The Baldrige Performance Excellence Program

question 59

Multiple Choice

The Baldrige Performance Excellence Program:

• A) focuses on large manufacturing companies because of the impact they have on the economy.
• B) involves seven major criteria that are built on the base of customer satisfaction.
• C) is a set of standards governing the requirements for documentation of a quality program.
• D) was devised by the International Organization for Standardization for companies doing business in Europe.

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Definitions:

Accounts Payable

The amount a company owes to suppliers for items or services purchased on credit.

Liabilities

Obligations in terms of finances that an organization must fulfill to external parties, involving the exchange of economic advantages like funds, goods, or assistance over time.

Accounts Receivable

Money owed to a company by its customers for goods or services provided on credit.

Capital

Represents the amount of funds provided by owners or investors to support business operations.