Business Quiz Review PDF

1. the 4 factors of production and what different businesses need under each of the 4 categories Land - Property - natural resources Capital - raw materials - ingredients - supplies - money Labour...

1. the 4 factors of production and what different businesses need under each of the 4 categories Land - Property - natural resources Capital - raw materials - ingredients - supplies - money Labour - physical - mental - automated 2. types of natural resources - Fishing and trapping - Fuel and energy - Logging and forestry - Mining - Agriculture - Water 3. liquidity - Liquidity refers to how quickly and easily an asset can be converted into cash without significantly losing its value. 4. types of production (craft production, mass production, job production, service production, batch production, mass customization) Craft Production: Handmade, customized items (e.g., pottery, furniture). Mass Production: Standardized goods on assembly lines (e.g., cars, electronics). Job Production: Unique, custom products (e.g., software, bridges). Service Production: Intangible services (e.g., healthcare, banking). Batch Production: Goods made in batches (e.g., baked goods, clothing). Mass Customization: Mass-produced yet personalized items (e.g., custom laptops, sneakers). 5. the production process (product designing, purchasing, processing, quality control) Product Designing: Creating a blueprint or plan for the product, considering functionality, aesthetics, and customer needs. Purchasing: Procuring the raw materials, components, or supplies needed for production. Processing: Transforming raw materials into the finished product through manufacturing or assembly.  Quality Control: Inspecting and testing products to ensure they meet required standards and specifications before delivery to customers. 6. product grading Product Grading: The process of categorizing products based on quality, size, or other standards to ensure consistency and inform consumers about their value. Examples of Graded Products in Daily Life: Food: Eggs (Grade A, AA), meat (Prime, Choice), fruits, and vegetables. Electronics: Refurbished items (Grade A, B, C). Lumber: Different grades for construction or furniture use. Fuel: Gasoline graded by octane levels (Regular, Midgrade, Premium). Dairy: Milk and cheese graded by quality and fat content. 7. purchasing department and IT department roles and responsibilities Roles and Responsibilities of the Purchasing Department: Procurement: Acquire goods, materials, and services required for operations. Supplier Management: Identify, evaluate, and maintain relationships with suppliers. Cost Control: Negotiate prices and manage budgets to minimize expenses. Inventory Management: Ensure adequate stock levels and prevent overstocking or shortages. Compliance: Ensure purchases meet legal, ethical, and quality standards. Documentation: Maintain records of purchases, contracts, and supplier details.  Roles and Responsibilities of the IT Department: - Cloud Computing - Transactions - Data - Internet access - Software - Hardware - Communication and technology 8. capital investment Capital Investment: Funds used to acquire or upgrade long-term assets like equipment, property, or technology to boost growth and productivity. 9. human capital Human Capital: The skills, knowledge, experience, and abilities of employees that contribute to an organization's productivity and success. 10.different types of training Initial training Ongoing training Retraining Specialized training