Which of the Following Is True of Total Quality Management

question 46

Multiple Choice

Which of the following is true of total quality management?

• A)It makes quality principles part of the organization's strategic objectives.
• B)It is applied only to a few aspects of operations.
• C)It applies exclusively to the managers.
• D)It applies to the inputs of a system.
• E)It is a one-time improvement process.

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Definitions:

Transaction Price

The price agreed upon by a buyer and seller for the exchange of goods or services, often noted in a contract.

Promised Goods

Goods that a seller has agreed to deliver to a buyer under a contract or sales agreement.

Consignment

A business arrangement in which goods are entrusted to a third party to sell, with payment occurring only after the sale.

Economic Benefits

The potential profitable returns or advantages that can be obtained from an economic activity or resource.