What Is Total Quality Management (TQM)

question 163

Multiple Choice

What is Total Quality Management (TQM) ?

• A) a philosophy of supplying customers with superior products and services
• B) an exchange of information with suppliers and customers to create efficient and effective processes
• C) a software system that integrates a company's functions, departments, and data into a single system
• D) a system that speeds the transformation of raw materials into finished products

---

Definitions:

Fair Market Value

The price at which an asset would trade in a competitive auction setting.

Business Combination

A transaction or event in which an acquirer gains control over one or more businesses.

Consolidated Balance Sheet

A financial statement that presents the total assets, liabilities, and shareholders' equity of a parent company and its subsidiaries as one single entity.

Acquisition Differential

The variance between the purchase price of an acquisition and the fair value of the net assets that are distinctly recognized.