously improve the quality of an organization's products and/or services.

• A) ISO 9000
• B) Standardization
• C) Total quality management
• D) Just-in-time management

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Definitions:

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Ownership Test

Criteria used to determine if an individual or entity has the necessary ownership interest in a property or investment to qualify for certain tax benefits.

Personal Residence

The home in which a person or family lives as their primary place of residence, potentially qualifying for certain tax benefits.

Gain Exclusion

A provision in tax law allowing taxpayers to exclude certain types of financial gains from their taxable income, such as the sale of a primary residence.